Canstar reveals its 2021 Savings Award recipient

Savings accounts can be a handy and accessible place to park our cash. But not all savings products are the same, so it is important to consider your options to find one that offers value.

Our Savings Award spotlights the institution found to provide the strongest combination of savings accounts and excellence in its term deposit offering.

Our researchers assessed providers based on the price and features of their savings products and tools. The Award is given to the institution found to provide the strongest combination of products across savings accounts and term deposits. Canstar’s methodology considers a number of categories, including flexible savers, regular savers and term deposits.

After assessing 32 customer-owned institutions, Canstar has named its Savings Award winner.

2021 Savings Award Winner

Customer-Owned Bank of the Year – Great Southern Bank

Great Southern Bank (formerly CUA) offers a suite of competitive high-interest savings products and has taken out this award for the seventh year in a row. For example, its Home Saver account allows customers to earn up to 0.95% p.a. if they deposit a total of $2,000 or more into their linked transaction account and make five or more eligible purchases with their Visa debit card each month. 

Great Southern Bank’s term deposits also performed above average. At the time of writing, the bank offers terms between one month and five years, with interest paid monthly, annually or at maturity (depending on the selected term). 

For more information about how the individual Awards were determined, read the Savings Award methodology

Cover image source: wutzkohphoto/

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This content was reviewed by Sub Editor Jacqueline Belesky and Deputy Editor Sean Callery as part of our fact-checking process.

Shay has worked in content for over a decade. Her experience includes PR and copywriting in Australia and the UK where she consulted to Lloyds Banking Group. She also gained work experience at Czech Republic English-language newspaper The Prague Post and Quest newspaper The Wynnum Herald.

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