BankSA Complete Freedom Account Review & Open Account

Product details

If you are making monthly deposits of at least $2,000 then you can take advantage of a transaction account with no fees. This account comes with a Visa debit card that allows you to access your money around the clock without accruing a list of transaction charges.

You won't be charged the monthly account service fee when you deposit $2,000+ by the last business day of every month, otherwise a $5 will apply.

Product Name: BankSA Complete Freedom Account

Monthly Account Fee: $5

Debit Card Access: Visa

ATM Withdrawal Fee: $0

Interest Rate p.a.: 0.00%

Details: $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs.

Joint Application: Yes

Fee Free Deposit p.m.: $2,000

Overseas ATM Withdrawal Fee: $5

Overseas Eftpos Fee: $3

Phone Banking: Yes

Fees: $5

Internet Banking: Yes

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SPECIAL OFFER: $50 cash bonus

New customers who open a new Bank SA Complete Freedom Account before 31 October 2017, and deposit $500 within 45 days of opening the account, will receive a $50 cash bonus. Full terms and conditions are available on Bank SA’s website via the ‘Go to Site’ button above.

What are the features of the BankSA Complete Freedom Account?

While making comparisons between the various transaction accounts available, take into consideration the following features of the Complete Freedom account:

Account service fees. There is a $5 monthly account service fee for the Complete Freedom, but if you are able to deposit a total of $2,000 by the last business day the month, that fee is waived. This is a month to month feature so if you are unable to accomplish that goal one month, you can still take advantage of it the next.

Visa debit card. The BankSA Complete Freedom Account comes with a Visa debit card, giving you multiple options for how you make your purchases. This card will be accepted by almost every vendor who accepts a Visa credit card, except there will be no interest charged on the amount of your purchases.
Free transactions. The following is a list of transactions you may conduct with your savings account that will not incur any fees:
- Internet banking
- Phone banking
- Visa debit purchases
- 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
- Electronic agency
- Cheque payments
- Teller assisted transactions
- Bank@Post
- Direct debit
- Collection item
Overseas cash withdrawals. There is a $5 charge for using the Visa debit card to withdraw money at an ATM overseas. Other charges may also incur that come from the bank or institution which owns the machine.
Conversion of currency. If there is a need to convert currency back to the Australian in relation to one of your purchases or activities with your account, you will be charged 3.00% of the Australian dollar amount.
Minimum deposit. In order to open the account, you need to start with a deposit of at least $1.
Mortgage account. If you have a home loan through BankSA and have your monthly repayments automatically withdrawn from this everyday account the monthly account service fee is waived.

Pros

Monthly fee is waived if minimum deposit of $2,000 each month is met.
Free unlimited transactions everyday.

Cons

Regular monthly account fee of $5 if minimum of $2,000 not reached.
There is a foreign transaction fee of .
There is a charge of $5 on every ATM withdrawal abroad.

How do you apply for the BankSA Complete Freedom Account?

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:

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.

Documents

Once you have determined that all of these requirements are met, gather the following documentation and proceed to the application page:

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.

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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