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Great Southern Bank Home Saver

Advertiser disclosure
Interest rate
0% p.a.
Maximum rate
0.95% p.a. (for $0 to $100,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Great Southern Bank Home Saver - last updated: 29 July 2021

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What's hot
  • Competitive 0.95% p.a. bonus interest rate
  • Unlimited withdrawals
  • No ongoing account or ATM fees
What's not
  • Low base rate of 0.05% p.a.
Mozo snapshot

If you’re on the hunt for a simple savings account that could help you earn a solid return on your nest egg, then the Great Southern Bank Home Saver could be the ticket. With no account keeping fees, no withdrawal limits and no requirements to grow your savings balance to earn bonus interest, this option from Great Southern Bank could be ideal if you struggle with managing more hands-on savings criteria.

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Key features

This account is taking some of the more challenging steps out of saving. You will need to make 5 debit card transactions via a linked Great Southern Bank Everyday Snap Account and deposit $2,000 (such as your salary) into that account each month to qualify for the solid 0.95% p.a. interest rate. But that’s it.

Unlike some other savings accounts, you aren’t required to grow your savings balance or make regular deposits to earn interest, and you can dip into the funds if you need to. 

If you meet the monthly interest-earning conditions, you won’t find any account keeping fees or chargers for making phone or internet transactions, or any ATM fees – the same goes for the linked transaction account. Just remember, if you can’t meet the criteria for a month the rate reverts to a low 0.05%.

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Who is it good for

Anyone who wants to earn a solid savings rate with minimal effort. All you need to do to earn bonus interest is make 5 eligible purchases via the linked transaction account and deposit $2,000 (such as your salary) into that spending account each month.

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Any catches

While 0.95% is a pretty decent savings rate in the current climate, the base rate is a low 0.05%. So, if you can’t guarantee that regular monthly income or spending schedule, you may miss out on further savings.

Details

Rates and fees information correct as at 6 December 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

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Balances from $0: 0.95% p.a.
Balances from $100,000: 0.05% p.a.

Deposit $2,000 by electronic transfer into your Everyday Snap Account and make 5 purchases with your Visa debit card each month.

Fees

$0.00

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Unlimited free transactions from phone and internet.

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$0.00

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$0.00

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Other financial bits

$1.00

$0.00

Monthly

Features

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About Great Southern Bank