BankSA Maxi Saver

Last updated: Jan 3, 2021

Receive an introductory interest rate of 0.45% 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.

0.45% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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Product Name	BankSA Maxi Saver
Maximum Variable Rate	0.45% p.a.
Standard Variable Rate	0.05%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

Competitive bonus interest rates for new customers
$0 account keeping fees
$0 minimum deposits required

Cons

Introductory rate is valid for new customers only
BankSA transaction account
Fee for receiving statement

Expert review

Review by

Shirley Liu

shirley@finder.com.au

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 0.45% 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 0.4% p.a. Note, the maximum variable interest rate is subject to the movements of the RBA Cash Rate.

A bonus interest rate of 0.4% p.a. for new customers

For customers who have never used the Maxi Saver to save in the past, a bonus of 0.4% p.a. is added to the standard rate for the first 3 months. This makes your total interest applied 0.45% p.a. on any savings you have in the account.

Purpose of account

This account is for the sole purpose of individual savings. Business owners may want to consider the BankSA Access Saver as an alternative.

No account service fees

With the BankSA Maxi Saver there are no monthly account service fees.

No transaction fees

You will not be charged any fees for using phone or internet banking with this account but you will be charged $0 per transaction if you require assistance from a teller.

Must be linked to a BankSA transaction account

You must have a transaction account set up with BankSA in order to open a Maxi Saver account. This allows you to transfer funds from one account to the other whenever you want using the free internet or phone banking service. However, please be aware there may be fees associated with your BankSA bank account.

How to access your savings

In order to retrieve your savings or add to them, you will need to use phone or internet banking to make transfers. Teller assisted transfers are also available at a BankSA branch but will incur a charge.

Request a monthly statement

A monthly statement can be provided for a $2 fee.

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.

BankSA account. In order to take advantage of the features of your Maxi Saver account you will need to also have an everyday account with BankSA.
Minimum deposit. You should be able to initiate the savings account with at least $1.

Documentation needed

If you are able to meet these eligibility requirements, gather the following documentation before proceeding to the application page:

Personal information. You will need to supply BankSA with your full name, address, date of birth and current address. If you are a United States citizen you will also need to disclose that information at the time of application.
Identity information. You must be able to provide valid proof of your identity either with a passport or driver's licence. If you do not have either of these documents you may use a combination of non-photo ids such as a utility bill and your Medicare card. If you are new to BankSA then you will have to stop by a local branch to complete the identity check.
Account information. You are going to be asked to supply your transaction account number in order for the two accounts to be linked together.

What happens after I submit my application?

It should only take five minutes to complete the application if you are already set up with an everyday account with BankSA. Once the application has been submitted, your new Maxi Saver account should be opened within two business days.

FAQ

The maximum daily limit you can transfer from your BankSA Maxi Saver to your BankSA Transaction account is $1,000,000. There are no fees of paper and e-statements, but if you need a duplicate one, a fee will apply. In most cases, your new savings account will be setup immediately after you apply. If you need to send in ID documents, this could take up to a few business days, depending on when you submit the documents. There's no limit on the amount you can transfer between your Maxi Saver and your linked account, but when withdrawing from your link account there's a maximum daily limit of $5,000. There's no fee for phone and online statements with this account, but if you want a monthly physical statement it's $2.00 per month. It will take 24 hours for your account to be operational if you lodge an online application.

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10 Comments

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

finder 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

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

finder 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

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

finder 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

Tony
October 26, 2015

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

finder 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

Tony
October 27, 2015

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

finder Customer Care

Shirley
October 27, 2015

Hi Tony,

Thanks for your question.

Interest rates varies between banks, what you can do is put in “$8 mil” into our savings account table – our calculator will then figure out the amount of interest earned.

Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.

Cheers,
Shirley

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BankSA Maxi Saver