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Life Saver - Greater Bank

Life Saver

Interest rate 1.40 % p.a.
Calculated daily, paid monthly

A savings account with a higher interest rate for anyone under 25 who wants to reach their goals sooner. Like all good things, we’ve kept it simple – ensure your account grows each month to earn interest on your whole balance.

Why choose our Life Saver?

Kick start your savings – make sure your balance grows each month to be rewarded with interest.
Life Saver features no monthly account keeping or transaction fees.^
Fee free everyday banking – while you are under 25, you can link your Life Saver to an Everyday Account with no fees, as long as your balance grows each month.
Life Saver is the account that grows with you. Once you turn 25, as long as you keep growing your balance, you’ll continue to enjoy the features of the account for life.
Start good habits early – Life Saver can be opened by someone, or on behalf of someone. Great for teaching the little savers in your life the basics.
Manage your money 24/7 – access your money whenever you need to, wherever you are via Online Banking or our Mobile App.
Osko® and PayID™ – set up your PayID to send and receive payments in seconds thanks to Osko by BPAY.

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Rates are effective as at 9am Monday 10/05/2021

Life Saver Interest rates

Life Saver $0.00+
Variable 1.40% p.a.

Fees

Monthly account-keeping fee $0
Transaction fees $0

The above are a selection of our fees only. Additional Fees and Charges may apply. For further information please view the Life Saver Product Schedule below.

PDF
Current Life Saver Product Schedule 193kB

Who can open a Life Saver?

Our Life Saver account can be opened by any individual in Australia under the age of 25, with a valid Australian residential address.

Plan your savings goal with help from our calculators

Savings and Deposit Calculator

Budget Planner

Income Tax Calculator

Got a question 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.

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. 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 1300 651 400.

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.

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.

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Get in touch

Call us Monday to Friday 8:00am – 5:30pm and Saturdays 8:00am – 1:00pm AEST.

1300 651 400

^ Other fees and charges may apply. Refer to the relevant Product Schedule for further information.

This information is general only. You should consider the appropriateness of the information and our products to your circumstances before proceeding. 

Life Saver Account must be opened prior to turning 25 years of age. We calculate interest by applying the daily percentage rate to your account balance. No interest applies if the closing balance at the end of the month is not greater than the opening balance at the beginning of the month. Conditions apply. View our Life Saver Product Schedule.

PayID is a trademark of NPP Australia Limited. ® Registered to BPAY Pty Ltd ABN 69 079 137 518. You should review the terms and conditions and consider whether the Osko and Pay ID service is appropriate for your personal circumstances.