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Savings Account questions and answers

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.

How to open a Savings Account

Open a Bonus Saver Account

Open a Life Saver Account

Open a Term Deposit

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Opening an account

 

Opening an account with us is easy and can be done in one of three ways.

If you already bank with us:

  1. Log into our app or online banking (Deep link Button)

  2. Select the account type you’d like to open via the Products and Offers section and double-check all your personal details are correct

  3. That’s it. Your account is ready to use! Too easy.

If you don’t bank with us yet:

  1. Become a Greater Bank customer in minutes by completing one of our Savings Account online forms and validating your identity

  2. 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

  3. That’s it. Your account is ready to use! Don’t forget to download our app so you can manage your money anywhere, anytime.

T&Cs, fees, charges and eligibility criteria apply.

Anyone is able to open a Life Saver youth savings account on behalf of a child or grandchild. Right now, this process can only be completed in your nearest branch.

If you intend to act as a signatory on the account for the child, we’ll need you to bring along some forms of identification for yourself, such as your driver’s licence, as well as identification for the child. We will need physical copies of your proof of identification - we are not currently able to accept digital versions of your identification.

If the child is also going to be signing on the account, they will need to come along to the branch with you and be able to sign to accept the Terms and Conditions.

If you don’t intend to act as a signatory, we’ll just need you to identification for the child you intend to open an account for, such as their birth certificate or passport. The child will need to be with you to sign and get the account up and running.

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.

Using your account

 

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.

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.

Of course. You can have deposits made directly into any Greater Bank savings account. You can do this in a number of ways:

  • You can have real-time payments made directly into your account using Osko ® by BPAY. You can also assign a PayID ™ to your savings account to make the process even easier.
  • You can also have deposits made directly into your account using your BSB and account number. (Greater Bank’s BSB number is 637 000)

It is important to note that a deposit can only be made on the maturity date or within the next 10 days for any Term Deposit accounts. Any payments made to a Term Deposit outside this time will be rejected.

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:

View our Product Schedules

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.

Upon turning 25, however, you will no longer have access to transaction-fee-free everyday banking via a linked Access Account.

If you still want to enjoy transaction-fee-free banking after turning 25, our Ultimate Access Account offers this feature for customers who are able to deposit at least $2,000.00 per month (like your salary) into the account.

Find out more about our Life Saver.

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.

  • If you have opened a Term Deposit, you will have 10 days from the date of maturity to add or remove funds. After this time, the term will reinvest. If you need to take money out or close the term outside this 10 day period, the interest we pay will be significantly reduced. You will need to contact us to arrange this.
  • If you’ve opened a Bonus Saver Account, you’ll need to transfer funds out to a linked everyday account before you can then transfer it elsewhere.
  • If you’ve opened a Life Saver or Cash Management Account, you are able to freely transfer funds out of your account at any time.

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.

Checking your balance is easy and convenient for Greater Bank savings accounts, and can be done in a number of ways:

  • If you’re using our Mobile App, you can set your savings account up so that it’s one of the balances displayed using Quick Balance. By swiping right on our app login screen, you’ll be able to see your balance at a glance.
  • If you’re registered for and using online banking, you can login at any time and view your current account balance on the accounts home screen.
  • During business hours, you’re able to ask for your account balance in any Greater Bank branch, or by giving us a call on 13 13 86.

Closing your account

 

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.

Choosing the right account

 

You’re able to view the current interest rates for Greater Bank Savings Accounts by following the links below.

  • For Bonus Saver, Life Saver and Cash Management Account interest rates – click here.
  • For Term Deposit interest rates – click here.

Fees and charges

 

You can view the full range of fees and charges applying to our Bonus Saver, Life Saver, Term Deposits, Term Deposits (monthly income) and Cash Management Accounts in the relevant Product Schedule PDFs on our Disclosure Documents page below.

View Disclosure Documents

Term Deposits

 

A term deposit is a type of savings account, where you lock away an amount of money for an agreed length of time (a 'term').

This means that unless your term is up, the only way to access your funds is by paying a penalty fee. During your tem, you're guaranteed a set interest rate for the length of the term you chose.

This way, you can be sure of what return you'll get on your investment.

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.

$1000 - $4999.99:

We calculate interest by applying the daily percentage rate to your account balance for the applicable period in the above table. For terms up to 13 months we pay interest on the Maturity Date. For terms over 13 months we pay interest six monthly and on the Maturity Date. For terms over 6 months to 5 years we can pay interest monthly. We calculate interest by applying the daily percentage rate to your account balance for the applicable period in the above table.

Note: A reduced interest rate applies if you break your investment prior to the maturity date.

Please refer to our Product Schedules for more information. These rates are current from the effective date and are subject to change by Greater Bank without further notice. Conditions apply. Please refer to our Terms and Conditions for more information.

 

$5000 +

Calculated by applying the daily percentage rate to your account balance for the applicable period in the above table. For terms up to 13 months interest is paid on the maturity date. For terms over 13 months interest is paid six monthly and on the maturity date. For terms over 6 months to 5 years we can pay interest monthly. We calculate interest by applying the daily percentage rate to your account balance for the applicable period in the above table.

Note: A reduced interest rate applies if you break your investment prior to the maturity date. Please refer to our Product Schedules for more information. These rates are current from the effective date and are subject to change by Greater Bank without further notice. Conditions apply. Please refer to our Terms and Conditions for more information.

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.

We will write to you about two or three weeks before your term deposit matures to let you know the maturity date is approaching and outline your options.

You may be able to add or remove funds, change the length of your term, change the way interest is paid or close your term in the 10 days after your term matures.

After this date, any funds in your term deposit will be reinvested.

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: Accessing your funds before maturity will result in a reduced interest rate that is further outlined in our Terms and Conditions.

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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 

Pay ID™ is a trademark of NPP Australia Limited ABN 68 601 428 737. Osko by BPAY® 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.