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Life Saver

Interest rate 5.25 % 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.

What you get when you open a Life Saver

Fees? Eww.
You’ll pay $0 in monthly account keeping or everyday transaction fees.
Earn interest.
Just grow your balance each month for every dollar to be rewarded with interest~.
Safe, fast and secure.
Manage your money securely via the app, and send and receive payments in seconds thanks to Osko®.
Start good habits early.
As long as you continue growing your savings, Life Saver’s higher interest rates are yours to keep even after you turn 25.

 

Interest rates and fees

Rates are effective as at 9am Monday 14/09/2026 and are subject to change without prior notice.

Life Saver account interest rates~

Life Saver $0.00+
Variable 5.25% p.a.

Fees

Monthly account-keeping fee $0
Everyday transaction fees $0

 

Other fees and charges apply for certain services or special transactions you request. See the product Terms and Conditions for account terms, conditions, fees and charges.

Compare all savings accounts Compare all savings accounts

Give them a head start with money

The earlier they learn, the stronger their future.

Find an account that helps your child build healthy saving habits from day one.

Kids banking

 

How do I open a Life Saver?

I don't bank with Greater Bank

Become a Greater Bank customer in minutes by completing our online form 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.

I already bank with Greater Bank

Log into our app or online banking.
Double-check all your details are correct.
That’s it. Your account is ready to use! Too easy.

What you'll need to open a Life Saver online

To open a Life Saver account, you must be an Australian citizen or permanent resident between the ages of 18-25, and have a NSW or QLD address;
In order to verify your identity, you'll need any two of; your current Australian driver licence, Medicare, or passport details;
Your Tax File Number (TFN) is optional, but if you don't provide it we may have to collect Withholding Tax on the interest you earn. You can always add your TFN later by calling our Contact Centre at 13 13 86.

 

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.

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.

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 plus the following 7 days for any Term Deposit accounts. Any payments made to a Term Deposit outside this time will be rejected.

®Osko and BPAY are registered to BPAY Pty Ltd ABN 69 079 137 518.

PayID and PayTo are registered trademarks of NPP Australia Limited.

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 the maturity date plus the following 7 days to add or remove funds. After this time, the term will reinvest. If you need to access your funds outside this 7 day period, you’ll need to give us 31 days’ notice, and an interest rate adjustment will apply*. 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, 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.

*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.

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.

The easiest way to access your statement is through our app or online banking.

App

  • Go to Manage > Accounts > Statements

Online banking

  • Log on to online banking and click on ‘Manage’ on the left of screen if accessing online banking via a desktop/browser and navigating down to Accounts and select ‘Statements’. 

Next, select the required account and then select the year you are wanting the statement from.

Then, click ‘view’ on the right of screen next to the required statement to access a PDF version. You can now save or print this file for use.

You can also view Financial Year Interest information by selecting the required account from the home screen and then selecting ‘Details’.

Alternatively, you can call 13 13 86 and request a statement be mailed to you at any time (a fee may apply).

Looking for an interim statement? See how to access one here.

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.

More FAQs More FAQs
More how-to guides More how-to guides Savings Accounts hub Savings Accounts hub

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

Rates are effective as at 9am Monday 14/09/2026 and are subject to change without prior notice.

Account terms, conditions, fees and charges apply.

~Must be under 25 to open. To qualify for interest, your closing balance must be higher than the opening balance (excluding any interest earned) for the calendar month.

PayID and PayTo are registered trademarks of NPP Australia Limited.

®Osko and BPAY are registered to BPAY Pty Ltd ABN 69 079 137 518.