BankSA Incentive Saver Account
0.20% p.a.(for $0 and over)
1.10% p.a. (for $0 to $100,000)
BankSA Incentive Saver Account
0.20% p.a.(for $0 and over)
1.10% p.a. (for $0 to $100,000)
BankSA Incentive Saver Account
0.20% p.a.(for $0 and over)
1.10% p.a. (for $0 to $100,000)
Mozo Review BankSA Incentive Saver Account Review
Last updated: 17 March 2020.
What's hot:
1.10% p.a. interest rate
No account fees
What's not:
$2.50 over the counter deposit and withdrawal fee
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 1.10% p.a. maximum interest rate.
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, balances from $0 will be looking at an interest rate of 1.10% p.a. Those with upwards of $100,000 will receive slightly more generous rates — 1.35% p.a. for balances up to $250,000 and 1.45% p.a. for balances of above $250,000.
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 fee.
Who it's good for:
The BankSA Incentive Saver Account would suit anyone after an account that isn’t bogged down with difficult requirements.
Any catches?
As mentioned above, in order to be eligible for the 1.45% p.a. maximum interest rate, you’ll need to deposit at least $50 into your account each month. 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 1 April 2020. 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: 0.20% p.a.
-
Balances from $0: 1.10% p.a.
Balances from $100,000: 1.35% p.a.
Balances from $250,000: 1.45% 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 transaction from network ATM, Eftpos and counter withdrawals
-
$0.00
-
St George, Westpac, BankSA, Bank of Melbourne
-
$0.00
-
$2.50
-
$2.50
-
$0.60
-
$0.00
-
$0.00
-
n/a
Other financial bits
-
$1.00
-
$1.00
-
Monthly
Features
-
yes
-
none
-
yes
-
no
-
no
-
yes
-
no
-
yes
-
yes
-
yes
-
no
-
none
-
none
-
none
Customer Reviews
How are BankSA savings accounts rated by the Mozo community?
Latest reviews of BankSA Incentive Saver Account
-
I would recommend this bank to anyone
Easy to communicate with and they are also prompt with fixing issues.
Read full reviewEasy to communicate with and they are also prompt with fixing issues.
Price9/10Features7/10Customer service10/10Convenience10/10LessTrust10/10 -
I do not use online banking.
The staff are always friendly, polite and helpful, no matter which branch I go into and in nearly 30 years of using Bank SA I have yet to have any real deal-breaker issues with them. Biggest con to Bank SA currently would be the fact that they have closed many rural branches recently, however the impact on myself was minimal as the branch I regularly use now is in a large town and therefore the closures didn't really effect me personally.
Read full reviewThe staff are always friendly, polite and helpful, no matter which branch I go into and in nearly 30 years of using Bank SA I have yet to have any real deal-breaker issues with them. Biggest con to Bank SA currently would be the fact that they have closed many rural branches recently, however the impact on myself was minimal as the branch I regularly use now is in a large town and therefore the closures didn't really effect me personally.
Price7/10Features6/10Customer service10/10Convenience10/10LessTrust10/10 -
Very good service
Like the bank been for years with them, you can go every were in Australia to do your banking.
Read full reviewLike the bank been for years with them, you can go every were in Australia to do your banking.
Price8/10Features8/10Customer service10/10Convenience10/10LessTrust10/10 -
online banking is good
had it since i was 17 and i only pay $5 a month in fees which is good.
Read full reviewhad it since i was 17 and i only pay $5 a month in fees which is good.
Price7/10Features3/10Customer service9/10Convenience10/10LessTrust5/10 -
Good interest rate, easy to use online banking
Good interest rate, easy to use online banking system
Read full reviewGood interest rate, easy to use online banking system
Price5/10Features5/10Customer service5/10Convenience5/10LessTrust5/10
About BankSA
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.
Promoted
AMP
Saver Account
2.65% p.a. (for $0 to $500,000)
1.05% p.a.(for $0 to $5,000,000)
$0.00
Promoted
Macquarie
Savings Account
2.65% p.a. (for $0 to $250,000)
1.35% p.a.(for $0 to $25,000)
$0.00
Promoted
MyState Bank
Bonus Saver Account
2.00% p.a. (for $0 to $250,000)
0.30% p.a.(for $0 and over)
$0.00
Promoted
Bank of Queensland
Fast Track Saver Account
2.00% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
$0.00
Promoted
Suncorp
Growth Saver Account
1.90% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
$0.00
Promoted
Defence Bank
iSaver
1.70% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 to $1,000,000)
$0.00
Promoted
HSBC
Serious Saver
1.85% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
$0.00
Promoted
UBank
USaver with Ultra Transaction Account
1.85% p.a. (for $0 to $200,000)
0.79% p.a.(for $0 to $5,000,000)
$0.00
Promoted
AMP
Saver Account
2.65% p.a. (for $0 to $500,000)
1.05% p.a.(for $0 to $5,000,000)
$0.00
Promoted
Macquarie
Savings Account
2.65% p.a. (for $0 to $250,000)
1.35% p.a.(for $0 to $25,000)
$0.00
Promoted
MyState Bank
Bonus Saver Account
2.00% p.a. (for $0 to $250,000)
0.30% p.a.(for $0 and over)
$0.00
Promoted
Bank of Queensland
Fast Track Saver Account
2.00% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
$0.00
Promoted
Suncorp
Growth Saver Account
1.90% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
$0.00
Promoted
Defence Bank
iSaver
1.70% p.a. (for $0 to $1,000,000)
0.05% p.a.(for $0 to $1,000,000)
$0.00
Promoted
UBank
USaver with Ultra Transaction Account
1.85% p.a. (for $0 to $200,000)
0.79% p.a.(for $0 to $5,000,000)
$0.00
Promoted
Bankwest
Hero Saver
1.50% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
$0.00
Promoted
Defence Bank
iSaver
0.05% p.a.(for $0 to $1,000,000)
1.70% p.a. (for $0 to $1,000,000)
Promoted
HSBC
Serious Saver
0% p.a.(for $0 and over)
1.85% p.a. (for $0 to $1,000,000)
Promoted
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
1.50% p.a. (for $0 to $250,000)
Promoted
HSBC
Flexi Saver
0.01% p.a.(for $0 to $5,000,000)
1.25% p.a. (for $0 to $5,000,000)
Promoted
CUA
eSaver Reward
0.05% p.a.(for $0 and over)
1.70% p.a. (for $0 to $100,000)
Promoted
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
2.05% p.a. (for $0 and over)
Promoted
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
1.25% p.a. (for $0 and over)
Promoted
UniBank
Mighty Saver Account
0.10% p.a.(for $0 and over)
1.70% p.a. (for $0 and over)
