Great Southern Bank Goal Saver Review (2026)
Rates and conditions verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Bonus rate
5.10%
p.a. up to $50,000
Base rate
0.50%
p.a. if conditions missed
Bank type
Mutual
customer-owned
About Great Southern Bank Goal Saver
Great Southern Bank (formerly CUA — Credit Union Australia) is one of Australia's largest customer-owned banks. As a mutual, it is owned by its members rather than external shareholders, and is regulated by APRA.
The Goal Saver pays 5.10% p.a. on balances up to $50,000 when two monthly conditions are met. It must be held alongside a Great Southern Bank Everyday Edge transaction account, which is used to meet the card purchase condition.
The $50,000 balance cap on the bonus rate is important to note — balances above this threshold earn the lower base rate on the excess.
Current Interest Rates
| Rate type | Rate | Notes |
|---|---|---|
| Bonus rate | 5.10% p.a. | On balances up to $50,000 when conditions met |
| Base rate | 0.50% p.a. | On all balances if conditions not met; on amounts above $50,000 |
Effective 15 May 2026. Check Great Southern Bank's website for the latest rate.
The Monthly Conditions — Explained
Condition 1 — Deposit $500+ from external source
Receive at least $500 by electronic transfer into your Everyday Edge Account from a non-Great Southern Bank account each month. This can be your salary or a transfer from another bank.
Condition 2 — 5 Visa Debit purchases
Make at least 5 settled Visa Debit purchases from your Everyday Edge Account each month. Tap-and-go, online, and in-store purchases count.
Pros and Cons
Pros
- ✓ 5.10% p.a. — competitive ongoing bonus rate
- ✓ Customer-owned mutual bank — profits returned to members
- ✓ No minimum opening deposit
- ✓ No account keeping fees
- ✓ Government deposit guarantee up to $250,000
Cons
- ✗ Bonus rate capped at $50,000 balance
- ✗ Requires linked Everyday Edge transaction account
- ✗ Two conditions to meet monthly
- ✗ Less well-known than major banks
How It Compares
- ING Savings Maximiser: 5.50% — no balance cap, $1,000 deposit + 5 card purchases
- ANZ Plus Growth Saver: 5.10% — no balance cap, $100 net growth only
- Great Southern Goal Saver: 5.10% — capped at $50k, $500 deposit + 5 card purchases
- CommBank GoalSaver: 5.00% — no balance cap, 1 deposit + balance grows
Information verified 18 May 2026. Rates variable and subject to change. Confirm current rates and conditions on Great Southern Bank's website before applying. This is not financial advice.