Great Southern Bank

What Great Southern Bank does

Great Southern Bank, the trading name of Credit Union Australia Ltd (ABN 44 087 650 959), is an Australian customer-owned mutual bank headquartered in Brisbane and described as Australia's largest customer-owned bank. The bank has operated for over 75 years and serves individual consumers, youth and senior segments, small businesses, sole traders, and self-managed super funds with a full retail banking suite: transaction accounts (Everyday Edge, Everyday, Everyday 50+, Everyday Youth), savings accounts (Home Saver, Goal Saver, Future Saver, Everyday Saver, Youth eSaver), term deposits, credit cards (Low Rate and Platinum), home loans (Basic Variable, Offset Variable, Fixed Rate, and Government Scheme variants), personal loans (including green and electric vehicle variants), business banking (Business+ account, saver, term deposit, unsecured loan, overdraft, vehicle loan, secured loan), and insurance distribution across car, home, landlord, travel, life, and caravan categories.

The bank operates a digital-first platform delivered through iOS and Android mobile apps and online banking, supported by a Visa debit card with Apple Pay, Google Pay, Samsung Pay, Garmin Pay, PayID, OSKO, BPAY, and PayTo integrations. Proprietary engagement features include The Vault (savings hiding), The Boost (auto-save on card spend), Card Controls, and a Bonus Interest Tracker. International payments are delivered through a partnership with Convera, and physical service is provided through a branch network, Bank@Post locations, and a mortgage broker channel for home loan distribution.

Revenue is generated primarily through net interest income on the loan portfolio (home loans, personal loans, credit cards) net of deposit interest, supplemented by transaction fees, insurance referral commissions, and foreign exchange spreads on international transfers. The bank emphasizes $0 monthly fees across most accounts, bonus interest rewards tied to transactional behavior, and customer-owned economics in which profits are reinvested into products rather than distributed to external shareholders.

Name

Great Southern Bank

Legal name

Credit Union Australia Ltd

Website

https://greatsouthernbank.com.au

Company type

Private

Founded year

1950

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Great Southern Bank is Australia's largest customer-owned bank, offering retail and small business banking — transaction, savings, term deposits, home and personal loans, credit cards, and insurance — through a digital-first platform with branch and broker support.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Depository Credit Intermediation (5221), Credit Unions (522130)

SIC

State Commercial Banks (6022), Personal Credit Institutions (6141)

akta.pro primary industry

Digital Retail Banking (Online & Mobile) (FSABAAAF)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Credit Cards & Revolving Credit (FSABAAAC), Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Retail banking services
• Consumer lending
• Home loans
• Savings accounts
• Transaction banking

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Net Interest Income: Interest earned on loan portfolio (home loans, personal loans, credit cards) minus interest paid on deposits (savings accounts, term deposits). Core revenue stream as a banking institution.
2. Fee Income: Various banking fees including international transaction fees, ATM fees, and foreign cheque processing fees. Many account fees are waived with fee rebate conditions.
3. Insurance Distribution: Referral and distribution partnerships for insurance products including car, home, landlord, travel, and life insurance through third-party providers.
4. International Services: International money transfer services powered by Convera, generating revenue through foreign exchange spreads on outward and inward international payments.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels4 records

Core offering

Great Southern Bank is a customer-owned Australian retail bank that provides transaction accounts, savings accounts, term deposits, home loans, personal loans, credit cards, business banking products, and insurance referrals to individual consumers and small businesses. The bank distributes products through digital channels (mobile and online banking), a branch network, phone banking, Bank@Post, and mortgage brokers, with $0 monthly fees across most account types and competitive bonus interest rates.

Product overview

Great Southern Bank (a business name of Credit Union Australia Ltd) operates as a customer-owned Australian bank offering a comprehensive suite of financial products and services. The product portfolio spans transaction accounts (Everyday Edge, Everyday, Everyday 50+, Everyday Youth), savings accounts (Home Saver, Goal Saver, Future Saver, Everyday Saver, Youth eSaver), and term deposits (Standard and Platinum Plus for 55+). The bank provides credit cards (Low Rate and Platinum), home loans (Basic Variable, Offset Variable, and Fixed Rate), personal loans (Unsecured Fixed, Green Personal, Car Loans, Green Car Loan), and business banking products (Business+ Account, Business+ Saver, Business+ Term Deposit, Business Loans). Insurance offerings include car, home, landlord, travel, and life insurance. Digital banking services include mobile app, online banking, The Vault, The Boost, Card Controls, and Bonus Interest Tracker. The bank also offers international services for money transfers and foreign cheque deposits. The platform differentiates through award-winning savings products (Canstar Customer Owned Bank of the Year 2015-2025) and customer-owned structure where profits reinvest into products rather than shareholders.

Differentiator

Problem solved

Functional benefit

Products and services

• Everyday Edge Account A feature-packed transaction account for customers aged 18+ with $0 monthly fees, unlimited fee-free transactions, and international card transaction fee rebates when criteria met. Can be paired with savings accounts to earn bonus interest.
• Everyday Account (Offset) An everyday transaction account with no monthly fee, with home loan offset facility. Can be linked to eligible home loans to reduce interest payable by offsetting the balance against the loan.
• Everyday 50+ Account An interest-earning everyday account for customers aged 50+ with $0 monthly account fees and tiered interest rates up to 2.65% p.a. on balances over $50,000.
• Everyday Youth Account An everyday transaction account for 10-17 year olds with $0 monthly fees, unlimited fee-free electronic transactions, and a Visa Debit card. Converts to Everyday Edge Account at age 18.
• Home Saver Account A high-interest savings account designed to help customers save towards a home deposit, earning bonus interest up to 5.25% p.a. on balances up to $100,000 when paired with an Everyday Edge Account and meeting monthly criteria.
• Goal Saver Account A high-interest savings account for customers aged 18-24 saving towards goals such as a first car, travel, or home deposit, earning up to 5.35% p.a. total rate on balances up to $50,000 when criteria are met. Converts to Home Saver at age 25.
• Future Saver Account A savings account for customers who want to grow their savings each month, earning bonus interest when the balance increases by at least $250 monthly. Total rate up to 4.85% p.a. on balances up to $500,000.
• Everyday Saver Account A flexible high-interest savings account with no bonus conditions, earning 4.80% p.a. on balances up to $750,000. Up to six accounts can be opened for different savings goals.
• Youth eSaver Account An online savings account for children and teenagers up to 17 years old with no monthly fees, earning 5.50% p.a. variable on balances up to $5,000. Paired with an Everyday Youth Account.
• Standard Term Deposit A fixed-rate term deposit with terms from 1 month to 5 years and a minimum investment of $5,000. Interest calculated daily and paid at maturity or monthly depending on term length.
• Platinum Plus Term Deposit Premium-rate term deposits for customers aged 55+ or SMSF trustees with terms from 12 months to 5 years and a minimum investment of $5,000. Rates up to 5.35% p.a. for 12-month and 5-year terms.
• Low Rate Credit Card A credit card offering a competitive low interest rate for customers seeking a value-oriented credit option.
• Platinum Credit Card A premium credit card with enhanced rewards and benefits for customers seeking premium banking services.
• Basic Variable Home Loan A variable-rate home loan with competitive rates starting from 6.04% p.a. (comparison rate 6.10%), suitable for owner-occupiers with principal and interest repayments.
• Offset Variable Home Loan A variable-rate home loan with an offset account facility allowing customers to reduce interest payments by offsetting savings balance against the home loan balance.
• Fixed Rate Home Loan A fixed-rate home loan offering rate certainty for customers who want to lock in a predictable interest rate for a set period.
• Unsecured Fixed Personal Loan A personal loan without collateral requirement at a fixed interest rate, suitable for various purposes including debt consolidation and major purchases.
• Unsecured Green Personal Loan A personal loan for environmentally friendly purchases such as solar panels, battery storage, and other sustainable improvements.
• Secured Fixed Car Loan A vehicle loan secured against the purchased vehicle with competitive fixed interest rates for car, motorcycle, or boat purchases.
• Green Car Loan (Electric Car Loan) A specialised vehicle loan for electric and hybrid vehicles with competitive rates to support environmentally sustainable transportation choices.
• Business+ Account A business transaction account for small businesses with digital banking access, unlimited transactions, and features designed for small business operations.
• Business+ Saver A business savings account offering competitive interest rates on business funds with no monthly fees.
• Business+ Term Deposit A term deposit for businesses, including SMSF (Self-Managed Super Fund) customers, with competitive fixed interest rates.
• Business+ Unsecured Loan An unsecured business loan for small businesses requiring funding without providing collateral security.
• Business+ Unsecured Overdraft An overdraft facility for businesses providing flexible access to credit without requiring security.
• Business+ Vehicle Loan A vehicle financing solution for business purchases of cars, utes, vans, and other commercial vehicles.
• Secured Business Loan A business loan secured by business assets for businesses seeking larger funding amounts with collateral.
• Car Insurance Vehicle insurance products distributed via third-party providers in comprehensive, third party property damage, and third party only options.
• Home Insurance Home and contents insurance covering building, contents, or both combined, protecting property against damage, theft, and other covered events. Distributed via third-party providers.
• Landlord Insurance Specialised insurance for property owners renting out residential properties, covering building and/or contents. Distributed via third-party providers.
• Travel Insurance Travel insurance for domestic and international trips covering medical, cancellation, and luggage. Distributed via third-party providers.
• Life Insurance Life insurance products providing financial protection for families and individuals. Distributed via third-party providers.
• Caravan and Trailer Insurance Insurance coverage for caravans, camper trailers, and other recreational vehicles. Distributed via third-party providers.

Quantifiable outcome

• Up to 5.35% p.a. interest rate on Goal Saver balances up to $50,000
• +3 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature5 records

Partnerships

One partnership is on record.

• ConveracoreTechnology or IntegrationPartnership with Convera, the world's leading foreign exchange provider, to power international money transfer services including outward payments, inward payments, and foreign cheque deposits. Services include sending money in 140+ currencies with $0 fees and receiving international transfers.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• People's Choice Credit Union: Australian customer-owned mutual offering transaction accounts, savings, home loans, and personal loans. Directly comparable in mutual structure, product set, and Australian geographic focus.
• ING Australia: Australian digital retail bank competing on savings rates, no monthly fees, and award-winning products. Directly comparable in retail deposit competition and digital-first customer acquisition, with global ING backing providing scale advantages.
• Heritage Bank: Australia's largest customer-owned bank by membership (prior to Great Southern Bank's scale claim). Operates a similar mutual model with comparable retail banking products (transaction accounts, savings, home loans, personal loans) and digital-first strategy.
• Beyond Bank Australia: Australian customer-owned bank with full retail product suite and B Corporation status. Direct peer in mutual structure, ethical positioning, and segment coverage including personal and business banking.
• Suncorp Bank: Australian retail and small business challenger bank. Comparable in product portfolio (transaction, savings, home loans, business banking) and digital-first GTM, though operates within a larger diversified financial services group.
• Bendigo Bank: Australian retail and small business bank with community/mutual heritage and multi-channel distribution. Comparable in customer-owned positioning, full retail product stack, and Australian-only geographic footprint, though larger in scale and listed on the ASX.
• Bank of Queensland: ASX-listed Australian challenger bank with retail and small business focus. Comparable in product stack (transaction accounts, savings, home loans, business banking) and target segments, with ME Bank acquisition expanding mutual-adjacent positioning.

Emerging players

• Up: Australian neobank targeting younger, digitally-native consumers with a modern mobile-first banking app. Emerging direct competitor in the same youth and young-adult segments that Great Southern Bank targets with Goal Saver and Youth eSaver products.
• Judo Bank: Australian challenger bank focused on SME lending and deposits. Adjacent competitor in the small business segment Great Southern Bank targets with Business+ suite, though Judo is more concentrated in commercial lending.

Broad incumbents

• Macquarie Bank: Australian broad-based bank with retail banking, business banking, and wealth offerings. Larger incumbent overlapping in deposits, home loans, and business banking with greater capital markets access and product breadth.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/GreatSouthernBankAustralia
• Facebookfacebook.com/gsbankau
• LinkedInlinkedin.com/company/gsbankau
• Instagraminstagram.com/GSBankAu

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Great Southern Bank