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Our verdict

There’s no better incentive to save than earning bonus interest for growing your balance.

If you're under 21 years old it's easy to earn the bonus interest. You only need to grow your balance by $0.01 a month to be eligible.

Pros

Bonus interest is offered every month when you grow your balance
$0 account maintenance fee
Great incentive to save

Cons

Interest rate is not as competitive as some other accounts in the market

The BankSA Incentive Saver Account rewards you with bonus interest when you make regular deposits. To get the maximum rate of 5.15%, you will need to grow the balance by at least $50 a month for customers aged 21 or over.

Extra 0.1% p.a. for 3 months for new customers who apply online.

Details

Key details

Product Name	BankSA Incentive Saver Account
Maximum Variable Rate	5.25% p.a.
Standard Variable Rate	1.85% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	14

Key features

Earn 3.3% bonus interest when you grow your balance

The real incentive to save is with the attractive bonus rate applied to your balance if you meet the terms. You can earn a maximum variable interest rate of 5.15%. This is the maximum variable rate available for your entire balance.

What are the terms of earning bonus interest?

In order to qualify for the bonus interest, you must grow your balance by at least $50 every month and make no withdrawals. If you're under 21 years old you only need to grow your balance by $0.01 each month.

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.

Making withdrawals

This account does not include a debit card. If you need to, you can transfer money out of the account using Internet banking or using the mobile banking app. You will still earn the bonus interest, so long as you grow your balance by at least $50 each month.

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 via Internet banking or with the mobile banking app, and with phone banking.

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.

Compare more BankSA products

Launch savings calculator

How to apply

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

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 needed

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 submit my application?

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.

FAQ

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Sam

December 29, 2023

If I withdraw the interest received each month and deposit $50 to the account each month, can I be eligible for the bonus interest rate?

Jason Loewenthal Finder

January 12, 2024

Hi Sam,

To qualify for the bonus interest you need to grow your balance by at least $50 each month (or $0.01 if you’re under 21). If you withdraw the interest and that means the account balance hasn’t grown by $50 then you wouldn’t be eligible for the bonus rate.

I hope that helps.

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ashton

August 26, 2021

Re,incentive saver. I was told that if i withdraw from incentive saver in order to keep the interest i have to replace the same amount i have withdrawn plus $50.00 I find this absurd.

Alison Banney Finder

September 02, 2021

Hi Ashton,

That’s correct. In order to qualify for the bonus interest with the BankSA Incentive Saver, you must grow your balance by at least $50 every month. This means if you withdraw any money throughout the month, you’d need to replace the amount you withdrew plus deposit $50 to be eligible for bonus interest that month. If you’re under 21 years old you only need to grow your balance by $0.01 each month.

A monthly deposit condition is quite standard for a lot of savings accounts on the market. However there are some available that don’t require you to grow your balance each month, you can compare savings accounts here to take a look at some others on the market.

Thanks,

Alison

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BankSA Incentive Saver Account

Pros

Cons

Key features

Earn 3.3% bonus interest when you grow your balance

What are the terms of earning bonus interest?

How is my interest calculated?

No account keeping fees

Making withdrawals

Variety of options to access your funds

Mobile banking services available

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

FAQ

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?

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