The increase to savings accounts announced Tuesday by Australia's largest customer-owned bank will not only benefit Gen Z, with Great Southern Bank also increasing its Home Saver and Advantage Saver accounts.
Great Southern Bank’s Goal Saver account tailored to those Gen Z savers aged 18-24 now offers a rate of 4.75% p.a. competing with the likes of Bank of Queensland’s Future Saver account.
Based on Savings.com.au market research, only ING’s offering of a 4.80% p.a. for Savings Maximiser accounts is higher than the 4.75% p.a. currently offered by Bank of Queensland and now Great Southern Bank.
To receive this Goal Saver rate on balances up to $50,000, customers must:
Deposit a minimum of $500 each month into a Great Southern Bank Everyday Edge account
Make a minimum of five Visa Debit transactions.
For those with the goal of cracking into the property market, Great Southern Bank’s Home Saver account has increased to 4.65% p.a. on balances up to $100,000, requiring customers to:
Deposit a minimum of $2,000 into a Great Southern Bank Everyday Edge account
Make a minimum of five Visa Debit transactions.
Savers with larger balances are also set to reap the benefits from Great Southern Bank’s latest increase, with Advantage Saver accounts offering a rate of 4.50% p.a.
To receive this rate on balances between $100,000 and $750,000, customers are required to simply grow balances by a minimum of $250 each month.
For reference, ING’s market-leading 4.80% p.a. Savings Maximiser rate is only available on balances up to $100,000, with fellow competitors such as Virgin Money offering a 4.60% p.a. rate and Rabobank offering 4.50% p.a. for balances up to $250,000.
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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
FEATURED
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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Denise Raward
Harry O'Sullivan
Rachel Horan
Jacob Cocciolone