In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • FAQ
  • Your reviews
  • Ask a question
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BankSA Incentive Saver Account

BankSA Incentive Saver Account

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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
  • 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

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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.


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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.


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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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