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4.50% p.a. Advantage Saver Account (on Balance $100,000-$750,000 & $250+/Month Balance Increase Req'd) @ Great Southern Bank

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4.50% p.a. Advantage Saver Account (on Balance $100,000-$750,000 & $250+/Month Balance Increase Req'd) @ Great Southern Bank
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Associatedjcoccio @ Savings.com.au on 15/02/2023 - 12:24 greatsouthernbank.com.au (2070 clicks)
Last edited 20/02/2023 - 09:51 by 2 other users

Great Southern Bank has increased a range of savings accounts by between 0.60% and 0.70% to remain competitive as one of the market leaders.

The Advantage Saver account is significant, given it is for savers with larger balances from $100,000 to $750,000 simply requiring a balance increase of $250 per month.

Applicants must be over the age of 18. Available to new and existing customers. Only one account per customer. Interest is calculated daily on whole balances and paid monthly. Rate applies on a stepped basis. Refer to the interest rate schedule for current interest rates. Bonus interest is applied on top of the base rate if the balance of the Advantage Saver account increases by $250 by the end of each calendar month (excluding interest payments, withholding tax and fees).

Read more: https://www.savings.com.au/news/gsb-savings-account-increase

Financial Bank Account Savings Account

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Great Southern Bank
Great Southern Bank
Savings.com.au
Savings.com.au
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closed Comments

  • finbar on 15/02/2023 - 18:05
    +1

    It appears that the daily transfer limit is just $30k. When the time comes to transfer out it may take a few days to move the total.

    • spaceflight on 15/02/2023 - 18:18
      +3

      Need to set a larger limit amount? Call us on 133 282.

      • finbar on 15/02/2023 - 18:36
        +1

        Thanks. That's good to know. I struggled to find that info.

  • hamwhisperer on 15/02/2023 - 18:50
    +1

    Is this higher than ubank?

    The 250k limit is annoying

    • xis123 on 15/02/2023 - 19:09

      Yes - ubank is 4.35%

    • HcNguyen111 on 15/02/2023 - 23:12
      +1

      OpenComparison's Savings Leaderboard here:
      https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

    • Peck on 16/02/2023 - 11:14
      +3

      Agreed. But best to stay within FSC Government Guarantee limit of $250k.
      With Ubank you are not compelled to increase the balance month to month to get their rate. Just $200 deposit pcm.
      I am selling my house to move into a retirement village, and I need to have my money work hard to afford a nursing home bond in the future. (the sad reality of aging)
      And so a plan might be to have Ubank about $245K and auto deposit of $200 pcm. And I can move money in and out of that one if need be. Plus have This Advantage Saver account that I don't touch it except for an auto deposit of $250 pcm.

  • souths123 on 15/02/2023 - 19:34
    +4

    I hate that you don't get any notification that you qualify for the bonus rate, nor that it shows the rate anywhere in account details (so you know what rate you are on)….very annoying

  • justanick on 15/02/2023 - 19:35

    What happened to macq bank? Even stingy CBA is offering 4% on NetBank and Gold saver account.
    If I move my money from one bank to the other in 4 months will this hurt my credit score when I buy a property? I know it’s my savings not a credit card but just that some monkey at the bank won’t know what I’m trying to do instead flag that I don’t have a steady savings.

    • rarelyscene on 15/02/2023 - 20:27

      They got the deposits they wanted I guess.

    • spaceflight on 16/02/2023 - 14:08
      +1

      If I move my money from one bank to the other in 4 months will this hurt my credit score when I buy a property?

      No it won't

  • G Wok on 15/02/2023 - 20:03

    Is this insured for 250k with the gov?

    • cumova on 15/02/2023 - 20:08

      up to*

  • beef45 on 15/02/2023 - 20:20

    Does "grow your balance by $250 each month" mean deposit $250 at any stage in the month (ubank style) or the end of month balance has to be $250 higher than the end of the previous month (ING style) ?

    • rarelyscene on 15/02/2023 - 20:27

      I would guess the latter.

      • Drewbo on 15/02/2023 - 22:39

        I suspect so. Would like this clarified, though.

    • souths123 on 16/02/2023 - 08:58
      +3

      read my info below….it is very detailed as I rang them to clarify many points

  • SydBoy on 15/02/2023 - 20:40
    +1

    honestly, though better rate but nothing beats UBANk when it comes to simplicity to save and earn …for me personally !>

  • pointnlarf on 15/02/2023 - 20:55

    Opinions on Virgin Money @4.3% with less hoops?

    • coxymla on 15/02/2023 - 21:27

      Virgin has more hoops by any reasonable metric?

      • If you are 25 years and older, deposit $2,000 or more into your Go Account from another financial institution (such as your salary), and make at least 5 debit card purchases, direct debit or BPAY payments in the previous month which settle in that month (not pending)
      • pointnlarf on 15/02/2023 - 22:23
        +1

        No monthly increase is good for me… 5 transactions is pretty easy.

        • HcNguyen111 on 15/02/2023 - 23:20

          If you're under 36yo, go with BOQ's Future Saver. They're currently 4.75% with a savings interest increase still expected following Feb's increase.

          • wormarts on 17/02/2023 - 09:33

            @HcNguyen111: But you only get that rate up to $50k… the. Down to 3%. Doesn’t seem competitive?

            • HcNguyen111 on 17/02/2023 - 11:18

              @wormarts: You can open multiple Future Saver accounts and get the max bonus on all of them (as long as they are NOT over $50k individually). They all link to the same Everyday Account too, so there's no additional requirements to fulfil other than the existing $1000 deposit and 5 card transactions.

              The FAQ, Terms, etc. may read otherwise, but previous BOQ threads have confirmed this and I also have multiple BOQ Future Savers and have gotten the max bonus on the accounts for a few months.

      • spaceflight on 16/02/2023 - 14:09

        But no hoop that the balance needs to increase

  • b00gie on 15/02/2023 - 21:34
    +1

    What’s their max transfer daily limit?

    • Yola on 16/02/2023 - 08:49

      $1k OSKO, $20k transfer. Ring for more.

    • souths123 on 16/02/2023 - 08:56

      $250k if you ring them

  • indomatic on 16/02/2023 - 09:55

    Available as joint account?

    • souths123 on 16/02/2023 - 12:12

      yes, you can open as a joint account as far as I know

  • jrvb42 on 16/02/2023 - 14:19

    Shouldn't anyone with the minimum $100k cash be questioning why they need Ozb? Or could it be that they have that money because of ozb, at least in part… ;)

    • finbar on 16/02/2023 - 16:27
      +4

      You don't ever accumulate $100k cash without using OzBsrgain. This is the way

    • Peck on 16/02/2023 - 21:51

      I get your point, but I think that it is that Ozbargainers have more respect for money. If you go out of your way to save, say, $10, then you may remember that before you order a $50 bottle of wine in a restaurant.

  • Drewbo on 16/02/2023 - 16:21

    Just a heads up - I just transferred an amount from my existing GSB transaction account to my newly created Advantage Saver account, and whilst the amount appears immediately in the Advantage Saver account balance, it is not showing as "Available". There must be some kind of verification delay even though you are transferring between your own accounts.

    • Yola on 16/02/2023 - 18:01
      +1

      I transferred money in today from 3 other FIs and it showed unavailable. But a few hours later it was available.

      • Drewbo on 16/02/2023 - 18:16

        Yep, it's showing as available now - so around two hours for me.

  • Mad Max on 16/02/2023 - 23:28

    The bonus interest rate is not very clear, however I read it that if your balance is between $100k and $750k the 4% bonus is on the whole balance (including first $100k).

    • Yola on 17/02/2023 - 04:02
      +1

      I did not read it this way.

      Under $100k
      Base 0.50% Bonus 3.90% Total 4.40%
      $100,000 - $750,000
      4.50% p.a.
      Made up of 0.50% p.a. base rate and 4.00% p.a. bonus rate on balances between $100,000 and $750,000.

      https://www.greatsouthernbank.com.au/bank-and-save/savings-a…

    • souths123 on 17/02/2023 - 11:08
      +2

      can verify the first $100k is slightly lower than the rest…4.4% incl bonus, then 4.5% for all above $100k…hence what they mean by stepped

  • Mad Max on 17/02/2023 - 11:19
    +1

    So the stepped rate is calculated daily on the end of day balance and paid monthly?
    ie if on one day you have $750k balance it is 4.4% for the $100k and 4.5% for the other $650k for that day.
    Then next day you withdraw $700k and are left with $50k so for that day the interest is 4.4% on $50k.
    At the end of the month they add up all the daily interest amounts for the month and that is what you receive.
    Edit. Assuming that you increased your balance by $250 to qualify for the bonus.

    • SomeGuyOnOzB on 20/02/2023 - 11:51
      +1

      That looks like what they've described.

      You don't get 4.5% on the whole $750k balance. The first $100k will only get 4.4% assuming you meet the monthly requirements.

      Also, they aren't the fastest checking monthly requirements.

      I tested out a Home Saver account.
      Deposits of $0.03 setting up transfers and $2,000 deposited on a Saturday.
      Appears on their website as FAST PAYMENTs that went in immediately.
      It's now Monday 12pm, 2 days later and it's still saying I need to deposit $1,999.97 more for the month.

      It's a concern that they've recognized the $0.03 immediately, but are ignoring the $2,000 payment. All were FAST PAYMENTs that all showed up immediately and all were lodge about the same time.

      • SomeGuyOnOzB on 07/04/2023 - 11:19

        My error. The $2,000 has to go into the transaction account and not the saver

  • justanick on 21/02/2023 - 02:21

    Commbank Gold Saver is giving 4.0 now only hoop is increase the balance a month and not withdraw cash out.
    Still Macq bank with 3.7% sounds better than the rest. No hoops.

  • Syke123 on 01/04/2023 - 02:26

    I have just received my first interest payment and also a 'witholding tax'.
    First time i have ever received this and i cannot find a way to add/check TFN.

    Does anyone know how to add TFN to GSB?

    • justanick on 01/04/2023 - 20:21

      What’s GSB?

    • hawkeye93 on 07/04/2023 - 12:38

      When you register for the account there's a field to add TFN. Looks like you skip it. I reckon you have to call them to add?

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