Greater Bank Life Saver Summary
Description
Conditional savings account for under 25 year olds
Benefits
- No monthly savings-account fee.
- No upper balance cap in the reviewed ongoing pricing.
Hoops
- For bonus interest, grow the balance by at least $0.01 each month. Check the full requirements below.
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Details
Key details
| Product name | Greater Bank Life Saver |
|---|---|
| Maximum variable rate | 5.50% p.a. |
| Ongoing interest rate | 5.50% p.a. |
| Base interest rate | 0.00% p.a. |
| Minimum age | - |
Source: noren.com.au
All comparison details
| Base | 0.00% |
|---|---|
| Ongoing | 5.50% |
| Ongoing cap | No cap |
| Intro | - |
| Intro cap | - |
| Intro period | - |
| Dep/mth | 0 |
| Dep $/mth | - |
| Growth/mth | $0.01 |
| Buys/mth | 0 |
| Txns/mth | - |
| W/d/mth | - |
| Min age | - |
| Max age | - |
| Fee/mth | $0 |
Source: noren.com.au
Rates & features
Interest rates
Variable rates % p.a. at $699, assuming applicable bonus conditions are met.
- Base: 0.00% p.a., before bonus interest.
- Ongoing: 5.50% p.a. when bonus conditions are met. No upper cap.
Full rate breakdown
| Type | Rate | Applies to | Balance |
|---|---|---|---|
| Base rate component | 0.00% | Whole balance | All balances |
| Ongoing total, conditions met | 5.50% | Whole balance | All balances |
Source: noren.com.au
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Requirements
- End the calendar month with a higher balance than at its start, excluding interest credited during the month. Withdrawals are allowed if net growth still occurs. No interest is paid if the growth condition fails, this is a conditional total, not an unconditional base.
- Deposits/transfers must actually arrive within the calendar month, processing delays, weekends and public holidays can affect qualification. No fixed monthly deposit amount, purchase count or no-withdrawal condition.
- The schedules disclose a $15 six-monthly dormant-account fee after 24 months without qualifying activity, plus optional/special-service fees. This is not a regular monthly account-keeping fee.
- Qualification timing: Requirements are assessed in the current month. Check the settlement deadlines and exclusions in the requirements.
Fees
- Monthly account fee: $0
Showing reviewed fees only, other charges may apply
How to apply
Check these eligibility requirements before applying with Greater Bank.
- In Australia with an Australian residential address and satisfactory identity checks. $1 minimum opening and ongoing balance.
- Must be under 25 when opening, but may retain the account and qualifying pricing after turning 25, no universal ongoing maximum age. Sole natural-person holders only, no joint or business operation.
- Children can open subject to the bank’s capacity checks and appointment of a benefactor where required. Benefactors are removed on the first business day after the holder turns 18. The online route has additional adult and NSW/Queensland address restrictions.
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Sources & review
Noren aggregates information from multiple primary sources to ensure you're getting the most up-to-date, accurate information. All product information is peer reviewed.
Collected and verified on 31 Oct 2026.