Your selected term deposits
Great Southern Bank is known for its focus on customer satisfaction and innovative services. They blend digital banking convenience with a personal touch, helping customers easily explore their financial options. This approach allows the bank to meet the needs of a diverse range of clients, from casual savers to those with specific investment goals.
Great Southern Bank’s term deposits offer competitive interest rates at flexible lengths. Customers can choose from short-term deposits starting at one month to lengthier terms of five years, allowing you to pick a term that fits your savings goal. Plus, there are no account-keeping fees, and customers can choose to receive interest payments either monthly or at maturity, making it easier to manage your savings.
Flexibility to make updates online at any time
Unique Platinum Plus rates for over-55’s
Interest rate reductions apply for early withdrawal
A Great Southern Bank Term Deposit could benefit those seeking a reliable method to grow their savings, offering fixed returns over a set period. You can choose a term duration ranging from one month to five years, with investments starting from $5,000 up to $1,000,000.
Great Southern Bank doesn’t charge any account fees. You may withdraw your deposit before the end of the term by providing 31 days notice. However, you will receive a lower interest rate for the period your funds were actually deposited. Be aware that your funds automatically roll over into a new term deposit at maturity unless you advise otherwise.
Interest on terms two months or more can be paid monthly but you’ll have to accept a lower rate than that paid at maturity. Additionally, if you're over 55 you can take advantage of special Platinum Plus rates . However, it may be worthwhile considering other options that could offer better returns or greater flexibility.
| 1 month | 1.30% p.a. | ($5,000 - $1,000,000) |
| 2 months | 1.60% p.a. | ($5,000 - $1,000,000) |
| 3 months | 4.75% p.a. | ($5,000 - $1,000,000) |
| 4 months | 2.95% p.a. | ($5,000 - $1,000,000) |
| 5 months | 4.50% p.a. | ($5,000 - $1,000,000) |
| 6 months | 4.35% p.a. | ($5,000 - $1,000,000) |
| 7 months | 3.05% p.a. | ($5,000 - $1,000,000) |
| 8 months | 4.70% p.a. | ($5,000 - $1,000,000) |
| 9 months | 4.50% p.a. | ($5,000 - $1,000,000) |
| 10 months | 3.15% p.a. | ($5,000 - $1,000,000) |
| 11 months | 4.75% p.a. | ($5,000 - $1,000,000) |
| 1 year | 4.45% p.a. | ($5,000 - $1,000,000) |
| 13 months | 2.30% p.a. | ($5,000 - $1,000,000) |
| 18 months | 3.50% p.a. | ($5,000 - $1,000,000) |
| 2 years | 4.00% p.a. | ($5,000 - $1,000,000) |
| 3 years | 3.60% p.a. | ($5,000 - $1,000,000) |
| 4 years | 3.60% p.a. | ($5,000 - $1,000,000) |
| 5 years | 3.60% p.a. | ($5,000 - $1,000,000) |
Your selected term deposits
Not possible to setup an SMSF Term Deposit online even if you already have an SMSF account with the bank. Their claim of taking just 5 minutes to set up a Term Deposit is false.
Very limited branches to visit difficult to get on phone
Great Southern Bank is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). This means your deposits are protected under the Australian Government's Financial Claims Scheme, guaranteeing up to $250,000.
Customers must have an Everyday Banking account with Great Southern Bank which will be used to add or withdraw funds from the account, or be willing to apply for one at the same time as opening this product.
Apply online through the bank’s website, via the bank’s app or over the phone.
You can open as many term deposits as you like. The combined total across all your term deposits is not permitted to exceed $1 million, whether the accounts are in individual or joint names.
The minimum opening deposit for all Great Southern Bank term deposits is $5,000.
To set up online banking for a Great Southern Bank term deposit, visit the bank’s website and register for online banking. Provide your personal details. Once registered, you can manage your account via your digital profile on the bank’s website or app.
While the bank doesn’t impose any account fees, withdrawing your funds before the term ends will incur penalties. There’s a minimum 31-day notice period and you’ll receive a reduced rate of interest based on how much of the term has elapsed.
Unless specified, your term deposit funds will automatically be reinvested on the maturity date into a new term deposit for the same term at the current interest rate. Be aware that this new rate may be lower than your current one.
A grace period of 14 calendar days from the date of maturity applies. During this period you can close your term deposit when it matures without incurring any fees.
You can request to withdraw all or part of your funds. You’ll need to contact the bank and provide 31 calendar days notice. If your request falls within 31 calendar days of the term’s duration, you’ll need to wait until maturity to access your funds.
To close your term deposit, you contact the bank. Be prepared to provide your account details, and note that an administration fee and reduced interest penalties will apply if you close the account before maturity.
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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