Greater Bank Life Saver

Greater Bank Life Saver

Maximum Variable Rate

3.00

Standard Variable Rate

3.00

Open bank account that encourages youngsters to save by offering competitive interest.

  • No monthly account keeping with no transaction fees
  • Highly competitive interest rate
  • Can be linked to an Access Account

Product details

You can open Greater Bank Life Saver Account if you are under 25 years of age. However, you can continue using it for the rest of your life. This account offers a competitive interest rate. Account holders get free access to online and phone banking. You don’t have to pay any ongoing account keeping fees.

Product Name
Greater Bank Life Saver
Maximum Variable Rate
3.00% p.a.
Standard Variable Rate
3.00% 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
Phone Banking
Yes
Maximum Age Requirement
25
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of Greater Bank Life Saver Account?

  • Minimum balance. The minimum account opening and ongoing balance requirement of this account is $1.
  • Interest. The money in your Life Saver Account earns 3.00% p.a. interest. Greater Bank calculates interest on an everyday basis and pays it monthly.
  • Access to account. Account holders get free access to Greater Bank's Internet, mobile and phone banking systems. You can use these platforms to carry out different banking related tasks. You can make deposits and withdrawals by visiting any Greater Bank branch.
  • Debit or access card. This account does not come with any debit or access card.
  • Linking an access account. You can link you account to a Greater Bank Access Account in your name. Doing this simplifies how you move money in and out of your account. You can also benefit through fee free banking for your Access Account provided you meet a balance condition with respect to your Life Saver Account. When you turn 25, you’ll have to pay Access Savings Account related fees even if you meet the balance condition.
  • After you turn 18. Once you turn 18 years old Greater Bank automatically removes any benefactors linked to the account. You then get to operate your account individually.
  • Account keeping fees. The Life Saver Account does not attract any ongoing monthly fees.
  • Other fees and charges. You may have to pay fees and charges in some circumstances. If you request for information about your account in writing you’ll have to pay information fees. Bank transfer fees apply when money moves in and out of your account to and from other bank accounts. If you’re depositing foreign currency in your account you’ll have to pay foreign currency deposit fees. You may also have to pay fees if your account remains inactive for a prolonged period and in the case of unclaimed money.
  • SMS alerts. You can choose to receive SMS alerts notifying you of activity in your account. In this case, you’ll have to pay a per message fee.
  • Cash withdrawal limit. A cash withdrawal limit of $2,500 applies when you withdraw cash over the counter at any Greater Bank branch, unless you make arrangements in advance.

Pros

  • Free internet, mobile and phone banking
  • Can be linked to an Access Account to transfer money in and out

Cons

  • Maximum age of 25

How do I apply for Greater Bank Life Saver Account?

You can apply for the Life Saver account online or by visiting your nearest Greater Bank branch. If you wish to apply online, simply click on the ‘Go to Site’ button. Before applying, make sure you meet the required eligibility criteria:

  • Minimum age. You should be less than 25 years of age. If Greater Bank determines that an applicant under 18 years of age cannot understand the account’s terms and conditions it may refuse to open an account unless the applicant appoints a benefactor.
  • Residency requirements. You should be an Australian citizen or a permanent resident of Australia.
  • Depository requirements. You can open this account with as little as $1.

In order to complete the application successfully you’ll have to provide different kinds of information:

  • Identification. If you’re a new Greater Bank customer you’ll have to go through an identity verification process, as required by the law. You can verify your identity online using an acceptable form of ID such as your Australian driver’s license or passport.
  • Tax file number. If you don’t want Greater Bank to deduct withholding tax from the interest you earn, submit your tax file number.
  • Other information. This includes your name, date of birth, home address, email address and phone number.

After you submit your application and complete your ID check you receive details about accessing your account online via SMS and email. Before you can start using your account you’ll have to verify an authorisation code you receive via SMS.

Back to top Back to top Back to top

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback