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5.25% p.a. Interest on Home Saver Account on Balance up to $100,000 (Monthly Deposit & Spend Requirements) @ Great Southern Bank

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5.25% p.a. Interest on Home Saver Account on Balance up to $100,000 (Monthly Deposit & Spend Requirements) @ Great Southern Bank
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LCulpable on 12/06/2023 - 23:57 greatsouthernbank.com.au (210 clicks)
Last edited 14/06/2023 - 11:37 by 1 other user

From the GSB Facebook page:

We are also increasing savings rates on some products. Our Goal Saver rate will increase by 0.25% to 5.35% p.a., while Home Saver will increase by 0.25% to 5.25% p.a., (rate includes bonus interest where applicable). New savings rates take effect on 28 June 2023. Rates on many of our most popular term deposits will also increase from 22 June 2023 – our 6-month term deposit will rise by 0.45% to 4.50% p.a. while our 12-month term deposit will rise to 4.60% p.a..

You can view the account conditions here (note that the rate says 5.00%, but that's because the rate increase is on the 28th of June 2023).

Key points:

  • Rate is for the first 100k
  • Conditions: (1) Deposit $2,000 per month (2) Make 5+ card purchases

This is a good alternative to ING if you don't like their "grow your savings balance" condition, or if you have >100k in savings.

If you're 18-24, you can also consider their Goal Saver account, which is increasing its interest rate to 5.35% on the same date.

Financial Bank Account Savings Account

Related Stores

Great Southern Bank
Great Southern Bank

closed Comments

  • jv on 12/06/2023 - 23:59
    +2

    And they burned you black
    Yeah, they burned you black
    Great Southern Bank
    Great Southern Bank
    Great Southern Bank
    Great Southern Bank
    Great Southern Bank

    • afoveht on 13/06/2023 - 00:34
      +3

      Saw the deal, thought what you did. Saw your name, thought hey little girl

      • jv on 13/06/2023 - 00:35
        +1

        Where will you hide?

        • afoveht on 13/06/2023 - 00:42

          Somewhere just before my 100000th comment

          • jv on 13/06/2023 - 00:59

            @afoveht:

            Hey, hey
            So why should I care

      • jv on 13/06/2023 - 00:36

        Saw the deal

        Cool deal.

  • eggboi on 13/06/2023 - 01:25
    +1

    Their Advantage Saver account has only copped about 10 out of 75 basis points. Rubbish. The never-ending circus of gotcha accounts with 'bonus' interest. One false move and you lose hundreds in one fell swoop. It should be legislated that all savings account rates should move in lock-step with home loan rates.

    • Frozensage on 13/06/2023 - 08:25

      Government should provide free housing. Issue all the loans and continue free handouts.

      • incipient on 13/06/2023 - 10:49

        Haha and give us stop cars too. Oh, and am annual holiday =D

      • jv on 13/06/2023 - 12:28
        +1

        Government should provide free housing.

        and free Ferraris….

  • payless69 on 13/06/2023 - 03:42
    +1

    Will smaller banks survive?
    Everytime I go for such a deal I spend days on the phone repairing hoops.

    • Culpable on 13/06/2023 - 20:48

      Not sure what you mean re: smaller banks.

      If you mean they might go bust and lose all your money, the Financial Claims Scheme insures your deposit up to 250k.

      If you mean will they be able to keep up with competitors increasing their rates, at some point they'll have to if too many people move their money away from them due to APRA's liquidity requirements. They'll need to increase their own rates to stop churn and attract new deposits.

      • payless69 on 13/06/2023 - 21:48

        Generally if the going gets too tough the tough ones will swallow the smaller.
        APRA is at first organizing a buyout so they do not need to pay.
        When the home consumer market whent too hard going JBHIfI was allowed to merge with TGG.
        Sulk boy Gerry kept on throwing tantrums but I guess the ACCC had their reasons.

  • Frozensage on 13/06/2023 - 08:23
    +1

    Why do they need a spend requirement? Not happy with just holding my cash?

    • ginmi on 13/06/2023 - 09:02
      +2

      No. They need the revenue from bank interchange fees.
      That's why a lot of other top paying accounts have spend requirements to qualify.

      Banks share the revenue with the card schemes.

    • eggboi on 13/06/2023 - 10:52
      +1

      the idea is it lures at least a portion of customers into their everyday banking. they don't just get bank interchange fees, they aggregate and sell your demographic and spending data to offshore companies, allow coles and woolies to access your anonymised data etc, and all of that is far more valuable if you are a 'daily/monthly active user' as opposed to a dormant one.

  • billbob123454 on 13/06/2023 - 12:07
    +1

    Can you deposit $1000 and then take it out and still qualify for bonus interest? Or does the balance actually have to grow by $1k each month?

    • Yola on 13/06/2023 - 12:21
      +2

      You can take it out immediately.

    • nokia3660 on 13/06/2023 - 18:15
      +2

      unless you were quoting an example figure, it is actually 2K in and out

    • Culpable on 13/06/2023 - 20:41
      +1

      Have used them and can confirm that you can take money out immediately.

      Note that it is a minimum of a $2,000 deposit for this account.

      • billbob123454 on 14/06/2023 - 13:15

        Deposit WHAT, so if I transfer less than 2k into this account they're just gonna pretend it didn't happen?

        • capslock janitor on 02/07/2023 - 17:14
          +1

          naahh, they'll pretend it's monopoly money

  • hohoisme on 14/06/2023 - 08:51
    -1

    How does this compare to UBank?

  • spacemansparrow on 20/06/2023 - 11:40
    +1

    Pretty sure I said this on this last GSB deal posted here but, for anyone thinking about joining GSB, their mobile app is very basic and many simple tasks such as editing a scheduled transfer/payment cannot be done on the app. With the size of GSB, it really is unfortunate that they do not spend more effort towards their app.

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