Great Southern Bank (New Accounts)

Ave Maria on 08/09/2024 - 22:33
Last edited 09/09/2024 - 00:45 by 1 other user

Great Southern Bank issued a new set of terms and conditions dated today (8th September 2024)

https://www.greatsouthernbank.com.au/__data/assets/pdf_file/…

As part of an account restructure the Advantage Saver / E-Flexi account combo is gone.
In their place, the bank is now offering the following

Everyday Saver - no condition account offering 4.30% for balances up to $750K and nothing for amounts over that
It effectively replaces the E-Flexi Saver that was offering 4.20% with no conditions and no limits

Future Saver - .10% + tiered bonus if balance increases each month by an extra $250 (interest exluded) - with the bonus added as below (showing max rate)

4.85% for amounts up to $500K (the replaced Advantage Saver offered the same up to $100K, then 4.7% for the next $650K, then 4% for anything above that)

3.50% for amounts over $500K

It is the usual mixing & scheming trying to confuse savers rather than to offer a simple saver product with a consinstently good rate.
The new offerings could be a better choise for some existing GSB customers depending on the amount invested, compared to the previous offerings.
However all the GSB products for customers over 24yo are way behind the rates offered by other banks.

As the trend goes, GSB continues to offer the best rates to younger savers (under 25 yo) and leaves older savers wanting (where other banks offer rates above 5%). I wonder what their shareholder/members (mostly older savers) would have to say about that at the next annual meeting. Does anyone over 24 work for this bank?

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JIMB0 on 09/09/2024 - 07:25

+1

Just move your money to another bank.
- Ave Maria on 09/09/2024 - 23:24
  
  They still offer the best rates for SMSF saver accounts ! This is what I am using them for @ 4.85%/4.7% up to $750K.
  In fact the new account is better for savings up to $500K @4.85% (for an SMSF if they still accept SMSF accounts that remains to be seen)
Duckie2hh on 09/09/2024 - 09:23

+1

Put it into bitcoin
- Ave Maria on 09/09/2024 - 23:30
  
  No Thanks -:)
bluesky on 09/09/2024 - 13:40

Do you know what happens to the interest rates for those with the old accounts?
In the past, there was a page that showed interest rates for accounts that are not offered anymore, but I cannot find it easily at the moment.
The existing accounts have not been converted to others, and still show as Flexi or Advantage Saver.

Upd:
The individual pages for the 2 old accounts still give the same rates as before, and say it is as of 8 Sept. So for the moment there is no change for old accounts.
- Ave Maria on 09/09/2024 - 23:28
  
  +1
  
  There is no automatic switch - but there is manual switch option so you can convert to the new accounts keeping your existing account numbers, if that is a better option.
  I sent them a mesage asking if I can open the new accounts while keeping the old ones -:) I very much doubt the answer will be a yes but you never know -:)
  
  Here is the links to the old accounts (both still work for now) shoiwn the rates - you can also check the rates from your account details if you have them (online logon)
  
  https://www.greatsouthernbank.com.au/banking/savings-account…
  
  https://www.greatsouthernbank.com.au/banking/savings-account…
  - bluesky on 10/09/2024 - 15:35
    
    Yes, now that you mentioned - I recall some time ago, I rang them about a no longer offered account, and they were able to switch it to a current type. But they have to do it, I think - no option to manually do this online.
    
    In the case of Advantage Saver, not sure if it is done mid-month, how the $250 to qualify for the bonus is interpreted. Maybe the system treats it like an old account being closed, and a new account being opened. If that is the case, the safest is to increase $250, switch (so "old" account satisfies the criteria). After the switch, another $250 (so the "new" account also satisfies the bonus criteria). All hypothetical, of course. Perhaps they will just let one lot of $250 covers the whole month. Otherwise, switch on the 1st of month is a good option.
    - Ave Maria on 10/09/2024 - 19:00
      
      Once you login, if you click on the OPEN or APPLY new account options then you get a switch option near the bottom, to switch from an existing compatible account (it is well hidden). I also asked and they send me a form to open the new accounts for my SMSF, also keeping the existing accounts - I will do that instead of switching.
      - bluesky on 10/09/2024 - 21:50
        
        @Ave Maria: Good luck if you are doing it online. My last experience of opening company and smsf accounts online was bad. After a month or two of mucking about - sending me wrong forms, later saying I filled some fields wrong, but could not get clear feedback how to correct them (the frontline cust support unable to reach the backend party responsible for the account opening!) Eventually, after numerous phone conversations with cust support, and multiple secure messages, with no resolution, I gave up. Went into a branch instead, and the nice staff did it for me, and they were opened within a few days.
        
        That is why I am not that keen on another online account opening process. However, pls share your experience when you open the account using the form they sent you. Perhaps I was just unlucky, and the process had since improved. I too, would have preferred new accounts, if the process is not so difficult.
        
        BTW Do they require verification and certified ID documentation again for your new account?
      - bluesky on 10/09/2024 - 22:23
        
        @Ave Maria:
        
        if you click on the OPEN or APPLY new account options then you get a switch option near the bottom
        
        I just tried, it seems to work only for personal accounts.
        
        Ave Maria on 10/09/2024 - 22:38
        
        @bluesky: That is correct - this is why I asked them and they provided a form for existing customers to create the 2 new SMSF accounts.
        Anything that has to do with SMSF accounts cannot be done online - you have to fill in a form (every time you want to open a Term Deposit too).
        In that respect Great Southern Bank is an old tech bank that pretends to a bank for the youth (they have no idea what modern means -:)
        Even for updating your maturity instructions you need to send them a secure message as you are allowed to view but not update (madness).
        They also insist on sending statements via post and refuse to sesnd via an e-avenue or secure message (idiotic). It is bad as each year their annual statements are not alighned to the financial year (way off). So you have to ask for them to generate them and for SMSF only send them by post (they are so focused on their old ways that security goes out of the window). But they do have the best saver account rate for SMSF, so I am stuck with them. -:)
        
        On a different note - I am taking advantage of the Community First 1 year 5.10% (on maturity) Term Deposit.
        It also applies to SMSF and the application is done online with a very simple form. They get back to you next day to confirm details (very pleasant customer experience) and they will do the direct debit from another account as per your instructions (unlike some other banks that I would not mention here that cannot organise a piss in brewery let alone a simple direct debit). Oh and no documents need to be submitted, identification is done via SMS to a smart phone using a link to a web based id service to take a snapshot of your id and then do a facial verifcation (selfie video) to make sure it is you and not somoene that has stolen your identity - very simple and effective tech (ok I have to say - unlike Great Southern Bank) - extremely refreshing experience
        
        bluesky on 10/09/2024 - 22:47
        
        @Ave Maria: Just on GSB, do you have to provide verification and recently certified trust pages again - to open the new accounts? Also, if you don't mind sharing your experience once you have the accounts opened, that would be appreciated. Would like to know if the process has significantly improved, from when I did it last.
        
        Good to know about the Community First TD. Thanks for sharing. You mean unlike the usual process, they did not ask for certified smsf trust pages, etc, other than what you described above? Quite unusual, but convenient if that is the case. Although I am not used to providing a selfie of myself :-) - hence why I abandoned opening the ANZ plus account some time ago.
        
        Ave Maria on 10/09/2024 - 23:17
        
        @bluesky: Pretty much the new form (S22) is for existing accounts - all you have to do is provide the corporate trustee details and tick a few boxes to confirm that nothing have changed in the setup, date & sign. So it is a simple process, but as usual it will take 2 days for them to pick up the form from the secure message, forward it to another department and wait for the setup. I just send the form back tonight so I will update when all is done if done as expected -:)
        
        No like Judobank, they do not ask for anything other than the SMSF ABN, trustee ACN, the signatory id (verified via SMS link). No paper trail - nothing to be certified as an original (Thank God - all banking should be done like that). Everything about the SMSF and corporate trustee can be verified via the ABN/ACN - the fact that some banks are stuck in the past asking for each page of the trust deed (and certified at that is beyond belief) -:) Never ever doing that again -:). I have an SMSF account with ANZ, Rabobank (used to with Ubank until they offloaded it to NAB = crap - closed the account) - for reasons unknown back in 2010 I also had an ING SMSF account I never used (now closed) and most recently started using GSB in 2023 - all setups required paper trail. Last year I took advantage of an AMP TD for 1 year at 5.45% (done trhough e-superfund so no paper trail - now closed) and 14 years ago I had a 5 year ladder TD with Citibank at 8% would you believe (those were the good times-:). Judobank and Comunit First are the exemptions (suprisingly so - as thee is so much money in SMSF but banks are slow to catch up or just want to make it as hard as a possible)
        
        Community First will create a membership for each member/trustee + the corporate trustee + the SMSF (so yes 4 memberships - that is the only thing I found odd) and will cost $2 for each membership (minus the SMSF) as it is a member owned credit union - but that is perfectly fine -:)
        
        bluesky on 12/09/2024 - 15:49
        
        @Ave Maria:
        
        all you have to do is provide the corporate trustee details and tick a few boxes to confirm that nothing have changed in the setup, date & sign. So it is a simple process
        
        Hope your account opening goes through smoothly, not like the very frustrating experience I had last time.
        
        Also heartened to hear that some banks are making things easier and reducing red tape. The hassles of account opening is what deter many (myself included) from going for the better deals.
        
        Ave Maria on 10/09/2024 - 23:28
        
        @bluesky: You are like my partner - I tried to open an ANZ plus about 2 years ago and the minute they asked for a selfie the process was abandoned - this time I was more persuasive - they do not actually take a photo - they simply check that the face in the video that requires a big smile movement - matches the one in the provided photo id (passport or driver licence that is captured as part od the identification process) - it is quick took me less than a minute for mine - about 10 minutes to convince my partner to smile -:) and only because the lady that handled our application was very pleasant and nice on the phone -:) - I currently work on a police facial capture and recognision project so I learned to be less avert to the process.
        
        bluesky on 12/09/2024 - 16:10
        
        @Ave Maria: I can't remember exactly now, with ANZ Plus, but from memory you have to take a short clip of yourself and upload the clip. Am I right? Or some such.
        
        The reason I feel uncomfortable with such a process is not knowing if they will store the video, or destroy it after comparison. With ANZ Plus, I also did not bother to find out what they do with the clip (perhaps explained in their material or T&C?). Since you are connected to this field, do elaborate if you have more info on this. For example, is there any legal framework, requirement or guidance at present about what they do with this? But quite right, this type of thing is going to be deployed more and more, and I have to admit, it makes things much more convenient.
        
        Ave Maria on 13/09/2024 - 00:58
        
        +1
        
        @bluesky: The video should not be stored as it is not required beyond the point and purpoce it is needed. It is only needed so that your facial characeteristics are matched against the imaged of the photo id utilised for the identification. They do take a photo of the passport with automatic conversion of all identifying data into text (name, date of birth, issue date etc.). Once again the passport photo should not be stored, althought based on recent experience with banks like CBA that I had to walk into a branch to identify myself after 24 years of being a cutomer - they took & kept a photocopy of my passport. I am not comfortable with that either. Government is to blame for making it mandatory on the banks to fuly identify their customers as part of fraud and criminal activity prevention.
        
        bluesky on 13/09/2024 - 21:08
        
        @Ave Maria: Thanks for the insight.
        
        Ave Maria on 13/09/2024 - 21:56
        
        @bluesky: In any case, Community First has withdraw their 5.1% 12M TD special offer soon after I applied, but they are honoring that rate for me as they already accepted my application and processed it next day -:) They even allowed me to fund the TD on the 19th of September when I will have funds available from another TD with Rabobank.
        
        Great Southern Bank was also good enough to open a Future Saver for me with the simple form via secure message, while keeping the old Advantage Saver active (no switch required). Unless they also drop interest rates like AMP did today with no warning, I will be able to get a nice return for my SMSF of 4.85% up to $600K and then 4.7% for the next $650K without having to lock money into a Term Deposits that are now offering much lower rates than that to lock your money in. The bonus is that I am now in a pension phase = NO TAX -:) 4.85% with no risk attached is a good return.
        
        bluesky on 17/09/2024 - 01:02
        
        @Ave Maria:
        
        Unless they also drop interest rates like AMP did today with no warning,…
        
        I doubt they will do that, given they have just introduced these new accounts. They must be hoping to get more deposits actually, with the higher limit of the Future Saver.

Great Southern Bank (New Accounts)

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