Features & benefits
What is an offset facility and how does it work?
Our Everyday Account comes with an offset facility which can be linked to an eligible Great Southern Bank home loan. While you can make transactions as normal, the difference is that the balance is ‘offset’ against the balance of your home loan. This means you only pay interest on the balance of your home loan minus the balance of your offset account.
Rates & Fees
For further information and details, see all Schedule of Fees, Accounts, and Access Facilities and Terms & Conditions.
Fees
How to set up and link your Everyday Account
Setting up an Everyday Account and offsetting it against an eligible home loan couldn’t be easier.
Set up your account
- Check your eligibility
- Click ‘Open now’ and follow the prompts
Request to link your account
Once your account is set up, you can request it to be linked to your eligible home loan by either:
- Calling us on 133 282.
- Paying a visit to your nearest branch.
- Sending us a secure message in online banking.
Please note that the minimum balance for a linked offset account is $500
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
Yes, you can offset up to six Everyday Accounts against an eligible home loan. However, please note that each offset account must have a minimum balance of $500 and must be linked to the same home loan.
As mentioned above, an offset facility is linked to your home loan. The higher the balance of your offset-enabled everyday account, the less interest you pay on your home loan. A redraw facility, on the other hand, allows you to access (or ‘redraw’) any funds you’ve made over and above the minimum required by your home loan contract.
The simplest answer is, by having as high a balance as possible in your offset account. One clever way to do this is by having your salary paid into your offset account and using a credit card for as many everyday expenses as you can (e.g. petrol, groceries, household bills), thereby keeping as much of your earnings as possible in your offset.
Absolutely. You can withdraw money from a Great Southern Bank Everyday Account in exactly the same way you would any other transaction account. The only thing to bear in mind is that the lower your balance, the less you’ll save on home loan interest.
Yes. Money placed in a transaction account with a bank, building society or credit union is protected by the Australian Government’s Financial Claims Scheme (FCS).
The scheme protects deposits up to $250,000 per person, per financial institution. In the unlikely event that a financial institution closes you’ll have the peace-of-mind that your money is safe.
Yes. You’ll get a Visa Debit Card with your Everyday Offset Account that can also be used with Google PayTM, Apple Pay and Samsung Pay.
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.
The Everyday Account does not earn interest.
#To request an offset account be linked to your eligible home loan, contact us on 133 282, visit your nearest branch or send us a secure message in Online Banking as a Home Loan Enquiry. Refer to your Essential guide to your Great Southern Bank loan document for mortgage offset terms and conditions and the Terms and Conditions (T&Cs) booklet.
^ 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 has been designed for customers aged 18+, who want a low fee product and access to their available cash funds with features such as mortgage offset eligibility.
This product may not be right for you, if you:
- Do not wish to offset your account balance against a Great Southern Bank Home Loan. Our Everyday Edge Account may be more suited to you.