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?

Overall customer rating
7.7/10
Price
6.8/10
Features
6.3/10
Customer service
7.8/10
Convenience
8.1/10
Trust
7.8/10

Latest reviews of BankSA Incentive Saver Account

  • Overall 8/10
    I would recommend this bank to anyone

    Easy to communicate with and they are also prompt with fixing issues.

    Read full review

    Easy to communicate with and they are also prompt with fixing issues.

    Price
    9/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Paul, South Australia reviewed over 3 years ago
  • Overall 9/10
    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 review

    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.

    Price
    7/10
    Features
    6/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Amanda, South Australia reviewed almost 4 years ago
  • Overall 9/10
    Very good service

    Like the bank been for years with them, you can go every were in Australia to do your banking.

    Read full review

    Like the bank been for years with them, you can go every were in Australia to do your banking.

    Price
    8/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    E, South Australia reviewed almost 4 years ago
  • Overall 8/10
    online banking is good

    had it since i was 17 and i only pay $5 a month in fees which is good.

    Read full review

    had it since i was 17 and i only pay $5 a month in fees which is good.

    Price
    7/10
    Features
    3/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    5/10
    Less
    Irina, South Australia reviewed about 4 years ago
  • Overall 5/10
    Good interest rate, easy to use online banking

    Good interest rate, easy to use online banking system

    Read full review

    Good interest rate, easy to use online banking system

    Price
    5/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    5/10
    Trust
    5/10
    Less
    James, South Australia reviewed about 4 years ago
BankSA

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.

See BankSA savings accounts

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HSBC

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UBank

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1.85% p.a. (for $0 to $200,000)

0.79% p.a.(for $0 to $5,000,000)

$0.00

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AMP

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2.65% p.a. (for $0 to $500,000)

1.05% p.a.(for $0 to $5,000,000)

$0.00

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Macquarie

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2.65% p.a. (for $0 to $250,000)

1.35% p.a.(for $0 to $25,000)

$0.00

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MyState Bank

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Bonus Saver Account

2.00% p.a. (for $0 to $250,000)

0.30% p.a.(for $0 and over)

$0.00

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Bank of Queensland

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Fast Track Saver Account

2.00% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

$0.00

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Suncorp

Suncorp

Growth Saver Account

1.90% p.a. (for $0 and over)

0.20% p.a.(for $0 and over)

$0.00

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Defence Bank

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1.70% p.a. (for $0 to $1,000,000)

0.05% p.a.(for $0 to $1,000,000)

$0.00

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UBank

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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

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Bankwest

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1.50% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

$0.00

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Defence Bank

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iSaver

0.05% p.a.(for $0 to $1,000,000)

1.70% p.a. (for $0 to $1,000,000)

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HSBC

HSBC

Serious Saver

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

1.85% p.a. (for $0 to $1,000,000)

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Bankwest

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0.01% p.a.(for $0 to $5,000,000)

1.50% p.a. (for $0 to $250,000)

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HSBC

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Flexi Saver

0.01% p.a.(for $0 to $5,000,000)

1.25% p.a. (for $0 to $5,000,000)

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CUA

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eSaver Reward

0.05% p.a.(for $0 and over)

1.70% p.a. (for $0 to $100,000)

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Smart Saver

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

2.05% p.a. (for $0 and over)

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ANZ

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0.01% p.a.(for $0 and over)

1.25% p.a. (for $0 and over)

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UniBank

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0.10% p.a.(for $0 and over)

1.70% p.a. (for $0 and over)