Our verdict

You can earn an introductory bonus interest rate of 4.65% p.a. for the first 3 months.

Be mindful that the total bonus interest rate of 4.65% 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%. 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	4.65% p.a.
Standard Variable Rate	1.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	14

Key features

Introductory variable rate of 4.65% on the first 3 months for new customers

The base variable interest rate for the Maxi Saver is 1% p.a. with the opportunity to earn bonus interest of 3.3% p.a. plus an additional 0.35% 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.

Personal use only

This account is for the sole purpose of individual savings. Business owners may want to consider the BankSA Access Saver as an alternative.

No account keeping fees

There are no monthly account service fees.

No transaction fees

You will not be charged any fees for using phone or internet banking with this account, however fees may apply for the linked transaction account.

Must be linked to a BankSA transaction account

You must have a transaction account set up with BankSA in order to open a Maxi Saver account. This allows you to transfer funds from one account to the other whenever you want using the free internet banking platform or via the mobile banking app. If you don't already have a transaction account, one will be opened for you at the same time that you open the savings account.

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 14 years old.
Where you live. You must be an Australian permanent resident or citizen with a verifiable physical address in Australia.

BankSA account. In order to take advantage of the features of your Maxi Saver account you will need to also have an everyday account with BankSA.
Minimum deposit. You should be able to initiate the savings account with at least $0.

Documentation needed

If you are able to meet these eligibility requirements, gather the following documentation before proceeding to the application page:

Personal information. You will need to supply BankSA with your full name, address, date of birth and current address.
Identity information. You must be able to provide valid proof of your identity either with a passport and/or driver's licence and Medicare card.

What happens after I submit my application?

It should only take five minutes to complete the application if you are already set up with an everyday account with BankSA. Once the application has been submitted, your new Maxi Saver account should be opened within two business days.

Compare other savings accounts

8 of 180

Product	Finder Score	Maximum Variable Rate p.a.	Base interest rate	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Finder score 8.1 Great Rabobank High Interest Savings Account	Finder score 8.1 Great	Maximum Variable Rate p.a. 5.15%	Standard Variable Rate p.a. 3.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn a high interest rate of 5.15% for the first 4 months and then 3.7% thereafter, with $0 account keeping fees and no monthly balance requirements.	Go to site More info Compare product selectionCompare	loading
Finder score 9.1 Excellent Suncorp Bank Growth Saver Account	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 4.55%	Standard Variable Rate p.a. 0.15%	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	Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.	Go to site More info Compare product selectionCompare	loading
Finder score 9.4 Excellent Ubank Save Account Finder AwardExclusive	Finder score 9.4 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Deposit $500 Savings up to $1,000,000	5% p.a. welcome bonus rate for new customers for the first 4 months, then an ongoing bonus rate of 4.6% p.a. when monthly deposit condition is met. Use code FINDER20 to score $20 after 5 card purchases in your first 30 days. See terms link on the app store.	Go to site More info Compare product selectionCompare	loading
Finder score 9.1 Excellent AMP Bank GO Save	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 4.50%	Standard Variable Rate p.a. 4.50%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances $0 - $250,000	Go to site More info Compare product selectionCompare	loading
Finder score 8 Great Newcastle Permanent Smart Saver Account	Finder score 8 Great	Maximum Variable Rate p.a. 4.00%	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 site More info Compare product selectionCompare	loading
Finder score 9.2 Excellent St.George Incentive Saver	Finder score 9.2 Excellent	Maximum Variable Rate p.a. 4.65%	Standard Variable Rate p.a. 0.40%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance $50 ($0.01 if under 21) Balance up to $249,999.99	Go to site More info Compare product selectionCompare	loading
Finder score 9.7 Excellent ING Savings Maximiser Most Loved	Finder score 9.7 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site More info Compare product selectionCompare	loading
Finder score 9.6 Excellent Westpac Life (18-29 year olds only)	Finder score 9.6 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.40%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Make a deposit Grow your balance 5 debit card purchases Balances up to $30,000	Go to site More info Compare product selectionCompare	loading

Showing 8 of 8 results

How 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?

Read the full Finder Score breakdown

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. BankSA Maxi Saver information page
2. BankSA Maxi Saver TMD

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Alison Finder

Editorial Manager, Money

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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

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

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

BankSA Maxi Saver

Pros

Cons

Key features

Introductory variable rate of 4.65% on the first 3 months for new customers

Personal use only

No account keeping fees

No transaction fees

Must be linked to a BankSA transaction account

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other savings accounts

How the Finder Score helps you find a better savings account

Sources

Your reviews

Important information about this website

Advertiser disclosure

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