BankSA offers Australians a transaction account that does not charge any fee if you are able to meet the monthly minimum deposit requirement. On top of that, you are issued a Visa debit card that can be used the same as cash in most places where a Visa credit card is accepted, at no cost and with no interest fees.
You won't be charged an ATM withdrawal fee with BankSA, St.George, Bank of Melbourne and Westpac branded ATMs around Australia.
What are the features of the BankSA Express Freedom account?
When comparing your transaction banking options, make sure that you consider the following benefits and features of the BankSA Express Freedom Account.
$0 Account keeping fees if you deposit $1,000 per month
So long as you are able to make a minimum deposit of $1,000 by the last day of each month, your account will not be charged the standard $3 monthly service fee. This can be accomplished easily be setting up direct pay of your salary into the Express Freedom Account.
Linked Visa debit card
You will be issued a Visa debit card linked to the Express Freedom Account that allows you to make purchases and withdrawals.
Forgot your wallet? Don't worry. With Cardless cash you can still withdraw your money from an eligible ATM. Just download the BankSA app to get started.
Unlimited access through the Westpac ATM network
Your Visa debit card gives you the chance to make free withdrawals from any BankSA, Westpac Bank, St.George Bank and Bank of Melbourne ATM. With over 3,000 locations, you will never have to look far for cash.
Other banking transactions
You will have access to free online and phone banking with the Express Freedom account. There is also no charge for using your Visa debit card to make a purchase. Direct debit and Bank@Post services are free to use.
$5 Fee for withdrawing cash overseas
There is a $5 charge for each withdrawal made at an ATM outside of Australia. It is also possible that the owner of the ATM will apply other charges to your account on top of those made by BankSA.
$3 International transaction fee
If an overseas purchase or cash withdrawal requires that BankSA convert money to the Australian dollar, you will be charged 3.00% of the Australian dollar amount into your account.
Control your finances through the BankSA app
With the BankSA app, you can temporarily locked your debit card if you lose it. You can also use it to locate your nearest branch or ATM.
- Visa debit card
- Free use of Westpac, St.George, BankSA and Bank of Melbourne ATMs
- Must deposit $1,000 each month to avoid the monthly fee
How do you apply for the BankSA Express Freedom Account?
If the BankSA’s Express Freedom Account provides you with the features and benefits you are looking for, you can apply online by clicking ‘go to site’. Before proceeding to the online application, check that you meet the following eligibility requirements:
Eligibility to apply online
- Your age. Only applicants who have reached 18 years of age are eligible for this account.
- Your residency. You must be an Australian resident or citizen with a valid Australian residential address in order to be considered for this transaction account.
- Your opening deposit. The Express Freedom transaction account can be opened with a beginning balance of $1.
Documentation for your online application
If you are able to meet these requirements, first gather the following documentation before proceeding to the application page. This will assist you in filling out the forms quickly and with accuracy:
- Identification documents. Existing BankSA customers will be able to continue the application with either their driver’s licence or passport. If you are not already a BankSA customer then you will need to visit a branch so that you can have your identity verified in person.
- Personal details. You will need to provide your full name, date of birth and residential address in order to complete the application. BankSA will also need an e-mail address from you so that they can send you pertinent information regarding your transaction account.
- Bank account number. If you are already a BankSA customer, then you will be asked to provide any account or customer numbers that have been assigned to you.
If you have the documentation ready, then it should take no more than five minutes to complete your application online.
What happens after I submit my application?
Once you have submitted the application electronically it will take up to two business days to process before an account is assigned to you. At this time you should receive your Visa debit card by post, and be ready to begin making deposits and purchases with your new account.