Features & benefits
Who is this account for and how does the interest work?
This is an everyday account for customers aged 50 and over. However, unlike most transaction accounts, you can earn interest on your balance.
The applicable interest rate depends on how much you have in your account. Please see below for more details.
Interest rates on balances>>
Fees
How to open an Everyday 50+ Account
- You must be aged 50 or over
- You must be a resident of Australia
- Have an email address and a mobile number
- Have one form of ID such as your driver’s licence, passport or Medicare card
Complete our online application and we’ll check your ID instantly. If your ID check can’t be completed online, don’t worry - we’ll help you with next steps.
Once your account has been opened, your Great Southern Bank Visa Debit card should arrive in the mail within seven days.^^
We can help you to switch your salary and regular payments to your new account.
Benefits of the Great Southern Bank App
Our mobile app is packed with features to make banking on the go a breeze. Downloading it is super-simple, after which you’ll immediately be able to:
- Temporarily lock your card, report it lost or stolen, change your PIN, and much more.
- Check your balance and last six months’ worth of transactions.
- Easily share your account details with prospective payers.
- Take the pain out of making and receiving payments with BPAY or PayID.
- Add your Visa Debit card to your digital wallet.
- View the latest interest rates for your accounts.
FAQs
To be eligible for an Everyday 50+ Account, you must:
- Be aged 50 years or older.
- Be an Australian citizen or Resident.
- Have a current email address and mobile phone number.
- Have one form of ID such as a driver licence, passport or Medicare card.
The main difference is that it combines everyday banking access and features with the ability to earn interest on your balance.
No, and it can’t be used for that purpose. If you’re looking to use the balance of a transaction account to reduce the interest on your home loan, we recommend checking out our Everyday Account instead.
To better understand how offset accounts work, take a look at our dedicated blog post.
Yes, pension payments can be deposited directly into an Everyday 50+ Account, giving you easy access to your funds while also earning interest.
Simply register for online banking or download our mobile banking app and follow the prompts.
We take security very seriously and have several features to keep your online and mobile banking safe and secure.
For starters, you’ll always need your customer number and password to log in to digital banking. You can also take advantage of our special features for extra security and peace of mind.
Our key security features include:
- Biometric login.
- Transaction notifications
- Security questions
- Change your password anytime
While we take proactive steps to fight fraud, it’s important that our customers also take an active role in keeping their accounts secure.
Our online security checklist contains more tips and tricks to keep your account secure. And as always, never share your password with anyone.
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL 238317. Conditions, fees and charges apply. This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information, including the Terms and Conditions (T&Cs) booklet, before acting on it. The Financial Claims Scheme may apply to this product; refer to the T&Cs for more information.
Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.
>> Stepped interest rates apply: 0.10% p.a on balances under $5,000, 1.55% p.a. on part of balance from $5,000 to $50,000, and 2.65% p.a. on part of balance over $50,000.
^ Google Pay is a trademark of Google LLC. Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries. Samsung Pay is a trademark or registered trademark of Samsung Electronics Co., Ltd. Mobile network provider charges may apply. Access is subject to availability and maintenance, refer to our website for more information.
^^ To view the Target Market Determination for Debit Cards, please click here.
To view the Target Market Determination for this product, please click here.
The Everyday Account 50+ has been designed for customers who want a low fee, interest-earning everyday account.
This product may not be right for you, if you:
- Have a larger amount of money and want to use it to reduce interest payable on a Great Southern Bank Home Loan as the account cannot be used for offset. Our Everyday account may be more suitable for you.
- Prioritise ability to access regularly and easily over interest earnings. Our Everyday Edge account may be more suitable for you.
Who is this account suitable for:
- Be aged 50 or over.
- You must be a resident of Australia.
- Have an email address and a mobile number.
- Have one form of ID such as a driver licence, passport or Medicare card.
This account is not suitable for:
- Sole traders.
- Non-Australian residents.
- Businesses or organisations.
- Customers under 50 years of age.
- Those wanting to offset their account balance against a home loan.
- Someone looking to maximise interest on their savings. In this case, a savings account or term deposit might be more appropriate.
Existing customers will need:
- Your existing customer number.
- Access to Great Southern Bank Online Banking.