Saving money for the things you want in life can be tricky, so it's only natural that you'll have some questions from time to time.
How does savings interest work? How much money should I be saving?
We answer these and a range of questions about our Savings Accounts, from opening an account, to earning bonus interest and being able to make the most of your account.
Opening an account with us is easy and can be done in one of three ways.
If you already bank with us:
Log into our app or online banking
Select the account type you’d like to open via the Products and Offers section and double-check all your personal details are correct
That’s it. Your account is ready to use! Too easy.
If you don’t bank with us yet:
Become a Greater Bank customer in minutes by completing one of our Savings Account online forms and validating your identity
We’ll send you an email and SMS with temporary access details to online banking. Simply log in and complete your account opening within the app or online banking
That’s it. Your account is ready to use! Don’t forget to download our app so you can manage your money anywhere, anytime.
Account terms, conditions, fees and charges apply.
Any parent, guardian or adult (18+) – whether that’s a grandparent, relative or family friend – can open a Life Saver on behalf of a child. Right now, this process can only be completed in your nearest branch.
If you intend to act as a benefactor on the account for the child, we’ll need you to bring along ID for both you and the child. We will need you to bring physical copies as we are not currently able to accept digital versions of your identification.
If you don’t intend to act as a benefactor, you will just need to provide your child’s ID. Your child will also need to be with you as they will need to be able to understand and accept the Terms and Conditions and be able to sign for themselves.
If you don’t have a drivers licence or the child is unable to locate their birth certificate, we still may be able to help. Check out our FAQs for more identification options.
If you’re still unsure or would like further clarification before opening an account on behalf of a child, you can give us a call on 13 13 86.
Account terms, conditions, fees and charges apply.
While the amount that you choose to save is up to you, a good guide is to get to know how your chosen account works, and plan your savings activity around making sure you meet the periodical account requirements in order to earn interest. For example, our Bonus Saver rewards you with interest when you make at least one deposit and no withdrawals in a calendar month.
Another good way to know how much you need to save is to work towards a savings goal. If you’re saving for something big, you’re more likely to be motivated to stick to a savings plan. Luckily, you’re able to plot and track your savings goal using our handy Savings Goal Calculator – get started now!
And if you simply want to know how much money out of your pay packet you’ll have leftover for saving, you’re able to track this using our Budget Calculator – try it now to see where you stand.
Account terms, conditions, fees and charges apply.
No, an overdraft is not available on any Greater Bank savings account. If you require access to credit as an alternative to overdraft, be sure to check out our Visa Credit Card.
Account terms, conditions, fees and charges apply.
Of course. You can have deposits made directly into any Greater Bank savings account. You can do this in a number of ways:
It is important to note that a deposit can only be made on the maturity date plus the following 7 days for any Term Deposit accounts. Any payments made to a Term Deposit outside this time will be rejected.
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The way interest is paid on your Greater Bank savings account depends on the type of account you choose.
To find out how interest is paid on your account, please take the time to review the relevant Product Schedule, available via the link below:
Account terms, conditions, fees and charges apply.
Once you turn 25, you can continue to use your Life Saver account as your savings account, earning bonus interest as long as your account balance continues to grow with at least one deposit each month.
Account terms, conditions, fees and charges apply.
Depending on the type of savings account you’ve opened, the way in which you’ll be able to transfer funds out of your account may differ.
Just be aware that by transferring funds out of your savings account, you may be at risk of failure to meet the account conditions in order to earn interest in a given month.
*31 day notice period applies to early withdrawals from Term Deposits opened or last renewed on or after 23 February 2026. Term Deposits opened or last renewed before this date are not subject to a notice period. An Interest rate reduction also applies to early withdrawals.
Checking your balance is easy and convenient for Greater Bank savings accounts, and can be done in a number of ways:
To close a Greater Bank account, all you need to do is give our Contact Centre a call during their hours of operation on 13 13 86 (Monday to Friday 8.00am - 6:00pm and Saturday 8.00am - 1.00pm) and a friendly member of staff can help with the account in question.
You’re able to view the current interest rates for Greater Bank savings accounts by following the links below.
Account terms, conditions, fees and charges apply.
You can view the full range of fees and charges applying to our Bonus Saver, Life Saver, Term Deposits and Term Deposits (monthly income) Accounts in the relevant Product Schedule PDFs on our Disclosure Documents page below.
A Term Deposit lets you invest a set amount for a fixed term at a fixed interest rate. It may suit you if you want certainty and don’t need immediate access to your funds. If you think you’ll need quick access, consider other deposit options.
Maturity refers to the end of your term. At maturity, you can decide whether you wish to withdraw either some or all of your funds. Alternatively, you can ‘reinvest’ for a new term.
Account terms, conditions, fees and charges apply.
We’ll send you a maturity notice before your maturity date, outlining your options. At maturity, you can:
If we don’t receive instructions, your Term Deposit will automatically renew for the same term and payment frequency (or closest equivalent) at the interest rate applicable on the maturity date.
Account terms, conditions, fees and charges apply.
For Term Deposits opened or renewed before 23 February 2026:
The renewal period is the 10 calendar days after your Term Deposit matures. During this time, you can:
You’ll find the exact renewal period dates in your maturity notice, sent via post or email before your Term Deposit matures.
For Term Deposits opened or renewed after 23 February 2026:
The renewal period is the 7 calendar days after your Term Deposit matures. During this time, you can:
You’ll find the exact renewal period dates in your maturity notice, sent via post or email before your Term Deposit matures.
Account terms, conditions, fees and charges apply.
Yes. You can make the same changes on the maturity date as you can during the renewal period, including adjusting your term, changing your payment frequency, withdrawing your funds, or adding extra funds.
Account terms, conditions, fees and charges apply.
Your Term Deposit will automatically renew for the same term and payment frequency (or closest equivalent) at the current interest rate on the maturity date.
Account terms, conditions, fees and charges apply.
No. The new interest rate will be the current rate on the maturity date, which may be higher or lower than your previous rate.
Check current rates at www.greater.com.au/rates or contact us.
Account terms, conditions, fees and charges apply.
For Term Deposits opened or renewed from 23 February 2026:
Yes, however, you’ll need to give us 31 days’ notice, and an interest rate adjustment will apply.
For Term Deposits opened or renewed before 23 February 2026:
Yes, you don’t need to provide notice, however the interest rate applicable to your early withdrawal will be 0.01% per annum.
In order to access your funds before maturity, you can either visit your nearest Greater branch, or give us a call on 13 13 86.
Account terms, conditions, fees and charges apply.
It’s a reduction in interest if you withdraw funds early before the maturity date. It reduces the interest you receive based on how long your funds are invested. Below is an example of how we calculate an interest adjustment on an early withdrawal.
For Term Deposits opened or renewed from 23 February 2026:
Sam opened a new 6-month (183 day) Term Deposit for $10,000 on 1 June 2026 and has made a request to withdraw his funds early on 18 September 2026.
Sam made an early withdrawal request on the 18th of September; therefore, his notice period of 31 days would end on 19 October 2026 (140 days from opening the account).
|
Timing of withdrawal (% of term elapsed) |
Interest rate reduction |
|---|---|
|
Within the 7-day period after a Term Deposit renews |
0% (No interest rate reduction) |
| Outside of the 7 day renewal period | 0% to less than 20% |
90% |
| 20% to less than 40% |
80% |
|
| 40% to less than 60% |
60% |
|
| 60% to less than 80% |
40% |
|
| 80% to less than 100% |
20% |
For Term Deposits opened or renewed before 23 February 2026:
Account terms, conditions, fees and charges apply.
You can find out what your early withdrawal amount would be by visiting your local branch or calling us on 13 13 86 for an indicative early withdrawal amount.
Yes, you can add to your Term Deposit balance on the maturity date and during the 7 day renewal period. After that, no additional deposits can be made until the next maturity date.
Account terms, conditions, fees and charges apply.
There is no maximum amount for our deposit accounts.
Deposits up to $250,000 per account holder per authorised deposit-taking institution (ADI) are guaranteed under the Australian Government’s Financial Claims Scheme.
Greater Bank and Newcastle Permanent are both parts of Newcastle Greater Mutual Group Ltd, a single ADI. Therefore, a single $250,000 limit will apply to the aggregate balance of any eligible accounts held with Greater Bank and Newcastle Permanent.
In order to access your funds before maturity, you can either visit your nearest Greater branch, or give us a call on 13 13 86. Please note: Interest on early withdrawals will be based on how long your funds were invested.
We’re here to help.
• Call us on 13 13 86
• Visit your local branch
• Submit an enquiry
Any advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the product is suitable for you and your personal circumstances.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992, Australian Financial Services Licence/Australian credit licence 238273
PayID and PayTo are registered trademarks of NPP Australia Limited.
®Osko and BPAY are registered to BPAY Pty Ltd ABN 69 079 137 518.
You should review the relevant payment facility terms and conditions available on our website before deciding whether a service is appropriate for your personal circumstances.
