Our verdict

Get an everyday transaction account with no monthly fees and no ATM withdrawal fees in Australia for those aged over 50.

This account offers the best of both worlds: it’s an everyday account for daily spending and also pays interest on larger balances like a savings account.

Pros

No monthly account fees
No ATM withdrawal fees in Australia
Samsung Pay, Apple Pay and Google Pay available
Earn interest on larger balances

Cons

International transaction fee of 2.95% applies
Overseas ATM withdrawal fee applies

This is an everyday bank account for Australians over 50 years of age, which you can use for day-to-day spending. The account does not have any monthly account-keeping fees or ATM fees in Australia and offers interest on larger balances.

Details

Key details

Product Name	Great Southern Bank Everyday 50+ Account - Customers aged 50+ only
Maximum Variable Rate	2.95% p.a.
Standard Variable Rate	0.10% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	50

Key features

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$0 monthly fees

This account doesn't charge any monthly account-keeping fees.

Minimum balance requirement

You must maintain a balance of $50,000 with this account.

Linked Visa Debit card with payWave

This account comes with a free linked Visa Debit card, which you can use in stores or online wherever Visa is accepted worldwide. You can also use it to withdraw cash at ATMs. The debit card also comes with Visa payWave, so you can make tap-and-go purchases without entering a PIN for transactions under $100.

Apple Pay, Google Pay and Samsung Pay available

You can add your Great Southern Bank Visa Debit card to Google Pay, Samsung Pay or Apple Pay to start making secure contactless payments on the go with your phone.

Pay no ATM withdrawal fees in Australia

You'll be able to access ATMs in Australia for free with this account. However, there is a fee of $4.50 to withdraw cash at overseas ATMs when you're travelling.

International transaction fees applies

There's an international transaction fee of 2.95% applied to all transactions made overseas when a currency conversion is required. This fee also applies when using your account to shop online from overseas websites.

Earn up to 2.95% interest

You can earn up to 2.95% on balances above $50,001.

Access your account online or over the phone

You can access your account using phone banking or Internet banking. You can also use Great Southern Bank's mobile app to access your account from your smartphone when you're out and about.

How to apply

You can open a Great Southern Bank Everyday 50+ account online, and the application will only take about 10 to 15 minutes to complete. Before you begin, make sure you meet the eligibility requirements and have the necessary documents ready.

Eligibility

Age requirements. You must be at least 50 years of age to open this account.
Residency requirements. You must be an Australian resident or citizen with an Australian residential address.

Account purpose. This account is for your personal use only, so you can't use it for business purposes.

Documentation needed

Personal identification. You will need a valid driver's licence, passport, birth certificate or Medicare card to complete the online application.
Personal information. You'll also need to enter your full name, date of birth and residential address.

What happens after I submit my application?

Once you've successfully completed the application and Great Southern Bank has verified your identity, your account will be opened. Your new Visa Debit card will arrive in the mail within a few days at the mailing address you entered in the application.

Sources

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Alison Finder

Editor

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Allan

October 31, 2023

Review says small mimimum balance but figure shown is $50,000 ?

Richard Whitten Finder

November 07, 2023

Hi Allan,

That’s a good point I think. We’ve reworded that section. Thanks for your comment.

Great Southern Bank Everyday 50+ Account