Greater Bank Life Saver

0% p.a.(for $0 and over)

3.00% p.a. (for $0 and over)

Greater Bank Life Saver

0% p.a.(for $0 and over)

3.00% p.a. (for $0 and over)

Mozo Review   Greater Bank Life Saver Review

Last updated: 21 February 2019.

What's hot:
  • Multiple 2019 Mozo Experts Choice Awards

  • 3.00% p.a. special rate

  • No account keeping fees

What's not:
  • 0.00% p.a. standard rate

Mozo snapshot:

For under 25s, the Greater Bank Life Saver gives you more than enough reason to get serious about your savings. As long as your balance grows each month, you’re guaranteed a whopping 3.00% p.a. interest rate. Withdraw more than you put in, however, and your monthly interest will be 0%. There are no account keeping fees, and if you link the account with a Greater Bank Access Account you won’t have to pay transaction fees on that either.

Equally impressive, the Life Saver account took out two 2019 Mozo Experts Choice Awards in the Student Savings Account and Pocket Money Regular Saver categories. 

Key features:

Greater Bank understands that young people might need a bit of a nudge when it comes to their savings, so their Life Saver account offers one big incentive in the form of a 3.00% p.a. interest rate. Unlike other accounts, there’s no set deposit or withdrawal amount. All you have to do to qualify is make sure your balance increases month by month.

On top of that, the free internet, mobile and phone banking make it that much easier to access and manage your money, and you won’t have to worry about any ongoing account keeping fees digging into your savings.

Interest is calculated daily and paid out monthly. Life Saver accounts can also be linked to a Greater Bank Access Account, in which case you won’t have to pay any transaction fees on the Access Account as long as the monthly conditions for the Life Saver account are met. This applies until the account holder turns 25, at which point regular fees will be introduced.

Who it's good for:

If you’re a parent looking to teach your child the benefits of saving or a young adult who would like to be rewarded for staying on top of their finances, the bumper interest rate offered by the Greater Bank Life Saver should be very appealing.

Any catches?

As mentioned above, your balance at the end of the calendar month needs to be greater than it was at the beginning of the month if you want to qualify for the 3.00% interest rate. If you fall short of these conditions, no interest will be paid out.

You’ll also need to be under the age of 25 to open up an account, but once open it can be held for life.

Details

Rates and fees information correct as at 26 May 2019. 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
  • Balances from $0: 0.00% p.a.

  • Balances from $0: 3.00% p.a.

  • Account balance must increase each month

Fees
  • $0.00

  • none

  • Unlimited free transactions from branch, phone and internet.

  • none

  • none

  • none

  • $0.00

  • $0.00

  • none

  • $0.00

  • $0.00

  • none

Other financial bits
  • $1.00

  • $1.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • no

  • no

  • Open account Under 25, but can be retained for life once held.

  • Link to an Access Transaction account and pay no monthly fees on it every month your Life Saver balance increases.

  • Under 25

Customer Reviews

How are Greater Bank savings accounts rated by the Mozo community?

Overall customer rating
8.7/10
Price
8.1/10
Features
7.5/10
Customer service
8.9/10
Convenience
8.5/10
Trust
8.9/10

Latest reviews of Greater Bank Life Saver

  • Overall
    10/10
    Simply the best

    To put it simply they are just the greatest.

    To put it simply they are just the greatest.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    John | New South Wales

    reviewed 7 months ago

  • Overall
    8/10
    It's all about the customer with Greater Bank

    Very competent bank, easy to deal with and reliable.

    Very competent bank, easy to deal with and reliable.

    Price
    8/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Bradley | New South Wales

    reviewed over 2 years ago

  • Overall
    10/10
    Awesome

    I love being with this bank have been since I was 16

    I love being with this bank have been since I was 16

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Taylor | New South Wales

    reviewed about 3 years ago

  • Overall
    8/10
    Great interest rate

    Has a great interest rate which is paid monthly and encourages you to save.

    Has a great interest rate which is paid monthly and encourages you to save.

    Price
    7/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    9/10

    Rachel | New South Wales

    reviewed over 3 years ago

  • Overall
    9/10
    Friendly.

    Always a pleasure to do banking with.

    Always a pleasure to do banking with.

    Price
    8/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10

    Kaylee | New South Wales

    reviewed over 3 years ago

Greater Bank

About Greater Bank

Greater Bank offers a range of personal and business banking products around a quarter of a million customers in NSW and Queensland. Its products include savings and investment accounts, home loans, personal loans, credit cards, business banking, financial planning, travel money and insurance. Greater Bank is owned by its customers, not shareholders, and has a focus on providing great rates, low fees and superior service.

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