Great Southern Bank review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Great Southern Bank suits Australian savers who want a high variable rate on everyday money with nothing to pay each month. The Everyday Saver pays 4.8% on a easy access account with no bonus conditions, though the group overall scores 6.4 here.
Key facts
- Best for
- An Australian easy-access savings account at a high headline rate with nothing to pay each month.
- Headline rate
- 4.8%↗
- Rate type
- Variable↗
- Term
- 12 to 84 months↗
- Access terms
- No bonus conditions; interest calculated daily and paid monthly; up to six accounts per customer; access via online and mobile banking↗
- Monthly fee
- A$0↗
- Account kind
- Easy access↗
- Legal entity
- Credit Union Australia Ltd ABN 44 087 650 959↗
- Headquarters
- Australia↗
- Founded
- 1946↗
- Support channels
- Phone, Chat, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- greatsouthernbank.com.au
Loans
- APR
- 7.49% to 20.19%↗
- Loan amount
- A$5,000 to A$75,000↗
- Arrangement fee
- $0 (standard $225 establishment fee waived for applications submitted before 23 February 2027)↗
- Credit check
- Hard↗
- Representative example
- Unsecured Fixed Personal Loan: comparison rate examples are accurate for a personal loan amount of $30,000 unsecured loan over a term of 5 years↗
- Lender type
- Direct lender↗
- Free early repayment
- Yes↗
- Eligibility
- 18 years of age or over, permanent resident of Australia with an Australian residential address, regular income, no bankruptcy or insolvency in the past five years, meet credit lending policy↗
- Loan types
- Personal, Debt-consolidation, Car, Secured↗
- Use cases
- Home-improvement↗
- Features
- Multi-currency, Travel
Credit cards
Mortgages
Pros and cons
Pros
- The Everyday Saver pays 4.8% on a easy access account with no monthly charge (AUD 0).
- No bonus conditions: interest is calculated daily and paid monthly, with access through online and mobile banking.
- Personal loans allow free early repayment, and the standard establishment fee is currently waived.
- The everyday transaction account lists multi currency and travel and comes with a debit card on the visa network.
Cons
- The credit card charges AUD 49 a year and 3.4% on currency conversion, and its rewards type is none.
- The personal loan range of 7.49% to 20.19% reaches past the site median of 15.5%, and every application runs a hard credit check.
- Support runs on phone, chat and help centre only.
Who it suits
- Australian adults who want a variable return on everyday money with nothing to pay each month.
- Home improvement borrowers, since the personal loan covers home improvement and early repayment is free.
- Mortgage shoppers weighing the basic variable home loan, with an initial rate of 6.04% and a product fee of AUD 600.
Who should look elsewhere
- Not Wise or bunq: their headline rates of 3.29% and 3.01% sit below 4.8% here.
- Not Finteres: 0% to 36% is a much wider band of interest than the 4.8% paid here.
The company behind it
Great Southern Bank trades as Credit Union Australia Ltd ABN 44 087 650 959 and is based in Australia (AU), operating since 1946. It holds AFSL 238317 / Australian Credit Licence 238317 and is supervised by ASIC. Support runs through phone, chat and help centre, so help comes by phone, by chat or through the help centre.
How Great Southern Bank compares
9.4 vs 8.0
9.4 vs 9.4
9.4 vs 9.4
9.4 vs 8.5
9.4 vs 9.4
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9.4 vs 8.4- 9.4 vs 8.0
9.4 vs 9.0
Where Great Southern Bank is available
- Available
- Australia
- Licence in Australia
- ASIC (AFSL 238317 / Australian Credit Licence 238317), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What rate does Great Southern Bank pay on savings?+
The Everyday Saver pays 4.8% on a variable basis, and interest is calculated daily and paid monthly. That sits above the savings median of 3.06% on the site, with no bonus conditions attached to the balance you keep.
Is there a monthly fee on the account?+
There is no monthly charge on the account: the monthly fee is set at AUD 0 and the account is listed as no monthly fee. Interest still accrues every day, and no bonus is tied to depositing a set amount or keeping a particular balance.
Who regulates the bank and is it licensed?+
Great Southern Bank is authorised and supervised by ASIC, and it holds AFSL 238317 / Australian Credit Licence 238317 as its Australian financial services and credit licence. Those permissions cover the lending side of the business as well as the savings accounts it offers to members and customers.
How do I reach my money?+
The account is easy access, and access comes through online and mobile banking, so money moves without a branch visit. Interest is worked out daily and paid monthly, and a customer can hold up to a set number of accounts with the same provider.
What do the personal loans cost?+
The unsecured fixed personal loan runs at an APR of 7.49% to 20.19% over 12 to 84, on amounts of AUD 5,000 to AUD 75,000. Applications use a hard credit check, early repayment is free, and the standard establishment fee is currently waived on applications sent before the stated cut-off.
Is there a credit card and what does it charge?+
Yes. The credit card carries an annual fee of AUD 49 and a currency conversion fee of 3.4%, and its rewards type is none. Perks on the card include 9 free additional cardholders and 55 days interest free on purchases, which is useful for a household that keeps several names on one account.
Who can borrow from Great Southern Bank?+
Borrowers must be adults and permanent residents of Australia with an Australian residential address, plus regular income. Applicants also need no recent bankruptcy or insolvency, and they must meet the lender's own credit lending policy before an offer is made.
How is support handled?+
Support runs on phone, chat and help centre, covering phone, chat and the help centre. That mix suits anyone who prefers to speak to someone about a question or read answers in their own time, and it is the same set of channels listed behind the savings accounts.
Sources
- creditcard.com.au/great-southern-bank-credit-cards checked September 26, 2026
Backs: Annual fee, Perks, Rewards type
“Annual Fee: $0 first year, then $49/year”
- finder.com.au/credit-cards/great-southern-bank-credit-cards checked September 26, 2026
Backs: Card kind, Currency conversion fee
“Great Southern Bank Low Rate Credit Card”
- greatsouthernbank.com.au checked September 26, 2026
Backs: Purpose
“Buying your first home ... Refinancing ... Investing ... Refinance to us and get: Competitive rates”
- greatsouthernbank.com.au/__data/assets/pdf_file/0022/8185... checked September 26, 2026
Backs: Card network
“Visa Debit”
- greatsouthernbank.com.au/about checked September 26, 2026
Backs: Founded, Headquarters
“Our story began back in 1946 when we saw an opportunity to give Australians a fairer deal.”
- greatsouthernbank.com.au/banking/savings-accounts/compare checked September 26, 2026
Backs: Account kind, Legal entity, Pricing model, Support channels, Licences
“A flexible savings account that has no hurdles or bonus interest conditions. It offers a competitive variable flat rate on balances up to $750,000 per account.”
- greatsouthernbank.com.au/banking/savings-accounts/everyda... checked September 26, 2026
Backs: Access terms, Headline rate, Monthly fee, Rate type
“A maximum of six accounts per customer. Interest is calculated daily on whole balances and paid monthly.”
- greatsouthernbank.com.au/banking/transaction-accounts checked September 26, 2026
Backs: Features
“Transaction Accounts”
- greatsouthernbank.com.au/banking/transaction-accounts/eve... checked September 26, 2026
Backs: Card type
“Everyday Edge Account with bonus savings”
- greatsouthernbank.com.au/help-and-contact/support/faqs/pe... checked September 26, 2026
Backs: Credit check, Eligibility
“submitting a full application will likely result in a small, temporary dip to your credit score”
- greatsouthernbank.com.au/home-loans/basic-variable checked September 26, 2026
Backs: APRC, Initial rate, Maximum loan to value, Product fee
“Comparison rate^ 6.10 % p.a.”
- greatsouthernbank.com.au/personal-loans/unsecured-fixed-rate checked September 26, 2026
Backs: Loan amount, APR, Free early repayment, Lender type, Loan types, Arrangement fee, Representative example, Term, Use cases
“Loan amount Must be between $5,000 and $75,000.”
Compiled from 12 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Minimum deposit, Deposit protection.
Great Southern Bank
An Australian easy-access savings account at a high headline rate with nothing to pay each month.