BankSA Investment Cash Account

Last updated: Jan 3, 2021

Earn interest on your excess investment cash in a secure account that provides you with easy access when the next investment opportunity comes along.

The BankSA Investment Cash Account acts as a hub for your SMSF or investment money, earning interest at a competitive rate. This is an at-call account, letting you to move the money quickly through internet and phone banking when you need it. With no fees to eat away at your savings and free withdrawals, your investment funds are in good hands.

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Product Name	BankSA Investment Cash Account
Maximum Variable Rate	0.01% p.a.
Standard Variable Rate	0.01%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

$$0 monthly account service fee
Free access to internet banking every day

Cons

Limited number of free banking withdrawals
Fees apply on EFTPOS transactions
Fees apply on transactions made abroad

Key features

Monthly account service fee

There is no monthly account service fee for the Investment Cash Account.

Transaction fee allowance

You are permitted five free withdrawals each month from the account, including two that are staff assisted.

Internet banking

Banking online is free and unlimited for the account.

Interest rates

The interest rates are variable, and tiered to provide accounts with higher balances a higher rate of interest.

Interest calculation

Interest is calculated daily on the balance and paid monthly into your investment savings account. This allows for you to earn compound interest on your investment.

At call access

You have access to the account at a BankSA branch, ATMs, chequebook, EFTPOS, BPAY, Bank@Post, online and over the phone.

Transaction fees

After you have exceeded your free transaction allowance, you will be charged for the following; ATM and EFTPOS - $0.60, cheque - $1, and staff assisted transactions - $2.50.

Direct debit

You can set up to have money directly debited from the account for a fee of $0.20 per transaction. This is not included in your transaction allowance.

Overseas ATM and cash withdrawals

Withdrawals made outside of Australia will incur a $5 charge.

International transaction fees

You will be charged 3% of the Australian dollar amount for any transaction that requires BankSA to convert foreign currency to the Australian dollar.

ATM access

You can withdraw money from any BankSA, St.George, Bank of Melbourne or Westpac ATMs without incurring any additional provider fees.

How to apply

Eligibility

If you have found that the features of the Investment Cash Account work with the way you make your investments, then you can begin filling in your application online. This should only take about ten minutes, but before you start make sure that you are able to meet the following eligibility requirements:

Minimum age. In order to open this account you must be at least 14 years of age.
Residency requirements. You have to be an Australian permanent resident with a residential address in Australia to be eligible for this account.

Depository requirements. No stipulations are made by BankSA for how much you need to deposit in order to activate the account.

Documentation needed

You are going to also have to be able to provide certain documentation as you fill out the online application in order for BankSA to be able to properly process it:

Tax file number. Although this is not obligatory, providing your tax file number (TFN) or TFN exemption code helps BankSA to withhold the correct tax amount from your interest earnings.
Identification. If you are new to BankSA you will need to complete an ID check by using either your driver's licence or passport. If your identity cannot be verified online you will be asked to visit a BankSA branch to complete this portion of the application.

What happens after I submit my application?

After submitting your online application, you will be contacted by BankSA with your new account number so that you can begin transferring your excess investment savings. You are also set up with internet banking when you apply, allowing you to instantly access the account once it has been activated.

Shirley Liu

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.

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BankSA Investment Cash Account