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. It's a good idea to get your salary deposited into the account to meet the deposit requirements.
- 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
Special Offer: $50 cash back
Get $50 when you open a new BankSA Complete Freedom account before June 29th 2018 either over the phone or online, and deposit $500 within 45 days of opening the account. Customers under 21 or studying full-time need only deposit $250. Full T&Cs are available on BankSA's website by clicking "Go to Site".
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. If you don't think this account meets your needs, take a look at the other accounts offered by BankSA instead.
Account service fees can be waived.
There is a $5 monthly account service fee for the Complete Freedom account, 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. Note that the account service fee is waived in its entirety if you're a student or apprentice, or if you're under 21.
$0 Account keeping fee for students and customers under 21
If you're under 21 years old or are a full-time tertiary student or apprentice, the monthly account keeping fee will be waived.
Linked 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 online or in-store wherever Visa is accepted.
Free transactions.
The following is a list of transactions you may conduct with your transaction account that will not incur any fees:
- 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
- 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.
Conversion of currency fee of 3.00%.
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. For example when using your debit card to make purchases overseas.
Minimum deposit.
In order to open the account, you need to start with a deposit of at least $1.
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 ATM withdrawals abroad that are outside of the Westpac network.
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 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.
Documents
- 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.
