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BankSA Maxi Saver

Shirley Liu
Shirley Liu
Last updated:  

Receive an introductory interest rate of 0.8% p.a. for the first 3 months.

With the Maxi Saver account from BankSA you could see your savings increase in the first 3 months. First time customers are given a bonus interest rate as an extra incentive to start saving. With this, and a BankSA transaction account, reaching your savings goal can be quicker than you thought.

0.8% p.a.

Maximum variable rate

0.05% p.a.

Base interest rate

0.75% p.a.

Bonus interest rate

for 3 months

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Details

Product NameBankSA Maxi Saver
Maximum Variable Rate0.8% p.a.
Standard Variable Rate0.05%
Bonus Variable Rate0.75%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

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

Be mindful that the bonus interest is available for a introductory period only. After the introductory period is over, you may need to reconsider your financial needs.

Key features

Introductory variable rate of 0.8% on the first 3 months for new customers

The base variable interest rate for the Maxi Saver is 0.05% p.a. with the opportunity to earn bonus interest of 0.75% p.a. Note, the maximum variable interest rate is subject to the movements of the RBA Cash Rate.

A bonus interest rate of 0.75% p.a. for new customers

For customers who have never used the Maxi Saver to save in the past, a bonus of 0.75% p.a. is added to the standard rate for the first 3 months. This makes your total interest applied 0.8% p.a. on any savings you have in the account.

Launch savings calculator

How to apply

Once you have completed comparing savings accounts with different banks, if you find that this one has what you need to meet your savings goals then click 'Go to site' to be taken to the secure application page.

Eligibility

First take a look at the eligibility requirements to make sure that you are able to meet them:

  • Your age. Applications will only be considered for person's who have reached their 18th birthday.
  • Where you live. You must be an Australian permanent resident or citizen with a verifiable physical address in Australia.

FAQ

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10 Comments

  1. Default Gravatar
    Mia
    February 18, 2017

    After the 3 months intro- interest rate and I decide to close my account, will there be:
    – Cancellation/ Closing Account fee
    – Any other fee tied with this account, such as account keeping fee?

    Thank you

    Reply
    • Avatarfinder Customer Care
      Dee
      February 20, 2017

      Hi Mia,

      Thanks for your question.

      There is no cancellation fee if you close this account after 3 months.
      With the BankSA Maxi Saver, there are no monthly account service fees.

      Cheers,
      Anndy

      Reply
  2. Default Gravatar
    Pat
    September 5, 2016

    Hi I have a maxi saving account with bank sa and currently getting the 3.2% interest rate till November, I have been with bank sa for a few years.My question is if I withdraw money do I lose the interest or any of the interest. Thank you

    Reply
    • Avatarfinder Customer Care
      Dee
      September 5, 2016

      Hi Pat,

      Thanks for your question.

      The bonus variable rate still applies even if you withdraw funds. The only condition to receive the bonus rate is that you’re a new customer and have never held the saver account before.

      Cheers,
      Anndy

      Reply
  3. Default Gravatar
    Emma
    June 29, 2016

    If one is trying to get the best interest rate for savings Is the best way to achieve this by opening and shutting and moving to different accounts every 3-4 months to get the bonus rate

    Reply
    • Avatarfinder Customer Care
      Clarizza
      June 29, 2016

      Hi Emma,

      Thanks for your question.

      We are a comparison website and as such, can give general advice only. Moving your savings from one account to the other is a good way to build up your savings and take up the benefits of introductory bonus interest rates. If you haven’t already read it, our High Interest Savings Accounts page includes some information that might help you – be sure to check the video at the bottom of the page. One thing to be aware of is the fees or any costs involved in moving your cash between accounts. If there are any fees involved, it’s important to weigh up how this affects your balance.

      Our Savings Accounts page also provides some useful tips that may interest you.

      Hope this helps.

      Clarizza

      Reply
  4. Default Gravatar
    Tony
    October 26, 2015

    How safe is my money in Bank SA? Is it part of a larger bank?

    Reply
    • Avatarfinder Customer Care
      Shirley
      October 27, 2015

      Hi Tony,

      Thanks for your question.

      BankSA is part of the Westpac Group. Its deposits are under the Government Guarantee.

      Cheers,
      Shirley

      Reply
    • Default Gravatar
      Tony
      October 27, 2015

      Thanks Shirley, what’s your best rate on $8mil?

      Reply
    • Avatarfinder Customer Care
      Shirley
      October 27, 2015

      Hi Tony,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and is not in a position to make offers.

      What you can do is put in “$8 mil” into our calculator on this page and indicate whether you can make any more regular deposits – our calculator will then figure out the amount of interest earned.

      Cheers,
      Shirley

      Reply
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