Great Southern Bank Goal Saver Account (18-24 year olds only)

We currently don't have this product on Finder

Maximum variable rate: 4.60% p.a.
Base interest rate: 0.50% p.a.
Minimum deposit: $500

Our verdict

The Goal Saver Account has an attractive ongoing bonus rate of 4.6% p.a. on balances up to $10,000,000 for customers aged 18-24.

This savings account is for customers aged between 18 and 24 and offers an ongoing bonus rate of 4.6% p.a. This rate is higher than a lot of the big banks, but not quite as competitive as some other savings accounts in the market offered for under 30s.

However, compared to other youth savings accounts that do offer a higher bonus rate, this account has flexible account conditions which could be ideal for newer savers. You need to deposit $500 a month, but you’re able to make withdrawals from your savings when you need. This could be handy if you find you make a few impulse purchases or need to dip into your savings from time to time for unexpected expenses.

Pros

No monthly account fees.
Bonus interest tracker helps you stay on track and ensure you qualify for the bonus interest each month.

Cons

Bonus interest criteria require you to deposit at least $500 and make five purchases each month which may not be feasible for everyone.

Details

Key details

Product Name	Great Southern Bank Goal Saver Account (18-24 year olds only)
Maximum Variable Rate	4.60% p.a.
Standard Variable Rate	0.50% p.a.
Monthly Account Fee	$0
Minimum Age	18

Key features

Ongoing bonus rate up to 4.6% p.a.

This account offers an ongoing bonus rate of up to 4.6% p.a. for customers aged 18-24. To earn the full bonus rate you need to:

Deposit at least $500 into your linked Great Southern Bank Edge Account each month
Make at least 5 transactions from your Edge Account each month

If you don’t meet the account conditions one month you’ll only earn the standard variable rate of 0.5% p.a. that month. The bonus rate is available on balances up to $10,000,000.

Are you over 24?

If you're aged 25 or older you can open the Great Southern Bank Home Saver Account instead. This account offers an ongoing bonus rate of 4.5% p.a. when you deposit $2000 a month and make 5+ transactions.

Linked everyday transaction account

When you open a Great Southern Bank Goal Saver Account you'll be able to also open a Great Southern Bank Edge Account at the same time (unless you already have one). This account allows you to transfer money in and out of your Goal Saver account, and is also required if you want to earn bonus interest.

This transaction account comes with a Visa debit Card which you can use for day-to-day spending, online purchases and to pay bills.

No monthly account keeping fee

There’s no monthly account keeping fee with the Smart Saver Account or the linked Edge Account.

Make withdrawals whenever you need to

Provided you meet the above account conditions, you can still be eligible for the bonus interest even when you need to withdraw from the account. This gives you the freedom to access your funds when you need to.

Apple Pay, Google Pay and Samsung Pay available

You can use Apple Pay, Samsung Pay and Google Pay on your linked Everyday Edge Account, to make secure contactless payments with your phone or smartwatch.

Mobile banking app

Use the Great Southern Bank App to keep up to date with your savings, check your balance and transfer funds between your accounts when you're on the go.

Protected by the Government bank guarantee scheme

Your deposit up to $250,000 in a Great Southern Bank savings account or transaction account is protected by the Government's bank guarantee scheme.

Launch savings calculator

How to apply

You can apply online in less than 10 minutes.

Eligibility

Minimum age. You must be between 18-24 to open this account.
Residency. You must have an Australian residential address.

Documentation needed

Identification. You must be able to verify your identity with either a driver's license, passport or proof of age card.
Tax file number. This is needed in order to apply the correct tax rate to your interest.
Personal details. You'll need to supply your personal details including your full name and contact details.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Great Southern Bank Goal Saver Account information page
2. Great Southern Bank Goal Saver Account TMD

Your reviews

No reviews yet. Write a review

Ask a question

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

Ask a question

Alison Finder

Editorial Manager, Money

Hi there, looking for more information? Ask us 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

Accept and continue

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 Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Great Southern Bank Goal Saver Account (18-24 year olds)

Pros

Cons

Key features

Ongoing bonus rate up to 4.6% p.a.

Are you over 24?

Linked everyday transaction account

No monthly account keeping fee

Make withdrawals whenever you need to

Apple Pay, Google Pay and Samsung Pay available

Mobile banking app

Protected by the Government bank guarantee scheme

How to apply

Eligibility

Documentation needed

Sources

Sources

Your reviews

Important information about this website

Advertiser disclosure

How we make money

Sorting and ranking products

Terms of service and privacy policy