BankSA Complete Freedom Account

BankSA Complete Freedom Account

Fee Free Deposit

2,000

Account Keeping Fee

5.00

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

  • No ATM fees at over 3,000 ATMs in Australia and at over 50,000 ATMs globally
  • Use your eligible Samsung mobile to make purchases at Mastercard PayPass
  • 24/7 access to your account
  • Open an account in just 3 minutes

Product details

Pay no account keeping fees when you deposit at least $2,000 a month (such as your salary). The account fee is also waived for students and those aged under 21.

This account comes with a Visa Debit card that you can use all around the world.

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Remember to deposit at least $2,000 by the last business day of every month, otherwise a $5 account fee 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

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.

$5 waivable monthly account fee

There is a $5 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 $5 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.

3.00% international transaction fee.

There's a foreign transaction fee of 3.00% 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.

Pros

  • Monthly fee is waived if minimum deposit of $2,000 each month is met.
  • Free unlimited transactions everyday.
  • Free withdrawals at 50,000+ ATMs globally

Cons

  • Regular monthly account fee of $5 if minimum of $2,000 not reached.
  • Foreign transaction fee applies
  • 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.

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