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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.
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:
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:
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:
Unlike their other products, though, the Retirement Savings Account can only be opened over the phone or at a branch.
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.
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.
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.
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.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.