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.
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.
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 1.35% 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 1.75%. 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.
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.
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.
- Bonus interest is offered every month when you grow your balance
- $0 account maintenance fee
- Great incentive to save
- Interest rate is not as competitive as some other accounts in the market
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.