In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • FAQ
  • Compare other savings accounts
  • Your reviews
  • Ask a question

BankSA Incentive Saver Account

  • Alison Banney's headshot
BankSA Incentive Saver Account

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Compare other options
Maximum variable rate
5.25% p.a.
Base interest rate
1.85%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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • FAQ
  • Compare other savings accounts
  • Your reviews
  • Ask a question

The BankSA Incentive Saver Account rewards you with bonus interest when you make regular deposits. To get the maximum rate of 5.15%, you will need to grow the balance by at least $50 a month for customers aged 21 or over.

Extra 0.1% p.a. for 3 months for new customers who apply online.

Details

Key details

Product Name BankSA Incentive Saver Account
Maximum Variable Rate 5.25% p.a.
Standard Variable Rate 1.85% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 14

Key features

Earn 3.3% bonus interest when you grow your balance

The real incentive to save is with the attractive bonus rate applied to your balance if you meet the terms. You can earn a maximum variable interest rate of 5.15%. This is the maximum variable rate available for your entire balance.

What are the terms of earning bonus interest?

In order to qualify for the bonus interest, you must grow your balance by at least $50 every month and make no withdrawals. If you're under 21 years old you only need to grow your balance by $0.01 each month.

Launch savings calculator


How to apply

If after your comparison you find that an incentive to save is something you need, you can apply for the Incentive Saver Account by clicking 'Go to Site'.

Eligibility

You should note that there are some eligibility requirements that you will need to meet in order for BankSA to accept your application:

  • Minimum age. You must be at least 14 years old for an Incentive Saver Account to be issued in your name.
  • Residency requirements. Only applicants who are permanent residents of Australia will be considered.

FAQ

Compare other savings accounts

1 - 12 of 186
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
Ubank logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Use the code FINDER20 to score $20 after 5 card purchases in your first 30 days (T&Cs on ubank's site).
ING Savings Accelerator ($150,000 - $500,000)
ING logo
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
Rabobank High Interest Savings Account
Rabobank logo
Maximum Variable Rate p.a.
5.60%
Standard Variable Rate p.a.
4.35%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Ubank High Interest Save Account
Ubank logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
ING logo
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Macquarie Bank logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
5.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
Bank of Queensland Simple Saver Account
BOQ logo
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
ING Savings Maximiser
ING logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Account
IMB logo
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
Earn up to 3.25% p.a. after the introductory period ends.
Bankwest Easy Saver
Bankwest logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000.99
Go to siteView details
loading
Showing 12 of 14 results

Your reviews

Not enough reviews Write a review

Ask a question

Ask a question
Avatar

Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

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?


Avatar

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.


Show more Show less
Avatar

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.


Avatar

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


Show more Show less
Go to site