Thumbnail icon for Greater Bank

Greater Bank Life Saver

Interest rate
0% p.a.(for $0 and over)
Maximum rate
1.80% p.a. (for $0 and over)

Mozo editorial review Greater Bank Life Saver

Last updated: 6 July 2020.

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What's hot
  • 1.80% 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 1.80% 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.

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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 1.80% 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.

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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.

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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 1.80% 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 10 July 2020. 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: 1.80% 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 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 9/10
    Trustworthy.

    They care. Good training.

    Read full review

    They care. Good training.

    Price
    8/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    10/10
    Less
    Shane, New South Wales reviewed 14 days ago
  • Overall 9/10
    Amazing, friendly, honest.

    I generally don’t trust any bank but this one is amazing. The rates are better than any of the majors, which I swapped over from many years ago. I would not return to a major again.Though they are small, they are big on savings. There is a little confusion by me for the different names of accounts, but that’s no different to other banks. Even their passport for travel card is so easy to use, transferring money into different currencies while on the trip.

    Read full review

    I generally don’t trust any bank but this one is amazing. The rates are better than any of the majors, which I swapped over from many years ago. I would not return to a major again.Though they are small, they are big on savings. There is a little confusion by me for the different names of accounts, but that’s no different to other banks. Even their passport for travel card is so easy to use, transferring money into different currencies while on the trip.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Jan, New South Wales reviewed 2 months ago
  • Overall 10/10
    Simply the best

    To put it simply they are just the greatest.

    Read full review

    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
    Less
    John, New South Wales reviewed over 1 year ago
  • Overall 8/10
    It's all about the customer with Greater Bank

    Very competent bank, easy to deal with and reliable.

    Read full review

    Very competent bank, easy to deal with and reliable.

    Price
    8/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -
    Less
    Bradley, New South Wales reviewed over 3 years ago
  • Overall 10/10
    Awesome

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

    Read full review

    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
    Less
    Taylor, New South Wales reviewed about 4 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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