BankSA Maxi Saver
- Maximum variable rate
- 5.35% p.a.
- Base interest rate
- 1.1%p.a.
Our verdict
You can earn an introductory bonus interest rate of 5.35% p.a. for the first 3 months.
Be mindful that the total bonus interest rate of 5.1% is only available for a introductory period only, for new account holders. After the initial 3-month period is over, you'll earn the standard variable base rate which is only 1.85%. This is quite low compared to other accounts in the market currently.
Pros
-
Competitive bonus interest rates for new customers
-
$0 account keeping fees
-
$0 minimum deposits required
Cons
-
Introductory bonus rate is only valid for 3 months for new customers
-
Standard variable base rate is quite low
Details
Key details
| Product Name | BankSA Maxi Saver |
| Maximum Variable Rate | 5.35% p.a. |
| Standard Variable Rate | 1.10% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
Your reviews
Alison Finder
Editor
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Anndy Lou Finder
February 19, 2017
Hi Mia,
Thanks for your question.
There is no cancellation fee if you close this account after 3 months.
With the BankSA Maxi Saver, there are no monthly account service fees.
Cheers,
Anndy
Pat Schinella
September 05, 2016
Hi I have a maxi saving account with bank sa and currently getting the 3.2% interest rate till November, I have been with bank sa for a few years.My question is if I withdraw money do I lose the interest or any of the interest. Thank you
Anndy Lou Finder
September 05, 2016
Hi Pat,
Thanks for your question.
The bonus variable rate still applies even if you withdraw funds. The only condition to receive the bonus rate is that you’re a new customer and have never held the saver account before.
Cheers,
Anndy
Emma
June 28, 2016
If one is trying to get the best interest rate for savings Is the best way to achieve this by opening and shutting and moving to different accounts every 3-4 months to get the bonus rate
Clarizza Fernandez Finder
June 28, 2016
Hi Emma,
Thanks for your question.
We are a comparison website and as such, can give general advice only. Moving your savings from one account to the other is a good way to build up your savings and take up the benefits of introductory bonus interest rates. If you haven’t already read it, our High Interest Savings Accounts page includes some information that might help you. Be sure to check the video at the bottom of the page. One thing to be aware of is the fees or any costs involved in moving your cash between accounts. If there are any fees involved, it’s important to weigh up how this affects your balance.
Our Savings Accounts page also provides some useful tips that may interest you.
Hope this helps.
Clarizza
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Tony
October 26, 2015
How safe is my money in Bank SA? Is it part of a larger bank?
Shirley Liu Finder
October 26, 2015
Hi Tony,
Thanks for your question.
BankSA is part of the Westpac Group. Its deposits are under the Government Guarantee.
Cheers,
Shirley
Mia
February 18, 2017
After the 3 months intro- interest rate and I decide to close my account, will there be:
– Cancellation/ Closing Account fee
– Any other fee tied with this account, such as account keeping fee?
Thank you