Great Southern Bank’s increase to savings account rates applies from 25 May 2023 across two savings account products. 

Gen Z savers aged 18-24 with a Goal Saver account will receive a savings rate of 5.10% p.a. up to a balance of $50,000 once they have:

  • Deposited a minimum of $500 each month into a Great Southern Bank Everyday Edge account.
  • Made a minimum of five Visa Debit transactions. 

Prospective first home buyers looking to continue to grow their deposit nest eggs have also been rewarded, with Home Saver accounts receiving a savings rate of 5.00% p.a. up to a balance of $100,000. 

Great Southern Bank customers with a Home Saver account are eligible to receive the 5.0% p.a. rate once they have:

  • Deposited a minimum of $2,000 into a Great Southern Bank Everyday Edge account.
  • Made a minimum of five Visa Debit transactions.

The 5% savings club

Bank

Rate per annum

Conditions

Effective date

Bank of Queensland

5.30% p.a. 

Ages 14-35; Max balance $50k; Deposit $1,000/mo; 5 card transactions. 

12 May 2023

ING

5.25% p.a. 

Max balance $100k; Deposit $1,000/mo; 5 card transactions; Higher balance at end of month. 

Now

Rabobank

5.15% p.a. 

4 month intro rate then reverts to 4.00% p.a.; Max balance $250k. 

Now

Great Southern Bank

5.10% p.a. 

Ages 18-24; Max balance $50k; Deposit $500/mo; 5 card transactions.

25 May 2023

Virgin Money

5.10% p.a. 

Max balance $250K; Deposit $1,000/mo into a Boost Saver account; Make at least five purchases; Apply 'Lock Saver' feature.

12 May 2023

Macquarie Bank 

5.05% p.a. 

4 month intro rate then reverts to 4.00% p.a.; Max balance $250k.

Now

Westpac

5.00% p.a. 

Ages 18-29; Max balance $30K; Grow savings every month; 5 card transactions. 

12 May 2023

Police Bank

5.00% p.a. 

Ages 18-29; Max balance $30K across three accounts - $10K per account; Full salary to be credited to Police Bank.

Now

Move Bank

5.00% p.a. 

Minimum deposit of $200 and no withdrawals in a calendar month; Max balance $25K.

Now

Source: Savings.com.au Market Research

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Rates
Features
Conditions
Other
Provider
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • 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

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 $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Accelerator

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 21, 2024. View disclaimer.

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