BankSA Investment Cash Review & Information

Product details

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.

Product Name: BankSA Investment Cash Account

Maximum Variable Rate: 0.45% p.a.

Standard Variable Rate: 0.45% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $10,000

Internet Banking: Yes

Internet Transaction Fee: $0

Phone Banking: Yes

Phone Transaction Fee: $0

Joint application?: Yes

Minimum Age Requirement: 18

Maximum Age Requirement: No Maximum Age

Age Conditions: If you are less than 18 years old please get in touch directly with BankSA.

Covered by Government Guarantee?: Yes (Up to $250,000 per person, per institution)

What are the features of the BankSA Investment Cash Account?

To make the most of your SMSF or excess investment money, you want an account that adds interest earnings while still giving you total access to your cash. Compare what other Australian banks are offering investors against these features of the Investment Cash Account to make sure that you will be seeing the best returns on your investment money:

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.

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

How do I apply for the BankSA Investment Cash Account?

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.

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.