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BankSA Incentive Saver Account

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

The Incentive Saver from BankSA makes it easy to save with a bonus interest rate every month that you grow your balance by at least $50 (or $0.01 if you're under 21 years old). The bonus interest is a great incentive to save, and there's no account keeping fees meaning every dollar you deposit will help you reach your savings goals.

0.8% p.a.

Maximum variable rate

0.2% p.a.

Base interest rate

0.6% p.a.

Bonus interest rate

$50

Minimum deposit

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Details

Product NameBankSA Incentive Saver Account
Maximum Variable Rate0.8% p.a.
Standard Variable Rate0.20%
Bonus Variable Rate0.60%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age14

Expert review

Shirley Liu

Review by


Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

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.

Key features

Earn 0.6% 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 0.8%. This is the maximum variable rate available for balances up to $99,999, and balances over this amount earn a higher rate of interest.

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.

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.

FAQ

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