based on 2112 BankSA product reviews as rated by Mozo community

BankSA savings accounts

BankSA is the largest financial institution in South Australia, and boasts the largest network of branches and ATMs in the state. BankSA aims to help South Australians get the best from their money, and offers a wide range of bank accounts, home loans, personal loans, credit cards and other financial services.

BankSA offers the following savings accounts

Rates and fees verified as correct at 23 April 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate Maximum rate Govt deposit guarantee
Incentive Saver Account

1.85% p.a.(for $0 and over)

5.25% p.a. (for $0 to $250,000)

Yes up to $250,000

Investment Cash Account

1.00% p.a.(for $0 and over)

No Current Offer

Yes up to $250,000

Maxi Saver

1.10% p.a.(for $0 and over)

5.35% p.a. (for $0 and over)

Yes up to $250,000

How are BankSA savings accounts rated?

Mozo users have rated BankSA savings accounts on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of savings-accounts
BankSA savings accounts
Overall
Price
Features
Customer service
Convenience
Trust

569 Reviews

Recent BankSA savings account reviews

BankSA Incentive Saver Account
Overall 8/10
Poor customer service setting up internet banking

Bank SA is a good bank but did have initial problem with internet banking.

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Bank SA is a good bank but did have initial problem with internet banking.

Convenience
8/10
Trust
7/10
Less
Amanda, South Australia, reviewed 3 months ago
BankSA Savings Account
Overall 6/10
Bank SA review

I’ve always had excellent knowledgeable and value add customer service when I have rang the customer service line. I find the app very user friendly with minimal issues. I’d love the overdrawn fees to be waivered as it is sometimes tricky juggling money between multiple accounts.

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I’ve always had excellent knowledgeable and value add customer service when I have rang the customer service line. I find the app very user friendly with minimal issues. I’d love the overdrawn fees to be waivered as it is sometimes tricky juggling money between multiple accounts.

Price
7/10
Features
4/10
Customer service
7/10
Convenience
10/10
Trust
6/10
Less
Amber, South Australia, reviewed 6 months ago
BankSA Savings Account
Overall 4/10
Too long to get help

After being hacked waited 2 hours on phone to get through with no positive outcome

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After being hacked waited 2 hours on phone to get through with no positive outcome

Price
3/10
Customer service
1/10
Convenience
1/10
Trust
3/10
Less
Jennifer, Northern Territory, reviewed 8 months ago
BankSA Savings Account
Overall 5/10
Not a competitive interest rate offering

BankSA savings accounts generally underdeliver on the primary objective of a savings account - a competitive interest rate. The core pros of the savings accounts offered are: - If you are an SA local, this bank has physical branches which may be helpful. - There is physical and also local telephone based assistance available via this bank. - The online interface of the bank is generally easy to follow and use and has a range of service features available from your computer/app. - You can easily open one of these savings accounts online. - There are savings accounts, such as Incentive Saver, which incentivise month-to-month savings gains, which can be useful if this sort of gamification motivates you. The core cons of the savings accounts offered are: - Each and every one offers a poor interest rate both compared to the cash rate and compared to other banks. - The most worthwhile accounts in terms of interest rate are linked to gamified savings products like the Incentive Saver, which is a negative if this is not the way you want to use your accounts or this sort of account does not motivate you. - You cannot easily close accounts, even extraneous outdated savings accounts, with this bank. It requires seeking physical or telephone assistance from the bank. - The communication on the ongoing interest rate on these products is low. Changes to the interest rate (always reductions) occur without notification from the bank, meaning you always have to be regularly checking that your rate is in tact. - Unlike other banks the interest rate does not get updated for existing account holders if the bank raises the interest rate offered on the product. The rate you sign up at is the maximum you will get. And, as stated before, communication in this regard is low. - The app lacks more serious account-managing facilities such as closure of accounts, meaning it is not a true online offering, if that is your preference. Overall, these savings accounts may pair well with other accounts you hold with BankSA if those other accounts are worthwhile. I would absolutely not seek these accounts out otherwise, and would hesitate to recommend them for the cons listed above.

Read full review

BankSA savings accounts generally underdeliver on the primary objective of a savings account - a competitive interest rate. The core pros of the savings accounts offered are: - If you are an SA local, this bank has physical branches which may be helpful. - There is physical and also local telephone based assistance available via this bank. - The online interface of the bank is generally easy to follow and use and has a range of service features available from your computer/app. - You can easily open one of these savings accounts online. - There are savings accounts, such as Incentive Saver, which incentivise month-to-month savings gains, which can be useful if this sort of gamification motivates you. The core cons of the savings accounts offered are: - Each and every one offers a poor interest rate both compared to the cash rate and compared to other banks. - The most worthwhile accounts in terms of interest rate are linked to gamified savings products like the Incentive Saver, which is a negative if this is not the way you want to use your accounts or this sort of account does not motivate you. - You cannot easily close accounts, even extraneous outdated savings accounts, with this bank. It requires seeking physical or telephone assistance from the bank. - The communication on the ongoing interest rate on these products is low. Changes to the interest rate (always reductions) occur without notification from the bank, meaning you always have to be regularly checking that your rate is in tact. - Unlike other banks the interest rate does not get updated for existing account holders if the bank raises the interest rate offered on the product. The rate you sign up at is the maximum you will get. And, as stated before, communication in this regard is low. - The app lacks more serious account-managing facilities such as closure of accounts, meaning it is not a true online offering, if that is your preference. Overall, these savings accounts may pair well with other accounts you hold with BankSA if those other accounts are worthwhile. I would absolutely not seek these accounts out otherwise, and would hesitate to recommend them for the cons listed above.

Price
3/10
Features
3/10
Customer service
6/10
Convenience
6/10
Trust
7/10
Less
Ashleigh, South Australia, reviewed 9 months ago
See all savings account reviews
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