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 0.25% p.a. maximum interest rate no matter your balance level .
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 0.25% 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, 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 0.25% p.a. maximum interest rate, you’ll need to deposit at least $50 into your account each month (or $0.01 for under 21s).
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Balances from $0: 0.15% p.a. |
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Balances from $0: 0.25% p.a. |
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Balance must grow by at least $50 a month. If under 21, balance must grow by $0.01 a month. |
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$0.00 |
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n/a |
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Unlimited transactions from phone and internet. 1 free counter withdrawal transaction |
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$0.00 |
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St George, Westpac, BankSA, Bank of Melbourne |
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$0.00 |
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$0.00 |
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$2.50 |
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$0.00 |
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$0.00 |
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$0.00 |
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n/a |
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$1.00 |
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$1.00 |
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Monthly |
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yes |
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none |
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yes |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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|
yes |
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no |
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none |
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none |
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none |
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.
The only bank that suits my child's needs at the moment.
Read full reviewThe only bank that suits my child's needs at the moment.
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.
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.
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Macquarie
Savings Account
1.35% p.a. (for $0 to $250,000)
0.95% p.a.(for $0 to $250,000)
Yes up to $250,000
AMP Bank
AMP Saver Account
1.35% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.35% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.35% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.35% p.a. (for $0 to $500,000)
0.60% p.a.(for $0 and over)
Yes up to $250,000
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Macquarie
Savings Account
1.35% p.a. (for $0 to $250,000)
0.95% p.a.(for $0 to $250,000)
Yes up to $250,000
AMP Bank
AMP Saver Account
1.35% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.35% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.35% p.a. (for $0 to $500,000)
0.60% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.35% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
0.05% p.a.(for $0 and over)
1.00% p.a. (for $0 to $250,000)
Yes up to $250,000
AMP Bank
AMP Saver Account
0.10% p.a.(for $0 to $5,000,000)
1.35% p.a. (for $0 to $250,000)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
0.05% p.a.(for $0 and over)
1.35% p.a. (for $0 to $250,000)
Yes up to $250,000
MyState Bank
Bonus Saver Account
0.05% p.a.(for $0 and over)
1.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Virgin Money
Grow Saver
0.05% p.a.(for $0 and over)
0.35% p.a. (for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.05% p.a.(for $0 and over)
0.70% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.26% p.a. (for $0 and over)
Yes up to $250,000
UniBank
Mighty Saver Account
0.10% p.a.(for $0 and over)
0.95% p.a. (for $0 and over)
Yes up to $250,000