The BankSA Investment Cash Account is a little different from your regular savings account. This is because the account can be linked to a self-managed super fund or an investment portfolio, making access between the two easy as can be.
The major disadvantage associated with the account is its interest rate. The interest rate starts at just 0.25% and while it does jump up if you have more than $500,000 in the account, it only moves to 0.45%.
To help make up for the interest rate, the account comes with no ongoing monthly fees that could slowly erode your savings.
If you’re using your phone or the internet to make transactions, then you will be able to make an unlimited amount for free. You’ll also have 5 free eftpos, network ATM or cheque transactions every month and 2 free over the counter withdrawals a month.
Who it's good for:
A customer who is looking for a way to bridge their everyday funds and their investments, but isn’t too worried about a bumper interest rate.
If you are looking for a savings account with a good interest rate, this is probably not the account for you. If you are looking for a regular savings account to earn interest on your stash, the BankSA Incentive Saver might be more your cup of tea.