In this guide

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

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BankSA Maxi Saver

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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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

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

Key features

Introductory variable rate of 5.35% on the first 3 months for new customers

The base variable interest rate for the Maxi Saver is 1.1% p.a. with the opportunity to earn bonus interest of 3.9% p.a. plus an additional 0.10% p.a. if you apply online.

This total bonus rate is available for the first 3 months, then it'll revert to the standard variable base rate after that.

Launch savings calculator


How to apply

You can open an account online by completing the application form on the bank's site.

Eligibility

  • Your age. You must be at least 18 years old.
  • Where you live. You must be an Australian permanent resident or citizen with a verifiable physical address in Australia.

Your reviews

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Ask a question

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Alison Finder

Editor

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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


Avatar

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


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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


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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


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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


Avatar

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?


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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


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