BankSA Investment Cash Account
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.
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.
Banking online is free and unlimited for the account.
The interest rates are variable, and tiered to provide accounts with higher balances a higher rate of interest.
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.
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.
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.
You can withdraw money from any BankSA, St.George, Bank of Melbourne or Westpac ATMs without incurring any additional provider fees.
How to apply
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.
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.