BankSA Complete Freedom Account

The monthly account fee is waived for under 21s, students and customers who deposit at least $2,000 a month

This account comes with a Visa Debit Card that you can use in stores, online or at ATMs all around the world. You'll pay no ATM fees at over 3,000 ATMs in Australia and at over 50,000 ATMs globally.

Enjoy 24/7 access to your account with Internet, phone and mobile banking and make payments with your phone without your debit card using Apple Pay.

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Alison Banney

Last Updated Dec 30, 2020

$2,000

Fee Free Deposit

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

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Details

Product Name	BankSA Complete Freedom Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International ATM Fee	$5 + 3%
International transaction fee	3%
Monthly deposit required to waive account fee	$2,000
Contactless Payments	Google Pay, Apple Pay, Samsung Pay

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	$1

Pros

Monthly fee is waived if minimum deposit of $2,000 each month is met.
Free unlimited transactions in Australia everyday
Free withdrawals at 50,000+ ATMs globally
Link your account to Apple Pay
Withdraw cash without your debit card using Cardless Cash

Cons

Monthly account fee of $0 if deposit condition isn't met
Foreign transaction fee applies
$5 fee for overseas ATM withdrawals are outside of the Westpac network

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This is an everyday transaction account with a free linked Visa Debit Card for customers over the age of 14. It offers Apple Pay as well as Cardless Cash, which is a feature in the mobile banking app that allows you to withdraw cash from eligible ATMs using your phone without your debit card.

There is a $0 monthly account keeping fee, however this is waived if you’re under 21, a full time student or apprentice or if you deposit at least $0 a month. If you’re planning to deposit your salary into the account to meet the monthly deposit condition, make sure the money is in the account before the last business day of the month.

You can make free ATM withdrawals at all major bank ATMs here in Australia, and at 50,000+ international ATMs all over the world through the Global ATM Alliance. You can also use the Visa Debit Card overseas in shops and stores just like you would in Australia, but there is a foreign transaction fee of 3% applied to each transaction where a currency conversion is required. So if you travel a lot and prefer to use your debit card to make purchases instead of withdrawing cash, you could save some money with an account that doesn’t charge this fee.

This account offers free staff-assisted transactions, which is great if you like to go into a branch to deposit money or cheques.

SPECIAL OFFER: $40 CASH BONUS

Receive a $40 cash bonus when you open a new BankSA Complete Freedom Account account online by 30 September 2021 and deposit $500 within 30 days of opening the account. You must also make sure the account remains open for at least 45 days from the date of account opening. New account holders only. T&Cs apply.

Key features

$0 waivable monthly account fee

There is a $0 monthly account service fee for the Complete Freedom account, but if you are able to deposit at least $2,000 by the last business day of the month, that fee is waived. This is a month to month feature so if you're unable to deposit $0 one month, you can still take advantage of it the next.

No account keeping fees for students

The monthly fee is waived entirely for those aged under 21 and for tertiary students without having to meet the monthly deposit condition.

Linked Visa Debit card

The BankSA Complete Freedom Account comes with a free Visa Debit card, which you can use online or in-store wherever Visa is accepted all around the world.

Free transactions

The following is a list of fee-free transactions you can make:

Internet banking
Phone banking
Visa Debit purchases in Australia
Withdrawals using the Visa Debit card at ATMs in Australia that are affiliated with the BankSA, St.George Bank, Bank of Melbourne, and Westpac Bank.
Eftpos purchases in Australia
Cheque payments
Teller assisted transactions
Bank@Post
Direct debit

Access free overseas cash withdrawals

You can use an ATM overseas within the Westpac Global ATM Alliance and pay no withdrawal fee. If you use an ATM outside of the network, a $5 fee applies . Other charges may also incur that come from the bank or institution which owns the machine.

3% international transaction fee

There's a foreign transaction fee of 3% of the Australian dollar amount for purchases made using your debit card in another currency. This includes when using the card overseas, and also when shopping online from international retailers.

Minimum deposit of just $1

In order to open the account, you only need to deposit $1.

How to apply

If after making your comparisons between the BankSA Complete Freedom Account and other banks' transaction accounts you find that this one has all that you need, click 'go to site' to be redirected to a secure application site. Before doing so, check the following to make sure that you are eligible for the account and have the necessary documents handy.

Eligibility

Age requirement. All applicants must be at least 18 years of age to be considered for this account.
Residency requirement. In order to open a Complete Freedom everyday account you must currently be in Australia with a verifiable Australian residential address.

Deposit requirement. You will need to have at least $1 available to make an initial deposit.

Documentation needed

Proof of identification. An acceptable form of identification includes a valid driver's licence or passport. If you are not already a BankSA customer, you may be asked to visit a local branch in order to complete the identity verification.
Proof of address. You will need to supply an Australian residential address where you currently live.
Personal information. In addition to your name and age, BankSA will ask for a working email address in order to send you updates about your account.

What happens after I submit my application?

Completing the application should take five minutes and BankSA will need approximately two business days to process the information and open the account. At that time you will be issued your Visa debit card and can begin to make the monthly deposits to meet your $2,000 goal.

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