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BankSA Incentive Saver Account

Advertiser disclosure
Interest rate
1.85% p.a.(for $0 and over)
Maximum rate
5.25% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review BankSA Incentive Saver Account - last updated: 26 March 2024

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What's hot
  • Up to 5.25% p.a. introductory interest rate (subject to eligibility criteria)
  • No account-keeping fees
What's not
  • 1.85% interest rate if bonus conditions aren’t met
  • Balances of $250,000 and over qualify for a reduced interest rate of 4.85% p.a.
Mozo snapshot

With no account-keeping fees and a maximum introductory interest rate of up to 5.25% p.a for customers who meet the eligibility criteria, the BankSA Incentive Saver Account could be a competitive place to stash your savings.

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Key features

The BankSA Incentive Saver Account really lives up to its name, with an introductory interest rate of up to 5.25% p.a for the first three months (on balances under $250,000), if you meet the bonus criteria. After the first three months, the interest rate on the Incentive Saver Account drops down to 5.15% p.a. 

This savings account usually has a base rate of 1.85% p.a., but includes a bonus rate of 3.30% p.a. for balances up to $250,000 if you grow your balance by at least $50 per month (unless you're under the age of 21, in which case you'll simply need to increase it by $0.01). The extra 0.10% p.a. is an additional bonus rate offered for the first three months for new customers who open their account online. 

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.

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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 maximum bonus and introductory rate of 5.25% p.a., you’ll need to deposit at least $50 into your account each month (or $0.01 for under 21s) and have a balance under $250,000. Balances of $250,000 and over qualify for a reduced interest rate of 5% p.a.

Details

Rates and fees information correct as at 20 June 2024. 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: 1.85% p.a.

Balances from $0: 5.25% p.a.
Balances from $250,000: 5.00% p.a.

Intro bonus rate of 5.25% for balances up to $250,000 for the first 3 months, reverting to 5.15%. Balance must grow by at least $50 a month. If under 21, balance must grow by $0.01 a month (excluding interest).

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

yes

n/a

yes

no

no

yes

no

yes

yes

yes

no

none

0.10% extra intro bonus rate if the account is opened online. $30 cash back for customers aged 18 or under who open a new Incentive Saver account or Complete Freedom transaction account so that they have both and deposit $100 into the Incentive Saver.

none

Customer Reviews

How are BankSA savings accounts rated by the Mozo community?

Overall
7.6/10
Price
6.8/10
Features
6.3/10
Customer service
7.7/10
Convenience
8.0/10
Trust
7.8/10
Based on 569 BankSA savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of BankSA Incentive Saver Account Savings Account

About BankSA

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

4.75% p.a.(for $0 to $1,000,000)

Yes up to $250,000

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Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

1.50% p.a.(for $0 and over)

Yes up to $250,000

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ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

0.55% p.a.(for $0 and over)

Yes up to $250,000

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

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

Yes up to $250,000

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

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

Yes up to $250,000

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ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

2.85% p.a.(for $0 to $50,000)

Yes up to $250,000

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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

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ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

0.55% p.a.(for $0 and over)

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Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

Yes up to $250,000

1.50% p.a.(for $0 and over)

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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

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ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

2.85% p.a.(for $0 to $50,000)

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Rabobank

PremiumSaver

1.50% p.a.(for $0 and over)

5.45% p.a. (for $0 to $250,001)

Yes up to $250,000

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ING

Savings Maximiser

0.55% p.a.(for $0 and over)

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

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IMB Bank

Reward Saver Account

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

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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MyState Bank

Bonus Saver Account

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

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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Rabobank

Notice Saver

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

4.90% p.a. (for $0 to $250,001)

Yes up to $250,000

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First Option Bank

Kids Bonus Saver

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

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

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Auswide Bank

Ziggy Kids Saver

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

3.01% p.a. (for $0 and over)

Yes up to $250,000

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ANZ

Progress Saver

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

4.25% p.a. (for $0 and over)

Yes up to $250,000

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