Our verdict

The Goal Saver Account has an attractive ongoing bonus rate of 5.35% p.a. on balances up to $50,000 for customers aged 18-24.

Finder Awards winner

This savings account is for customers aged between 18 and 24 and offers an ongoing bonus rate of 5.35% 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

High, ongoing bonus rate each month
Make withdrawals and still earn bonus interest
No fees on savings account or linked account

Cons

Only available to 18-24s
Rate is slightly lower than other leading youth savings accounts in the market

Details

Key details

Product Name	Great Southern Bank Goal Saver Account (18-24 year olds only)
Maximum Variable Rate	5.35% p.a.
Standard Variable Rate	0.50% p.a.
Monthly Account Fee	$0
Minimum Age	18

Congratulations, Great Southern Bank!

Great Southern Bank Goal Saver Account (18-24 year olds only) received the highly commended award for 'Young Adult Savings Account' in the 2024 Banking Product Awards.

Full list of 2024 winners

Key features

Ongoing bonus rate up to 5.35% p.a.

This account offers an ongoing bonus rate of up to 5.35% 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 $50,000.

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 5.25% 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

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Alison Finder

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