This was posted 2 years 5 months 19 days ago, and might be an out-dated deal.

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Advantage Saver, 2.5% ~ 2.6% P.a. Interest on Balance up to $750,000 (Increase Balance $250/Month) @ Great Southern Bank

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Advantage Saver, 2.5% ~ 2.6% P.a. Interest on Balance up to $750,000 (Increase Balance $250/Month) @ Great Southern Bank
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Mr Shooty on 12/08/2022 - 16:33 greatsouthernbank.com.au (214 clicks)
Last edited 13/08/2022 - 11:22 by 1 other user

There are better rates to be had with other banks. But personally, I'd rather my money be held with a credit union.

Some reasons why you'd might choose a credit union over a bank:
• Banks are owned by shareholders, while credit unions are customer-owned.
• Banks are for-profit institutions, while credit unions are non-for-profit institutions.
• Credit unions don't typically invest in fossil fuels. More info about other banks/ credit unions that don't invest in fossil fuels here via Market Forces.

Now, being realistic. Is it going to make a great deal of difference who you decide to bank with? Probably not, but I think it's still a worthwhile cause if those things are important to you.

Balance Base Bonus Total
Under $100k 0.15% 2.35% 2.50%
$100,000 - $750,000 0.25% 2.35% 2.60%
$750,000+ 1.70% n/a 1.70%
Financial Bank Account Savings Account

Related Stores

Great Southern Bank
Great Southern Bank

closed Comments

  • ranma241 on 12/08/2022 - 16:36

    ING is offering 3.10

    • Mr Shooty on 12/08/2022 - 16:44

      You're right, if you want the bigger interest rate you should go with them. But if you're after a credit union instead of a bank, this is pretty high rate for one.

    • runamuck on 12/08/2022 - 17:08
      +1

      Up to 100k only

    • huntabargain on 12/08/2022 - 17:47
      +7

      Too complicated with ING

    • izkai67 on 12/08/2022 - 19:29

      Too many traps, one mistake and you get nothing.

  • muwu on 12/08/2022 - 16:45
    +5

    on Balance up to $750,000

    Finally, an account for us ballerz

  • lastkey on 12/08/2022 - 16:45
    +2

    That Credit Union logic doesn't hold true anymore. Most Digital Banks have no fees and better rates, whereas these Credit unions still have a lot of fees and not so great rates. So much for the members!

    • Mr Shooty on 12/08/2022 - 16:50
      +3

      Disagree a tad, most digital banks are owned by the BIG 4 (except for UP which is owned by Bendigo.) This account has no fees, customer owned, and the only requirement for the interest rate is a $250 min deposit every month.

  • Lunarboogie on 12/08/2022 - 17:10

    Appreciate the noble intentions. I would posit that by banking with the digital outfits that are owned by the Big 4, we're doing our bit to exact as much profit from them while paying very little or no fees.

    • linkii on 12/08/2022 - 17:20
      +5

      Don't kid yourself, they are still profiting from you.

      • Mr Shooty on 12/08/2022 - 18:33
        +2

        I agree with ko0l. If you’re with a digital bank that is owned by the Big 4, they’re still using your money to invest in things you may not agree with (e.g fossil fuels.)

  • Fergy1987 on 12/08/2022 - 17:19

    This doesn't need all the separate transaction accounts attached to it though

  • bongom on 12/08/2022 - 17:28
    +1

    How can a credit union be called Great Southern Bank?

    • Mr Shooty on 12/08/2022 - 17:33
      +1

      Explained on their website here.

      “We decided to change our name because our research showed us clearly that half of the country doesn’t know what a credit union is,” says Mr Lewis. “Now everyone will know that we can challenge the big four banks, without being one of them.”

      • nfr on 12/08/2022 - 17:54
        +4

        half of the country doesn’t know what a credit union is

        Sometimes it worries me how this country has changed.

  • huntabargain on 12/08/2022 - 17:46
    +2

    Monthly balance needs to be increased by $250 to earn the bonus rate. Title is not accurate.
    UBank has 2.85% just need to deposit $200
    Note government guarantee only applies to $250k

    • Techie4066 on 12/08/2022 - 17:54

      ubank is still next month

      • huntabargain on 12/08/2022 - 17:57

        yes that is when the latest increase takes place.. currently Mac Bank gives 3.1% for 4 month tho no string attached.

        • Ok computer on 12/08/2022 - 21:30

          Strings are $250k.
          This is $750k, handy is you want to park proceeds of house sale or crop harvest for example

    • Mr Shooty on 12/08/2022 - 18:21

      Thanks for pointing that one out, I’ve updated the title to reflect this.

  • abc on 12/08/2022 - 17:47

    Being a member of a credit union or building society doesn't mean jack anymore IMO. I can't think of anything other than you get to be a voting member of a mutual organisation.

    It's not like members will get a discount or loyalty/special treatment, and anyone can join. If you into ESG sure, but most mutuals these days in terms of products and services are basically like the big banks.

    • Mr Shooty on 12/08/2022 - 18:26
      +1

      You’re correct, you get no special benefits for being in a credit union. My reason for posting this, is that I personally try to steer clear from the Big 4 banks, and thought others here might as well. I believe this to be a competitive rate, with the bonus of not supporting said banks.

      • abc on 12/08/2022 - 19:28
        +2

        Fair enough.

  • izkai67 on 12/08/2022 - 19:37
    +1

    If I make deposit $250 every month doesn't mean I'll get bonus interest? to me it sounds like they want us to increase balance $250 every month to get the bonus interest.

  • ginmi on 13/08/2022 - 09:04
    -2

    Only for accounts with balances over 100k.
    Accounts with balances less than that get 2.50%.

    Also, they are doing our nation a disservice by not investing in fossil fuels.

    Most of western Europe has gone all woke and stopped doing that, instead relying on renewables.
    Look how that's working for them now…(and that's even before winter has come).

    Go woke…go broke.

    Dig baby, DIG!
    Drill baby, DRILL!

  • izkai67 on 13/08/2022 - 23:32
    +1

    they probably copied ING, increase balance every month. If, for example, I have $50k end of last month, then, say by end of this month 25th, I urgently need to make a purchase like buying a car for $10k, my balance left would be $40k, which obviously lower than last month one. There is no way I can make additional deposit of more than $10k to get the higher balance, that means I'd have wasted the whole month for nothing..this is the reason I don't have ING saving account despite their high interest rate, I'm sure they know this and part of their plan to see some of us fail to meet the requirement.

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