Product details
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.
- Product Name
- Greater Bank Bonus Saver
- Maximum Variable Rate
- 1.50% p.a.
- Standard Variable Rate
- 1.50% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $1
- Minimum monthly deposit for bonus interest rate
- $1
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Joint application?
- Yes
- Minimum Age Requirement
- 16
- Maximum Age Requirement
- No Maximum Age
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of Greater Bank Bonus Saver?
With over 70 years of providing financial services to New South Wales and South East Queensland, Greater Bank provides their members with many of the same features and benefits of savings accounts that you find with the larger banks. Compare these before choosing a home for your money to make sure that you are getting the best value:
- 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.
Pros
- $0 monthly account keeping fee
- No transaction fees
- Free internet, mobile and phone banking
Cons
- This is a statement account only
How do I apply for Greater Bank Bonus Saver?
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.
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.
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.
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
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
what is meant by “statement only account”?
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