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 competitive 4.75% p.a. interest rate. Withdraw more than you put in, however, and your monthly interest will drop to 0% p.a. 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.
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 an incentive in the form of a 4.75% p.a. interest rate. To earn this interest rate, savers will simply have to make sure their balance grows each month. Unlike other accounts, there’s no set deposit or withdrawal amount.
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.
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.
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 4.75% 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.
Balances from $0: 0.00% p.a. |
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Balances from $0: 4.75% p.a. |
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Account balance must increase each month |
$0.00 |
|
n/a |
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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 |
$1.00 |
|
$1.00 |
|
Monthly |
no |
|
n/a |
|
no |
|
no |
|
no |
|
yes |
|
no |
|
yes |
|
yes |
|
no |
|
no |
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Open account Under 25, but can be retained for life once held. |
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Link to an Access Transaction account and pay no monthly fees on it every month your Life Saver balance increases. |
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Under 25 |
They care. Good training.
Read full reviewThey care. Good training.
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 reviewI 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.
To put it simply they are just the greatest.
Read full reviewTo put it simply they are just the greatest.
Very competent bank, easy to deal with and reliable.
Read full reviewVery competent bank, easy to deal with and reliable.
I love being with this bank have been since I was 16
Read full reviewI love being with this bank have been since I was 16
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
Hero Saver
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
1.00% p.a.(for $0 to $5,000,001)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)