With no account-keeping fees and a maximum introductory interest rate of up to 5.25% p.a for customers who meet the eligibility criteria, the BankSA Incentive Saver Account could be a competitive place to stash your savings.
The BankSA Incentive Saver Account really lives up to its name, with an introductory interest rate of up to 5.25% p.a for the first three months (on balances under $250,000), if you meet the bonus criteria. After the first three months, the interest rate on the Incentive Saver Account drops down to 5.15% p.a.
This savings account usually has a base rate of 1.85% p.a., but includes a bonus rate of 3.30% p.a. for balances up to $250,000 if you grow your balance by at least $50 per month (unless you're under the age of 21, in which case you'll simply need to increase it by $0.01). The extra 0.10% p.a. is an additional bonus rate offered for the first three months for new customers who open their account online.
When it comes to accessing your money, you’ll be able to make withdrawals at St George, Westpac, BankSA and Bank of Melbourne ATMs. Phone and internet transactions are free, as are EFTPOS and over the counter withdrawals.
The BankSA Incentive Saver Account would suit anyone after an account that isn’t bogged down with difficult requirements.
As mentioned above, in order to be eligible for the maximum bonus and introductory rate of 5.25% p.a., you’ll need to deposit at least $50 into your account each month (or $0.01 for under 21s) and have a balance under $250,000. Balances of $250,000 and over qualify for a reduced interest rate of 5% p.a.
Balances from $0: 1.85% p.a. |
|
Balances from $0: 5.25% p.a. |
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Intro bonus rate of 5.25% for balances up to $250,000 for the first 3 months, reverting to 5.15%. Balance must grow by at least $50 a month. If under 21, balance must grow by $0.01 a month (excluding interest). |
$0.00 |
|
n/a |
|
Unlimited transactions from phone and internet. 1 free counter withdrawal transaction |
|
$0.00 |
|
St George, Westpac, BankSA, Bank of Melbourne |
|
$0.00 |
|
$0.00 |
|
$2.50 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
n/a |
$1.00 |
|
$1.00 |
|
Monthly |
yes |
|
n/a |
|
yes |
|
no |
|
no |
|
yes |
|
no |
|
yes |
|
yes |
|
yes |
|
no |
|
none |
|
0.10% extra intro bonus rate if the account is opened online. |
|
none |
Bank SA is a good bank but did have initial problem with internet banking.
Read full reviewBank SA is a good bank but did have initial problem with internet banking.
An AMAZING bank always happy to advise me what would work for me and my finances. They always go out of their way to speak to me and give me the best interest for my bank accounts. Have been with them for close to 49 years
Read full reviewAn AMAZING bank always happy to advise me what would work for me and my finances. They always go out of their way to speak to me and give me the best interest for my bank accounts. Have been with them for close to 49 years
I've been with them since I was a child, now 28 and have never had any issues with them, easy to use, good service, low fees if any, always helpful. Just amazing in general.
Read full reviewI've been with them since I was a child, now 28 and have never had any issues with them, easy to use, good service, low fees if any, always helpful. Just amazing in general.
Keep charging me over $15 interest every fortnight if I go to overdrawn amount. I have a pensioner savings.
Read full reviewKeep charging me over $15 interest every fortnight if I go to overdrawn amount. I have a pensioner savings.
Never enough tellers working, tell pro's not cons, hidden fees, ATM harder to use and find than other banks, wages always available a day after all other banks have made funds available.
Read full reviewNever enough tellers working, tell pro's not cons, hidden fees, ATM harder to use and find than other banks, wages always available a day after all other banks have made funds available.
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
Hero Saver
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
1.00% p.a.(for $0 to $5,000,001)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
AMP Saver Account
1.20% p.a.(for $0 to $5,000,000)
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Hero Saver
1.00% p.a.(for $0 to $5,000,001)
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Mighty Saver Account
1.20% p.a.(for $0 and over)
No Current Offer
Yes up to $250,000