Great Southern Bank Term Deposit Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
12-month rate
5.35%
p.a. at maturity
5-year rate
5.50%
p.a. — standout long-term
Minimum deposit
$5,000
personal TD
About Great Southern Bank
Great Southern Bank is Australia's largest customer-owned bank, rebranded from CUA (Credit Union Australia) in 2021. As a customer-owned institution, profits are returned to members rather than shareholders. They are an APRA-regulated ADI with deposits protected under the Financial Claims Scheme up to $250,000.
Their standout feature among term deposit providers is a 5-year rate of 5.50% p.a. — well above what most lenders offer for that term, which typically drops below 4% after 12 months. This makes them particularly attractive for long-term income investors.
Rates by Term
| Term | Rate (at maturity) |
|---|---|
| 3 months | 5.00% p.a. |
| 7 months | 5.20% p.a. |
| 12 months | 5.35% p.a. |
| 5 years | 5.50% p.a. |
| Early withdrawal | Penalty applies — contact lender |
Rates as at 18 May 2026. Check Great Southern Bank's website for the latest.
The 5-Year Rate: Why It Stands Out
Most Australian term deposit providers see their rates drop sharply beyond 12 months — Macquarie, for example, falls to 3.60% for 2-year deposits. Great Southern Bank's 5.50% p.a. for 5 years bucks this trend significantly.
For a retiree or long-term investor with $100,000 to deposit, 5.50% for 5 years means $27,500 in interest over the term (assuming annual compounding). This is a meaningful difference from providers offering 3.50–4.00% for the same period.
The trade-off: you're locking in for 5 years. If rates rise significantly, you won't benefit. But if you believe rates will fall — as the short-end rate curve currently suggests — locking in at 5.50% is attractive.
Pros and Cons
Pros
- ✓ 5.50% p.a. for 5 years — best long-term rate tracked
- ✓ 5.00% p.a. for 3 months — strong short-term rate too
- ✓ Customer-owned — profits returned to members
- ✓ APRA-regulated ADI — FCS-protected to $250k
Cons
- ✗ No 6-month term published at competitive rates
- ✗ 5-year lock-in means no access for the full term
- ✗ $5,000 minimum deposit
How It Compares
- Judo Bank: 5.45% p.a. — 12 months, $1,000 min
- AMP Bank GO: 5.40% p.a. — 12 months, $5,000 min
- Great Southern Bank: 5.35% (12m) / 5.50% (5yr) — $5,000 min
- Macquarie: 5.35% p.a. — 12 months, $5,000 min
For long-term investors, Great Southern Bank is the standout. For 12-month terms, Judo Bank and AMP Bank offer slightly higher rates.
FAQs
Who is Great Southern Bank?
Great Southern Bank is Australia's largest customer-owned bank, formerly known as CUA (Credit Union Australia). Rebranded in 2021.
Is the 5.50% rate for 5 years really available?
Yes — verified via Canstar data as at 18 May 2026. Confirm on Great Southern Bank's website, as rates are subject to change.
Is Great Southern Bank safe?
Yes — APRA-regulated ADI. Deposits up to $250,000 per depositor are protected under the Australian Government's Financial Claims Scheme.
Information verified 18 May 2026. Confirm rates, fees, and eligibility on Great Southern Bank's website before applying. This is not financial advice. Deposits protected up to $250,000 under the Financial Claims Scheme.