4.75% p.a. Interest on Home Saver Account on Balance up to $100,000 (Monthly Deposit & Spend Requirements) @ Great Southern Bank

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Chris T on 30/03/2023 - 10:00 greatsouthernbank.com.au (208 clicks)
Last edited 16/05/2023 - 19:00 by 1 other user

Great Southern Bank (formerly CUA) now has a rate of 4.75% on balances up to $100K on their Home Saver savings account, up from the previous rate of 4.65%. This rate consists of a base rate of 0.50% plus a bonus rate of 4.25% if you meet the monthly bonus conditions.

Rates current as at 30 March 2023. Rates and bonus interest criteria are subject to change.

Interest is calculated daily and paid monthly. The base rate of interest is payable on the whole balance held in your Home Saver Account. Bonus interest is applied on top of the base rate on balances up to $100,000 in a calendar month if, prior to the last day of that calendar month:
A. You receive deposits totalling $2,000 or more by electronic transfer (excluding telegraphic transfer) from a non-Great Southern Bank account into your Everyday Edge Account/s; and
B. At least 5 Visa Debit card purchases have been processed from your Everyday Edge Account/s and are not in pending status (excludes ATM withdrawals, EFTPOS cash out, balance enquiries and Bank@Post transactions).
Only deposits and purchases performed on Everyday Edge accounts are eligible to meet the bonus interest criteria for Home Saver.

Unlike with ING Savings Maximiser, there is no requirement to increase the account balance each month.

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Great Southern Bank

• 

  cakesyy on 30/03/2023 - 10:10

  -4

  Good luck getting an account with these assholes.

  • 

    w1nthrophy on 30/03/2023 - 10:24

    +3

    Took me 2 minutes to get an account…

    .

    • 

      denserham on 30/03/2023 - 17:22

      Not sure what cakesyy is on about. But I signed up recently now they want me to go to a branch in the next 90 days or they'll close my account which is a pain.

  • 

    runamuck on 30/03/2023 - 10:35

    +2

    Care to elaborate?

  • 

    chickentaste on 30/03/2023 - 16:43

    No problems in the 4 years we've been with them

• 

  nokia3660 on 30/03/2023 - 10:36

  Does anyone know if there is a way to ensure the 5 transaction condition is met apart from the transaction summary showing as not pending?

  • 

    Chris T on 30/03/2023 - 11:20

    +2

    Yes, in the web Internet banking you can select "Account details" and it displays your progress towards meeting the bonus rate in the current month, including the number of purchases. It's quite good, similar to ING in this respect.

    • 

      nokia3660 on 30/03/2023 - 14:16

      Thanks, didn't know this and was just checking the app.

      • 

        Chris T on 30/03/2023 - 21:16

        I haven't tried the mobile app, so I don't know if it has the same capability. I'd be surprised if it doesn't.

        • 

          nokia3660 on 30/03/2023 - 21:32

          @Chris T: The mobile app doesn't show the progress, I too am surprised that they didn't implement this on the mobile app as well given that it is already built and available on the web version.

          • 

            Chris T on 31/03/2023 - 10:18

            @nokia3660: They have this web page about how to use the Bonus Interest Tracker in online banking. I can't find any mention of how to do it in the mobile app.

• 

  fox81 on 30/03/2023 - 11:08

  up to 4.6% for their advantage saver which has no balance limit and fewer conditions to receive the bonus interest

  • 

    Igaf on 30/03/2023 - 12:49

    Has a (far worse imo) $250/m balance increase reqt, AND this vague rider (depending on what it actually means):
    *Earn up to 4.60% p.a. Enjoy a combined 0.50% p.a. base rate and bonus 4.10% p.a. on balances between $100,000 and $750,000.

    It appears to mean this:
    Balance……………………..Base……….Bonus>…….Total
    Under $100k……………….0.50%……..4.00%………4.50%
    $100,000 - $750,000………0.50%…….4.10%………4.60%
    $750,000+………………….0.50%……..3.50%………4.00%

    Anyone considering that account should ask for clarification.

    • 

      Khunaus on 30/03/2023 - 13:03

      the interest payments are stepped, within the brackets they list and for the bonus interest you need to increase the balance by at-least $250 or more each month, without reducing the balance. It is noted on the same page as the advantage saver info at the bottom of the page.

      • 

        Igaf on 30/03/2023 - 13:41

        Yes I saw that as my comment suggests, but there is no direct link to the current rates. Found that table above which is presumably the current setup. Messy website.

• 

  uggugg on 04/04/2023 - 12:23

  I've just opened this account with them. Will the bonus rate apply for the current month as soon as I deposit $2k into that account?

  • 

    Chris T on 04/04/2023 - 12:28

    As long as you have met the bonus conditions by the end of the month, you will be paid bonus interest for the entire month, calculated on daily balances.

    • 

      uggugg on 04/04/2023 - 18:26

      Thanks. It’s a bit weird that the $2k monthly deposit has to go in the transaction account yet the place where they show you if you’ve met the bonus requirements is under the Savings account (and even then only on the website, doesn’t seem to be available on the iOS app)

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  hawkeye93 on 28/04/2023 - 10:23

  Looks like Beem it doesn’t count as valid transactions, unlike BOQ. I used Beem it to transfer from GS Bank Debit card to another card.

  • 

    Chris T on 28/04/2023 - 12:29

    Yes, I also have tried Beem It payments from my GSB debit card and they were not counted as eligible transactions.

    • 

      hawkeye93 on 29/04/2023 - 08:52

      I ended up purchase Amazon gift cards. Bought yesterday, cleared today already. But that tracker still not shown as Achieved. So weird.

      • 

        Chris T on 01/05/2023 - 07:12

        I think the tracker may only be updated overnight, so hopefully your purchases will be counted the day after the transactions settle.

  • 

    Ernestpogi on 28/04/2023 - 18:37

    Thinking of opening an accouht. How about bpay? For virgin money it counts as a valid transaction..