Great Southern Bank Advantage Saver Account
- Maximum variable rate
- 4.85% p.a.
- Base interest rate
- 0.1%p.a.
- Minimum deposit
- $250
Our verdict
You can earn an ongoing bonus rate when you grow your balance by just $250 per month.
This account offers a strong ongoing bonus rate each month you meet the account conditions. This account could suit you if you’ve got a larger balance, as it pays bonus interest on balances up to $750,000 (the bonus rate is slightly lower for balances over $100,000). This is quite rare – usually you’ll earn much less interest on larger balances.
To earn the bonus rate all you need to do is grow your savings balance by $250 each month. This means you can take money out of the account when needed, as long as your balance at the end of the month is higher than it was at the start.
This could provide a good incentive to keep growing your savings, but it could also be difficult to meet if you find yourself with an unexpected expense one month and need to make a withdrawal that you can’t immediately replace.
Pros
-
Continues to offer a high bonus rate for larger balances, which is rare
-
No account fees
-
Extra savings tools and features available in the mobile app
-
Low monthly deposit requirement
Cons
-
Bonus rate is a bit lower than other leading offers in the market
Details
Key details
| Product Name | Great Southern Bank Advantage Saver Account |
| Maximum Variable Rate | 4.85% p.a. |
| Standard Variable Rate | 0.10% p.a. |
| Monthly Account Fee | $0 |
| Minimum Age | 18 |
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Your reviews
Alison Finder
Editor
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Alison Banney Finder
June 01, 2023
Hi Geoff, currently this account offers 4.60% p.a. on your entire balance up to $750k (these rates are variable and subject to change).
Chris
May 16, 2023
Is this account covered under the Australian Governments Guaranteed up to $250,000
Alison Banney Finder
May 16, 2023
Hi Chris, yes deposits up to $250k with Great Southern Bank are covered under the government guarantee.
T-Bone
April 21, 2023
Good afternoon, can you please confirm this this account can be opened as a joint account? Thanks
Sarah Megginson Finder
April 24, 2023
Yes, Great Southern Bank has 4 accounts that can be opened in joint names: the Goal Saver, Home Saver, Advantage Saver and eSaver Flexi accounts.
Keep in mind that each customer can only have one of each of the Goal Saver, Home Saver and Advantage Saver, so if you have a joint account, you can’t also have your own stand-alone account of the same type.
Hope this helps!
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Tania
April 19, 2023
Will I still get the 4.50% p.a. Maximum variable rate if my start off deposit is only $1500?
Sarah Megginson Finder
April 19, 2023
Hi Tania,
Yes, there is no minimum deposit amount required for this account.
However to get the bonus interest, you need to add $250 a month to your account balance.
Hope this helps!
Aaron
April 04, 2023
How is the interest calculated, daily, weekly, fortnightly, monthly?
How and when is the interest paid into the account? (monthly, yearly)?
Raj Lal Finder
April 06, 2023
Hi Aaron,
The interest is calculated at the end of the business day. However it’s paid at the end of the month.
Thanks
Raj
Geoff
May 27, 2023
The website mentions that 4.6% will be paid on balances $100 000 to $750 000. If I had $150 000 in the account would the 4.6% be paid on the entire balance or just the portion between $100k and $750K?