Greater Bank Bonus Saver

With a bonus interest rate as an incentive you won’t be tempted to take out any of your money with the Bonus Saver Account.

Good saving habits are rewarded when you invest your money in Greater Bank's Bonus Saver Account. All you have to do is commit to one deposit and no withdrawals, and the total of your balance is augmented by a competitive interest rate. There are no fees eating away at your money, making it even easier to reach your savings goals.

No reviews yet. Write a review

Shirley Liu

Last Updated Jan 5, 2021

Minimum deposit

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Product Name	Greater Bank Bonus Saver
Maximum Variable Rate	0.3% p.a.
Standard Variable Rate	0.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$1
Minimum Age	16

Pros

$0 monthly account keeping fee
No transaction fees
Free internet, mobile and phone banking

Cons

This is a statement account only

Shirley Liu

twitter linkedin

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

Monthly account keeping fees

You are not charged a monthly maintenance fee with the Bonus Saver account.

Bonus interest rate requirements

So long as you make at least one deposit in a month and no withdrawals, you will be rewarded with bonus interest. No interest is earned if you do not meet those conditions, and it is important to note that interest earnings don't count as a deposit.

Interest calculation

Interest is calculated daily and paid into the account on the last day of the month only if you made no withdrawals and at least one deposit. If you do not meet that requirement for one month, you are still given the chance in the next.

Accessing your account

You are able to access your account and make transfers using internet, mobile and phone banking.

Mobile banking

Greater Bank app gives you access to your account using a smartphone. You can download either the Android or iOS version depending on the operating system of your mobile phone.

Transaction fees

With the Bonus Saver comes unlimited, free transactions.

Availability

This account may be opened by individuals for personal purposes, or as a joint account. It is not permitted to use this account to process funds held in a trust.

How to apply

Eligibility

If the conditions of the Bonus Saver account work with your saving style, you may apply for this account online. Completing the application should only take about ten minutes, but you should start by checking if you meet the eligibility requirements:

Minimum age. Only individuals who are over the age of 16 can apply for this account. If opening a joint account, both individuals should fill out the application.
Residency requirements. Permanent Australian residents can apply provided that you have a residential address in Australia.

Depository requirements. In order to open a Bonus Saver account you will need to make an initial deposit of at least one dollar.

Documentation needed

After ensuring that you are able to meet the eligibility requirements, you should get the following documentation ready to complete the application. Keep in mind that if applying for a joint account, you are going to need these documents for both applicants:

Tax file number. On an interest earning account, tax is withheld on the interest paid to you. If you don't want it to be withheld at the highest marginal rate, consider giving Greater Bank your tax file number (TFN) or TFN exemption codes.
Identification. Your identity can be verified by Greater Bank online by using details found on your driver's licence, passport or Medicare card.
Mobile phone number. Your mobile number will be used to send you an authorisation code to use once your account has been activated.

What happens after I submit my application?

So long as your identity can be verified online your new savings account will be available for you almost immediately. A verification code will be sent to your mobile phone, and once authorised you can begin adding to your savings account.

Ask an expert

To ask a question simply log in via your email or create an account.

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Subscribe me to Finder’s free weekly newsletter for budgeting tools, timely news and savings essentials to take control of your finances

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Ask a question

4 Comments

Carmen
February 6, 2018

It says that I must make a monthly deposit (minimum of $1) in order to obtain the bonus variable rate, however, since there is no bonus interest (0.00%), then do we still earn the standard rate of 2.00% each month if I make no monthly deposits? (e.g. I put in and initial $5000, and don’t deposit any money for 12 months, do I still earn that 2.00% each month?)

Thank you!
Carmen

finder Customer Care

Joshua
February 14, 2018

Hi Carmen,

Thanks for getting in touch.

The answer to your question is no. You won’t earn the standard rate of 2.00% if you don’t make any monthly deposits. Interest is only earned if at least one deposit and no withdrawals are made within a calendar month.

They calculate interest by applying the daily percentage rate to your account balance. They pay interest on the last day of each month if at least one deposit and no withdrawals have been made in the calendar month. No Interest applies if no deposits and/or any number of withdrawals have been made during the month. Conditions apply. Please read their Terms and Conditions for more information.

I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

Have a wonderful day!

Cheers,
Joshua Infantado

Hx
July 18, 2017

what is meant by “statement only account”?

Arnold
July 19, 2017

Hi Hx,

Thanks for your inquiry.

Statement savings account has a wider array of options for making transactions, such as by using ATMs, and you receive regular mailed or electronic statements detailing your deposits, withdrawals, and interest compared to passbook savings.

Hope this information helped.

Cheers,
Arnold

Banking

Investments

Banks

Greater Bank Bonus Saver