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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.
1.00% p.a.
Maximum variable rate
0.05%p.a.
Base interest rate
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Product Name | BankSA Maxi Saver |
---|---|
Maximum Variable Rate | 1.00% p.a. |
Standard Variable Rate | 0.05% p.a. |
Monthly Account Fee | $0 |
Minimum Opening Deposit | $0 |
Minimum Age | 18 |
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.
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.
10 Comments
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
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
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
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
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
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
October 26, 2015
How safe is my money in Bank SA? Is it part of a larger bank?
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
October 27, 2015
Thanks Shirley, what’s your best rate on $8mil?
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