BankSA savings accounts offer competitive rates when the bonus interests are factored in, otherwise, the base interests are relatively fair.
The bank offers two types of savings accounts that both reward customers when they keep a positive balance and save more. To make its products accessible to more savers, only a $1 deposit is required to open a savings account.
Here are the key details on the bank's savings account products.
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Incentive Saver |
Maxi Saver |
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Unique features |
No account keeping and transaction fees |
No account keeping and transaction fees |
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No limits on deposit amounts |
No limit on deposit amounts |
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Introductory interest rate |
✅For the first 3 months on balances up to $250,000 |
✅For the first 3 months |
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How to earn bonus interest |
Keep a positive balance every month |
N/A |
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Deposit at least: $0.01 (account holders aged 20 and below) $50 (account holders aged 21 and above) |
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ATM card |
❌Must be linked to a transaction account to get a debit card |
❌Must be linked to a transaction account to get a debit card |
These are correct at the time of writing and are subject to change.
What are the savings account options available at BankSA?
Incentive Saver
BankSA's Incentive Saver savings account is ideal for diligent savers seeking to grow their money in an accessible investment vehicle. Account holders can earn a variable bonus rate on top of the base interest as long as their account maintains a positive balance and grows by at least $0.01 or $50, depending on their age, every month.
It also offers the maximum introductory rate on top of the base and bonus interests for the first three months on balances below $250,000. A reduced introductory rate applies on balances exceeding the cap.
Account management, such as fund transfers and balance viewing, can be done online, via phone, or at a BankSA branch. Since the Incentive Saver is designed purely for savings, it doesn't come with ATM or EFTPOS access via a physical debit card. For accounts where ATM access is essential, customers may link their savings account to a transaction account that provides a debit card.
Maxi Saver
Maxi Saver also offers an introductory rate for the first three months of opening an account. But unlike the Incentive Saver, a fixed intro rate applies on all balances, thus making it the better option for customers with more than $250,000 deposit seeking to maximise the introductory rate on offer.
Customers must hold an eligible BankSA transaction account and be registered to Internet and phone banking to open this savings account. The transaction account unlocks full functionality with a linked debit card for ATM and EFTPOS access. Account management and fund transfers can be done online, via phone, or at a BankSA branch.
What are the fees charged to customers?
BankSA savings account boasts zero account-keeping fees and free unlimited transfers or withdrawals done online, via phone, or at the bank (including staff-assisted transactions).
How to open a savings account with BankSA
Applicants can open a BankSA savings account online, over the phone, or in-branch. Australian citizens and permanent residents aged 18 years old and over can open a savings account on their own; minors may require a guardian when they apply.
An initial deposit of at least $1 is required, making them accessible to a wide range of customers. To open a Maxi Saver, a linked BankSA transaction account is required; this is optional for the Incentive Saver.
Potential account holders are required to present a passport, driver's licence, or any government-issued ID and recent utility bills to establish identity and address. Applicants are also recommended to provide a tax file number (TFN) to ensure the right marginal tax rate is charged on their interest earnings.
Contact BankSA or visit its website for more details and specific requirements to open a savings account.
