Interest rate
0% p.a.(for $0 and over)
Maximum rate
1.40% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Greater Bank Life Saver

Last updated: 20 October 2020.

binocular icon
What's hot
  • 1.40% 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 1.40% 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.

key icon
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 1.40% 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.

snapshot
Who is it 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.

question icon
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 1.40% 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 17 May 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
  • Balances from $0: 0.00% p.a.

  • Balances from $0: 1.40% p.a.

  • Account balance must increase each month

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from branch, phone and internet.

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $0.00

  • n/a

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
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

Thumbnail icon for 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.

See Greater Bank savings accounts

Thumbnail icon for Virgin Money

Virgin Money

Boost Saver with Go Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Virgin Money

Virgin Money

Grow Saver

0.65% p.a. (for $0 and over)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.30% p.a. (for $0 to $1,000,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Bankwest

Bankwest

Hero Saver

0.70% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.25% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Virgin Money

Virgin Money

Boost Saver with Go Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Virgin Money

Virgin Money

Grow Saver

0.65% p.a. (for $0 and over)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.30% p.a. (for $0 to $1,000,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Bankwest

Bankwest

Hero Saver

0.70% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.25% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000