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Why choose our Life Saver?

Kick start your savings

Make sure your balance grows each month to be rewarded with interest.

More for you

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.

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 our app or online banking.

Osko® and PayID™

Set up your PayID to send and receive payments in seconds thanks to Osko by BPAY.



Rates are effective as at 9am Thursday 22/02/2024

Life Saver Interest rates

Life Saver $0.00+
Variable 4.75% p.a.


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.

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.

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A helping hand for you, and those in need

Every young person knows what it’s like to get a helping hand when it’s needed most. When you’re just starting out, you need all the help you can get.

This is true regardless if the journey you’re starting is focussed on saving for something big, or improving your education.

At Greater Bank, we’re fortunate to be in a position where we can empower both young savers and young Australians in need.

Our Life Saver Account offers fair-go banking for those under 25, and while that’s great news for you or your kids, it’s even better news for The Smith Family.

For every Life Saver opened before 29 February 2024*, we’ll donate $25 to The Smith Family’s Learning for Life program. Each $25 donation is enough to provide a child impacted by poverty with a literacy support pack to help build and improve this foundational skill.

How do I open a Life Saver account?

If you're over 18

If you're already a customer with us, you can easily open an account through our app, online banking or at your local branch. You can also link your Life Saver account to an eligible Everyday Account.

If you're not a customer with us, you can also open an account online or in a branch.

Here's what we'll need to open a Life Saver account:

  • You must be an Australian citizen or permanent resident between 18 and 25 years old,
  • You'll need your current Medicare card, Australian driver's licence, or passport to verify your identity, and
  • Your Tax File Number (TFN) is optional, but we may be required to collect Withholding Tax on interest you earn.

If you're under 18

If you are under 18 years old, you'll have to come into a branch to open an account.

You can appoint a benefactor to your account to manage it until you turn 18, which could be your parent or guardian, but they'll have to come into the branch as well.

You'll need to be an Australian citizen or permanent resident, and you'll also need a current Medicare card, an Australian driver's licence, or your passport to verify your identity. When opening an account in branch, we'll need to see physical (not-digital) copies of this identification.

If you have a Tax File Number (TFN), you can add it to your account; if you don't, we may be required to charge Withholding Tax on the interest you earn.

If you are opening a Life Saver account on behalf of your child or dependant, you'll need to bring in one of the (physical) forms of identification we mentioned earlier for both yourself and your child or dependant.

If you want your child or dependant to be a signatory to their account, they'll have to come to the branch as well.


Tools and support

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.

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.

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.

There's no set rule for when interest rates change on savings accounts. External factors such as when the RBA announces changes to the Official Cash Rate are taken into consideration when making decisions on changing interest rates on savings accounts.

If you have a term deposit, your interest rate won't change during the fixed term period in which you have your money invested. When your term deposit matures though, your fixed term comes to an end. If you choose to renew for another fixed term, you will need to select the fixed term and interest rate that best suits your needs.

What happens once you turn 25?

The good news is, 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.

Can't quite find what you're after?

Got a question?

Maybe you’re not alone. Our FAQs answer some of the more common banking questions we get asked.

Frequently asked questions

Drop into a branch

Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.

Find a branch

Get in touch

Call us Monday to Friday 8:00am – 6:00pm and Saturdays 8:00am – 1:00pm AEST.

Call 13 13 86

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

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 

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.

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.

*The Smith Family Donation: $25 donation will be made to The Smith Family (ABN 28 000 030 179) where a new Life Saver account has opened between 15/01/2024 and 29/02/2024. Minimum $1 deposit required to open account. Donation limited to the first eligible account opened per child during the offer period.