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BankSA Incentive Saver Account

Advertiser disclosure
Interest rate
0.15% p.a.(for $0 and over)
Maximum rate
0.30% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review BankSA Incentive Saver Account - last updated: 17 September 2021

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What's hot
  • 0.30% p.a. interest rate
  • No account fees
What's not
  • 0.15% interest rate if bonus conditions aren’t met
Mozo snapshot

The BankSA Incentive Saver Account will come as a breath of fresh air for serious savers. So long as your balance grows by at least $50 each month ($0.01 for those under 21), you’ll be treated to a 0.30% p.a. maximum interest rate no matter your balance level . 

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Key features

When you sign up for the BankSA Incentive Saver Account, you won’t have to work too hard to get that maximum interest rate. All that’s required is a deposit of at least $50 into your account each month. And if you’re under 21, things are much more lenient – you’ll just need to make sure your balance grows by at least $0.01 each month.

So long as these conditions are met, you'll be looking at an interest rate of 0.30% p.a on any amount in your account.

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, and you’ll get one free EFTPOS and over the counter withdrawal per month. After that, however, there will be a $0.60 EFTPOS fee and a $2.50 over the counter withdrawal and deposit fee.

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Who is it good for

The BankSA Incentive Saver Account would suit anyone after an account that isn’t bogged down with difficult requirements.

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Any catches

As mentioned above, in order to be eligible for the 0.30% p.a. maximum interest rate, you’ll need to deposit at least $50 into your account each month (or $0.01 for under 21s). There are also a few small fees you’ll need to watch out for, including the $2.50 fee that’s charged whenever you make an over the counter deposit or withdrawal.

Details

Rates and fees information correct as at 27 September 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.15% p.a.

Balances from $0: 0.30% p.a.

Balance must grow by at least $50 a month. If under 21, balance must grow by $0.01 a month.

Fees

$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

Other financial bits

$1.00

$1.00

Monthly

Features

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none

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no

no

yes

no

yes

yes

yes

no

none

none

none

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