The Incentive Saver from BankSA makes it easy to save with a bonus interest rate every month that you meet their terms. This along with no service fees and no minimum balance to maintain makes it easy to save towards your goal. If you have a savings goal that you need to meet, this is an account you should be comparing against others.
You can ear bonus interest every month you make at least one deposit and no withdrawals.
What are the features of the BankSA Incentive Saver Account?
Australians who need a nudge in order to save will benefit from the features of the BankSA Incentive Account. Take its following features into consideration when making your comparisons with other banks savings accounts.
Earn 1.74% bonus interest when you make at least one deposit and no withdrawals
The real incentive to save is with the attractive bonus rate applied to your balance if you meet the terms. The interest falls to almost nothing if you are not able to keep your saving commitment. However with the bonus interest, you can earn a maximum variable interest rate of 1.75%. Note, this is subject to change in line with the movements of the RBA Cash Rate.
What are the terms of earning bonus interest?
In order to qualify for the bonus interest, you must make at least one deposit every month into the account and no withdrawals. The amount of the deposit does not make a difference although any earned interest deposit does not count.
How is my interest calculated?
Interest is calculated daily on your balance and paid into your account at the beginning of the following month. Keep in mind that this payment does not count towards the one deposit term you must meet in order to qualify for the bonus rate.
No account keeping fees
There are no monthly fees for the Incentive Saver account.
Transaction fees apply if you exceed the limit
You are allowed to make one withdrawal without incurring a fee each month, but once you do you will lose the opportunity to earn bonus interest for that month. Plus, you will be charged a $0.60 fee for each ATM or EFTPOS withdrawal and $2.50 for one at a branch.
No minimum balance required
You are not required to maintain a minimum balance with this account.
Variety of options to access your funds
You are able to access your savings account in a BankSA branch, online, with phone banking, ATM, EFTPOS and BPAY.
Comes with a Visa debit card
You are issued a Visa debit card with this account which can be used for making purchases and cash withdrawals.
Access to a wide ATM network
Your Visa debit card will be accepted at any BankSA, Bank of Melbourne, Westpac or St.George ATM in Australia for your one –time a month free transaction and any subsequent withdrawals.
Mobile banking services available
When you register for internet banking you can also manage your account from your mobile device by downloading the BankSA app. This feature is available for iOS and Android mobile devices and can be used in the same way you use your internet banking account.
- Bonus interest is offered every month to eligible account holders
- $0 account maintenance fee
- $0 monthly minimum balance required
- Limited free withdrawal for each month
- Foreign currency conversion fee applies
- Overseas cash withdrawal of $5
How do you apply for the BankSA Incentive Saver Account?
If after your comparison you find that an incentive to save is something you need, you can apply for the Incentive Saver Account by clicking ‘Go to Site’.
Eligibility to apply online
You should note that there are some eligibility requirements that you will need to meet in order for BankSA to accept your application:
- Minimum age. You must be at least 14 years old for an Incentive Saver Account to be issued in your name.
- Residency requirements. Only applicants who are permanent residents of Australia will be considered.
- Depository requirements. You will need to be prepared to deposit at least $0 in order to open the account.
Documentation required to apply online
Once you have confirmed that you are eligible for the Incentive Saver, have the following information readily available while filling out your online application:
- Tax file number. Providing your tax file number (TFN) ensures that no withholding tax is applied to your account.
- Identification. A passport or driver’s licence will contain information that can help to confirm your identity. You may have to visit a BankSA branch if you are new to BankSA and have never completed an ID check with them in the past.
What happens after I've submitted my application online?
It should take about five to ten minutes to complete the account online, or even less if you are already a BankSA customer. Once submitted you should receive an email confirming the application and details about your new account.
Can u please tell me how incentive saver account works.. Can I open account with 300$ and then keep putting money every week? Also if I need the money can I withdraw it through Internet banking?
According to the BankSA website: You can earn the maximum variable interest rate ‘every month you make at least one deposit and no withdrawals.’ The minimum opening balance is $0 and you have access to’1 free withdrawal every month.’ I hope this helps.