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Our verdict

Australian concession card holders can take advantage of a low cost, easy-to-manage account structured purposely to meet their needs

This account has all the same features and benefits of the BankSA Complete Freedom Account, except there’s no monthly account keeping fee and no ongoing balance requirements or deposit conditions to meet.

There are strict eligibility requirements, though, so this account isn’t available to all customers. To be eligible for this account you need to be a concession card holder with a senior’s card or a Commonwealth Government Health Concession Card.

If you’re a full-time student, you'll get the monthly account fee waived with the BankSA Complete Freedom Account.

Pros

Free staff assistance in branch and over telephone
$$0 service maintenance fee per month.
Free banking withdrawals everyday at BankSA.
Internet and phone banking transactions are free.

Cons

There is a 3.0% foreign currency conversion fee.
There is a $$5 overseas cash withdrawal fee.

If you hold a senior’s card or Commonwealth Government Health Concession card, BankSA has an everyday banking account that takes your needs into consideration. Pay no monthly fees, yet still benefit from total access to your money in a variety of ways. This includes a Visa debit card which permits you to make purchases and withdrawals wherever Visa is normally accepted.

Details

Key details

Product Name	BankSA Concession Account
Monthly account fee	$0
Card access	Visa
Own network ATM fee	$0
International ATM Fee	$5 + 3%
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay, Samsung Pay

Eligibility

Joint account availability	Yes
Minimum opening deposit	N/A

Key features

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Monthly service fee

You are not charged any monthly account keeping fees with BankSA's Concession Account.

Accessibility

You are allowed unlimited transactions in branch, at ATMs, over the phone, online, and with EFTPOS free of charge.

Visa debit card

The Concession account is linked to a Visa debit card, allowing you to make point of sale purchases, online and over the phone purchases and ATM withdrawals by drawing the money straight from your account balance.

ATM accessibility

The BankSA Visa debit card can be used to withdraw cash at BankSA, St.George, Bank of Melbourne, and Westpac ATMs without being charged. If you use an ATM outside of this network your account may be charged extra fees.

Overseas withdrawals

If you use your Visa debit card to make withdrawals overseas, you will be charged $5 for each transaction. You could also be charged additional fees from the issuing bank.

Currency conversion

For transactions that require the conversion of a foreign currency, such as some made online, you will be charged 3% of the Australian dollar amount. This charge will be deducted from your account and may include purchases made online if made through an overseas merchant.

Electronic debit and credit

You can set up automatic payments and debits for your concession account to take care of your regular monthly bills as well as receive your regular salary payments.

BPAY

This account allows for you to make payments using BPAY without incurring any extra charges.

Mobile banking

You can transact right from your mobile phone by downloading the free app, available for both iPhone and android devices. With this you are able to view your balance and recent transactions as well as make transfers and payments.

How to apply

Eligibility

If the features of the BankSA Concession Account fit in with your spending style, you can apply for this account by calling BankSA or visiting your local branch. Before heading out, check first that you are able to meet their eligibility requirements:

Minimum age. So long as you hold either a senior's card or a Commonwealth Government Health Concession card, you will be considered eligible for this account.
Residency requirements. You must be residing inside of Australia at the time of application and be able to provide proof of an Australian residential address.

Depository requirements. The Concession account can be opened with a minimum of one dollar.

In order to expedite your application process, have your contact details ready including your address, email and phone number along with the following documentation with you when you are applying for this account:

Documentation needed

Tax file number. While not a mandatory requirement, providing the BankSA with your tax file number (TFN) or TFN exemption code helps in ensuring that any interest earned on an account has taxes withheld at the correct rate to your circumstance.
Identification. A driver's licence, passport or Medicare card will serve as sufficient identification in most cases.
Concession card. In addition to your identifying documents, you will need to show your senior card or Government Health Concession card when applying for this account.

What happens after I submit my application?

If your application for a Concession Account is approved by BankSA, they will send you the necessary details for how to begin setting up your account. Your Visa debit card will be mailed via Australian post and will need to be activated before you are able to use it.

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BankSA Concession Account

Pros

Cons

Key features

Monthly service fee

Accessibility

Visa debit card

ATM accessibility

Overseas withdrawals

Currency conversion

Electronic debit and credit

BPAY

Mobile banking

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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