Life Saver
Conditional savings account for under 25 year olds
- Base rate
- 5.25%
Deposit Rates
| Type | Rate | Applies To | Interest Paid |
|---|---|---|---|
| Variable To qualify for interest, your closing balance must be higher than the opening balance (excluding any interest earned) for the calendar month. | 5.25% | Amount | monthly |
Fees
| Fee | Type | Amount |
|---|---|---|
| Dormant account fee Charged every 6 months · $15.00 six monthly if an account has no transactions (other than government charges or interest) processed during the preceding 24 months | Ongoing | $15.00 |
| EasyPay notification fee - Letter | Withdrawal | $8.00 |
| SMS alert fee Charged for each SMS alert that is sent to you notifying you of account balances and/or other nominated transactions. | Transaction | $0.20 |
| Telegraphic transfer - Australian Currency (Outgoing International Payment) When transferring in AUD. Fee is inclusive of $40.00 payable to the product issuer, Convera Australia Pty Ltd. | Withdrawal | $50.00 |
| EasyPay notification fee - SMS | Withdrawal | $0.20 |
| Telegraphic transfer - Foreign Currency (Outgoing International Payment) When transferring in a foreign currency. Fee is inclusive of $20.00 payable to the product issuer, Convera Australia Pty Ltd. | Withdrawal | $30.00 |
Features
- PayID
- Notifications — SMS or Email
- Receive notification from bank of your nominated transactions (e.g. low account balance warning; credits over $500)
- Unlimited transactions
- Real-time payments (NPP)
- Digital banking
Eligibility
- Individuals only
- Residency status — Australian Residents only
- Maximum age — 25 yearsMust be under 25 years of age to open the account but can retain it for life.
- Must be identifiable in terms of legislative requirements
Constraints
- Opening balance — $1.00
- Minimum balance — $1.00
More Information
Published by Greater Bank Limited under the Consumer Data Right · Last updated 24 June 2026 · Product ID 3045 · View on CDR.gov.au