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BankSA Savings Accounts

Name: BankSA Savings Accounts
Creator: Savvy
Published: 2022-05-26T16:20:58+09:30

Learn how to compare BankSA savings accounts with Savvy to find the right place for your funds.

Written by , updated on August 8th, 2023

More than 170 years ago, the doors of BankSA’s small city office opened in Adelaide’s city centre. Fast forward to the 21st century and the bank has become South Australia’s largest financial institution after its takeover by Westpac in 2008.

BankSA employs more than 300 people, has millions of customers, a handful of branches and a raft of banking and finance products. Among BankSA’s many products are a series of savings accounts.

If you’re considering opening a savings account with BankSA, you can compare your options with Savvy. Doing your homework with us will ensure you get the best return on your money.

*Please note that Savvy does not represent BankSA for their banking products. All product information and rates are correct as of May, 2022.

More about BankSA savings accounts

What savings accounts do BankSA offer customers?

All financial institutions offer a range of savings accounts, but the way they work varies from bank to bank. While all of them provide you with a safe place to house your money, they all have different interest rates, conditions and fees. That’s why comparing with Savvy gives you the best possible chance to find the right account for you. BankSA’s savings account offerings include:

Incentive Saver

BankSA offers you the chance to earn bonus interest on your savings with its Incentive Saver. You’ll earn a base variable rate of 0.15% p.a., but if you grow your balance by $50 each month, you can earn an extra 0.35% p.a. on top of the base rate, resulting in a total interest of 0.50% p.a. There’s no minimum balance requirement on this account. For those under 21 years old, you can qualify for bonus interest by simply growing your balance by $0.01 every month instead of $50.

These accounts come with automatic transfers and no fees, including free staff-assisted withdrawals. There’s also no limit on how much you can deposit. BankSA suggests parents or carers can double as a children’s savings account given its low bonus interest requirements.

Maxi Saver

The Maxi Saver account offers you a head start on your savings with an introductory high interest rate. You’ll earn 0.50% p.a. for the three months after you open your savings account. Once this finishes, though, you’ll revert to the much lower base rate of 0.05% p.a.

You get unlimited access to your money and there’s no limit on how much you can deposit. These accounts are free of any monthly account keeping fees or over-the-counter withdrawal costs. A Maxi Saver must be linked to a BankSA everyday account and will be set up alongside your savings account.

Business Access Saver

If you’re a sole trader, a small business owner or a not-for-profit, you can open a Business Access Saver. These business savings accounts can be good for putting money aside for GST or tax payments, or simply saving for expected growth in your company. You’ll earn a variable interest rate of 0.10% p.a. on your money while getting 24/7 access to it. There are no fees or account requirements such as minimum balances or deposits.

Term Deposits

If you’re looking for a safe and secure way to save, a term deposit could be just what you’re after. BankSA allows you to open a term deposit with as little as $1,000 up to $2,000,000 and earn a fixed rate of return on your money. You won’t be able to deposit or withdraw any money until your term matures, with terms ranging from one month to five years. Existing BankSA customers may also qualify for a bonus interest rate.

The interest rate you earn is determined by the length of your term. These interest rates include:

One to under three months: 0.05% p.a.
Three to under five months: 0.07% p.a.
Five to under six months: 0.10% p.a.
Six to under seven months: 0.15% p.a.
Seven to under ten months: 0.20% p.a.
Ten to under 24 months: 0.25% p.a.
24 to 60 months: 0.30% p.a.

You can also use Savvy’s compound interest calculator to estimate how much you could earn at various interest rates and term lengths.

Retirement Access Account

If you’re 55 or over, this may be the account for you. This combined savings and everyday bank account allows you to spend your hard-earned money while still earning interest on your balance. Your account comes with a debit card, no account keeping fees and 24/7 access to your funds.

The way interest is calculated on your savings is a little different with a Retirement Access Account. Tiered interest is paid on a portion of your balance within each balance bracket. For example:

You’ll earn 0.30% p.a. on the part of your balance up to $9,999
You’ll earn 0.30% p.a. on the part of your balance from $10,000 to $49.999
You’ll earn 0.35% p.a. on the part of your balance from $50,000 to $249,999.
You’ll earn 0.50% p.a. on the part of your balance of $250,000 or more

How can I open one of these savings accounts?

One of the advantages of savings accounts these days is that opening them is relatively straightforward. BankSA will allow you to open most of their savings accounts online if you meet the standard eligibility criteria. The online application process includes:

Provide your information: After clicking ‘open now’, follow the prompts through to the secure online portal. Your first step will be providing your personal details such as name, date of birth, employment type and tax file number (TFN). You must be over 14 years old to open most accounts by yourself, except for business savings accounts and term deposits, which require you to be over 18.
Pick your branch: You will need to choose a branch where your online account will be based. Picking your region from a drop-down menu will show you what branches are closest to you. This doesn’t mean you’ll have to visit that branch to open your account, though, only serving as the “home” for your savings.
Sign up for internet banking: Once you’ve chosen that, you’ll have to set up your internet banking access by choosing an easy-to-remember password of between eight and 12 characters.
Activate your account: Request a text message activation code. Once activated, you can open your savings account.

Unlike their other products, though, the Retirement Savings Account can only be opened over the phone or at a branch.

What are the benefits of opening a joint savings account?

BankSA allows you to open all of their accounts as single or joint savings accounts when applying online. These can be great ways for couples, flatmates or family to reach their shared goals more quickly. If two people are depositing into one fund, it can speed up the achievement of a savings goal and earn you more interest. It will also reduce the fees associated with running multiple accounts, as well as maximise your chances of meeting bonus interest requirements. You can even use Savvy’s budget planner calculator to work out how much you can each afford to chip into your savings account.

Another benefit is shared access. You can choose ‘one to sign’ or ‘both to sign’ access which allows both parties to track their savings. ‘One to sign’ gives each person the ability to withdraw without the other’s approval, while ‘both to sign’ requires both parties to sign off on any transactions. While this is a great safeguard, it’s still important to discuss what happens to your money if you have to close your account suddenly and set some rules around the use of the funds.

Pros and cons of BankSA savings accounts

PROS

Flexible access

Incentive and Maxi savers give you access to your money whenever you need it without sacrificing your bonus interest, giving you added flexibility over your funds.

Save on fees

Savings accounts traditionally come with low fees and these accounts are no different. You’ll save up to $60 a year where you otherwise might’ve spent $5 per month on account keeping fees.

Wide range of accounts

BankSA has a variety of savings accounts to suit a wide range of demographics, including pensioners, business operators and children.

CONS

Compulsory everyday account

You’re required to have a linked BankSA bank account if you open a Maxi Saver, which can seem unnecessary if you have a transaction account with another institution which you want to keep.

Less competitive rates

Interest rates on these savings accounts, particularly term deposits, are much lower than some of the bank’s competitors.

Overseas charges

If you travel overseas frequently, you face fees of $5 for withdrawing money overseas, although this will be free if you withdraw from a partnered ATM through the Global ATM Alliance.