5.00% p.a. Interest on Home Saver Account on Balance up to $100,000 (Monthly Deposit & Spend Requirements) @ Great Southern Bank

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puglikesabargain on 16/05/2023 - 18:36 facebook.com (202 clicks)
Last edited 14/06/2023 - 11:37 by 1 other user

Here are other competitive savings options after this afternoon's disappointing Ubank 4.75% rate announcement https://www.ozbargain.com.au/node/775051

Home Saver Account - up to 5.00 percent

Great Southern Bank (formerly CUA) now has a rate of 4.75% on balances up to $100K on their Home Saver savings account, but will be increasing the rate 25 basis points to 5.00% as of 25 May. This rate consists of a base rate of 0.50% plus a bonus rate of 4.5% if you meet the monthly bonus conditions. https://www.greatsouthernbank.com.au/bank-and-save/savings-a…

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: I believe 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.

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. https://www.ozbargain.com.au/node/772806

Goal Saver Account - up to 5.10 percent

The Great Southern Bank Goal Saver rate will also increase by 0.25%, to 5.10% p.a, as of 25 May 2023. Great Southern Bank’s Goal Saver account tailored to those Gen Z savers aged 18-24 for balances up to $50,000.

Savings.com.au and Open Comparison Leaderboard provide information on other rates currently available in the market - https://www.savings.com.au/news/rba-savers-may-2023 and https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

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Great Southern Bank

• 

  eggboi on 16/05/2023 - 18:51

  +3

  Why aren't they increasing the Advantage Saver interest rate? Might have to shift my money to a different bank…

  • 

    Fergy1987 on 16/05/2023 - 19:41

    I was thinking the same thing. I guess off to st geoge i go

    • 

      yht on 16/05/2023 - 19:45

      +2

      Why not AMP ? 4.8 vs 4.75 for incentive saver

      • 

        Fergy1987 on 16/05/2023 - 19:46

        +2

        Only need like 50 a month with incentive saver.

        • 

          yht on 16/05/2023 - 20:17

          +2

          @Fergy1987: But no requirement to increase the balance with amp

          • 

            Fergy1987 on 16/05/2023 - 20:24

            +1

            @yht: Really? I thought it was $1000

            • 

              yht on 16/05/2023 - 21:38

              +3

              @Fergy1987: No, deposit $1000 per month but you can withdraw

• 

  Ernestpogi on 16/05/2023 - 23:27

  Anybody know the easiest way to achieve the 5 transaction requirement without needing to do in-store transaction? I know BOQ can do beem it transaction and virgin money can do bpay.

  • 

    TheFlyingCoder on 17/05/2023 - 06:23

    +1

    Also interested in this, I was thinking somehow finding a few cheap $1 subscriptions or something?

    My main account has no issues with 5 transactions, but secondary ones are a hassle to stay on top of

    • 

      capslock janitor on 19/05/2023 - 10:04

      thinking somehow finding a few cheap $1 subscriptions or something?

      if you find this tell me too

  • 

    Yola on 17/05/2023 - 07:06

    +1

    I do not use this account but for 5 settled transactions for ING, BOQ, and MyState I make 5 1c payments from my Paypal account (pay for service) to another person. There is no charge. I have been doing this for over 12 months and qualify for monthly bonuses.

  • 

    ukees on 17/05/2023 - 12:12

    i shop with zip card and make extra payments with the BOQ or ING accounts

• 

  hohoisme on 16/05/2023 - 23:47

  +1

  So is the interest 5%, 5.1% or 5.25%? I am confused…

  • 

    Hinee on 17/05/2023 - 15:22

    Different account types - Home saver vs Goal saver

• 

  capslock janitor on 19/05/2023 - 10:03

  beemit, revolut, utility bill, paypal

• 

  spacemansparrow on 30/05/2023 - 12:04

  +1

  Amazing bank (credit union) 👍, terrible app 👎. However, that seems to be an unfortunate trend with credit unions and mutual banks, the mobile apps just do not compare to the big private banks. Just to clarify though, the apps works and it's fine, but it just lacks any features outside of the bare minimum to create a banking app which you may be use to if your coming from something like CommBank or Up Bank.

• 

  bk1973 on 30/05/2023 - 14:11

  +1

  They've used "increased" the Advantage Saver today. It previously was 4.5% for the first 100K, then 4.6% for 100K-250K. Now, it's just 4.6% for 0 - 250K. Barely an increase.

  • 

    Yola on 30/05/2023 - 18:01

    Yes, and they are behind many. I am withdrawing all my funds on the 1st of June.