The BankSA Incentive Saver Account rewards you with bonus interest when you make regular deposits. To get the maximum rate of 4.65%, you will need to grow the balance by at least $50 a month for customers aged 21 or over.
BankSA Incentive Saver Account
- Maximum variable rate
- 4.65% p.a.
- Base interest rate
- 0.40% p.a.
- Minimum deposit
- $50
Our verdict
There’s no better incentive to save than earning bonus interest for growing your balance.
If you're under 21 years old it's easy to earn the bonus interest. You only need to grow your balance by $0.01 a month to be eligible.
Pros
-
Bonus interest is offered every month when you grow your balance
-
$0 account maintenance fee
-
Great incentive to save
Cons
-
Interest rate is not as competitive as some other accounts in the market
Details
Key details
| Product Name | BankSA Incentive Saver Account |
| Maximum Variable Rate | 4.65% p.a. |
| Standard Variable Rate | 0.40% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 14 |
FAQ
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How we picked theseHow the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
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Alison Finder
Editorial Manager, Money
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Jason Loewenthal Finder
January 12, 2024
Hi Sam,
To qualify for the bonus interest you need to grow your balance by at least $50 each month (or $0.01 if you’re under 21). If you withdraw the interest and that means the account balance hasn’t grown by $50 then you wouldn’t be eligible for the bonus rate.
I hope that helps.
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ashton
August 26, 2021
Re,incentive saver. I was told that if i withdraw from incentive saver in order to keep the interest i have to replace the same amount i have withdrawn plus $50.00 I find this absurd.
Alison Banney Finder
September 02, 2021
Hi Ashton,
That’s correct. In order to qualify for the bonus interest with the BankSA Incentive Saver, you must grow your balance by at least $50 every month. This means if you withdraw any money throughout the month, you’d need to replace the amount you withdrew plus deposit $50 to be eligible for bonus interest that month. If you’re under 21 years old you only need to grow your balance by $0.01 each month.
A monthly deposit condition is quite standard for a lot of savings accounts on the market. However there are some available that don’t require you to grow your balance each month, you can compare savings accounts here to take a look at some others on the market.
Thanks,
Alison
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Sam
December 29, 2023
If I withdraw the interest received each month and deposit $50 to the account each month, can I be eligible for the bonus interest rate?