Product details
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.
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.
- Product Name
- BankSA Maxi Saver
- Maximum Variable Rate
- 3.00% p.a.
- Standard Variable Rate
- 1.00% p.a.
- Bonus Variable Rate
- 2.00% p.a.
- Introductory / Bonus Offer Conditions
- Earn up to 3.00% p.a. and enjoy an introductory 3 month variable rate including a bonus 2.00% p.a. for new Maxi Saver customers.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $1
- Introductory Interest Period
- 3 month(s)
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $2.50
- 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 Maxi Saver?
When you are comparing BankSA’s Maxi Saver account to similar products with other banks, make sure to note the following features and benefits it offers.
Introductory variable rate of 3.00% on the first 3 months for new customers
The base variable interest rate for the Maxi Saver is 1.00% p.a. with the opportunity to earn bonus interest of 2.00% p.a. Note, the maximum variable interest rate is subject to the movements of the RBA Cash Rate.
A bonus interest rate of 2.00% p.a. for new customers
For customers who have never used the Maxi Saver to save in the past, a bonus of 2.00% p.a. is added to the standard rate for the first 3 months. This makes your total interest applied 3.00% 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 $2.50 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.
Pros
- Competitive bonus interest rates for new customers
- $0 account keeping fees
- $1 minimum deposits required
Cons
- Introductory rate is valid for new customers only
- BankSA transaction account
- Fee for receiving statement
How do you apply for the BankSA Maxi Saver?
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 to apply online
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 required for applying online
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've submitted my application online?
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.
If I have previously held a St George MaxiSaver account am I eligible to receive the bonus interest on a BankSA Maxi Saver account?
If you open a Maxi Saver account and you have not held a Maxi Saver account before, and you’re a personal customer, you’ll earn the introductory promotional fixed bonus rate on top of the standard variable rate during the promotional rate period, which is the first 3 months from the date you opened your account.
Can I open an account in my SMSF’s name?
Unfortunately the BankSA Maxi Saver is only available for personal customers. BankSA has a DIY Super Saver available for SMSFs.
If I have previously held a St George MaxiSaver account am I eligible to receive the bonus interest on a BankSA Maxi Saver account?
Unfortunately you would not be eligible to receive the bonus interest having already opened a St.George Maxi Saver.
Is your Maxi Saver account with intro interest available to SMSF’s ?
This account is not available for SMSFs.
I don’t have any account with BankSA but is thinking of opening a maxi saver account for my kid. Can I transfer money straight from my bank to the maxi saver account?
When you set up your Maxi Saver you’ll be asked to link it to a transaction account. All funds to and from this account will need to go through this linked transaction account. If you choose to link your personal transaction account with your kid’s Maxi Saver, then you can directly transfer the money.
Is there a fee OR a loss of bank interest from the maximum interest rate when withdrawals are made?
This rate is offered to all new customers regardless of what withdrawals or deposits are made during the 3 months.
I would like to open this account as everyday savings account. I will be deposit/withdraw. Do you have any bank charges for withdraw. Can I use an account from another bank as the link account?
This account has unlimited free withdrawals to your eligible BankSA working account. The account you link to this must be a BankSA Transaction, Term Deposit or Savings Account.
As I do not have an account with you, I am currently searching for an online saver account for a large sum of money. Is there a credit limit on this account for withdrawals? What is your fee for Statements? Is the fee for paper and e-statements? If I was to accept the conditions, how long after opening the account before i can operate the BankSA Maxi Saver account and the BankSA transaction account.
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.
I do not have a transaction account with BankSA. I understand this is necessary in order to operate the Maxi Saver. How do I open the transaction account? Can it be done online?
You can open a BankSA transaction account online, and can read about and apply for one of their transaction accounts, the Complete Freedom Account.
I have a large amount to invest for about 2/3 months … What rare can I get please?
If you’ve never held a BankSA maxi saver account before, you can be eligible for the maximum variable rate offer for the first 3 months.
I am looking at opening a Maxi saver.Do I need a BankSA working account or can I use a link account to another bank?
This account requires you to link it to an eligible BankSA transaction, term deposit or savings account.
Is there a maximum amount that can be deposited to receive the bonus interest? Can I transfer money directly to and from an account at another bank with this account?
There is no maximum amount to receive the bonus interest. You can transfer money directly to and from an account given that the account was opened in Australia and is not another Maxi Saver.
Does BankSA Maxi Saver Account provide ATM access?
The Bank SA Maxi Saver is a savings account, meaning it’s linked to a working Bank SA transaction account. This means you’ll get ATM access through your linked account, but not directly through the Maxi Saver.
Is interest add to amount monthly compound?
The interest is calculated daily and paid into your account monthly.
Do I need to be a resident of South Australia to open a BankSA transaction account and Maxi saver account?
You don’t need to be a resident of South Australia to open a BankSA transaction account and Maxi saver, the only criteria is that you use the account for personal purposes and that you’re an Australian resident.
If I withdraw some funds from my maxi saver account will the bonus variable rate interest be forfeited?
No the bonus variable rate still applies if you withdraw funds. The only condition is that you’re a new customer and have never held the saver account before.
It says the offer is only valid for new customers, does this mean that if we already have an account with BankSA we can’t open up the maxi saver?
New customers refers to if you’ve opened a Maxi Saver account before. If you have an account with BankSA you can still open a MaxiSaver.
Was just wondering do i need to have an account to be able to open the BankSA Maxi Saver account?
Yes, according to the terms and conditions for this account, you do have to have a BankSA transaction account to open the Maxi Saver accounts.
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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
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
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
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
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
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
How safe is my money in Bank SA? Is it part of a larger bank?
Hi Tony,
Thanks for your question.
BankSA is part of the Westpac Group. Its deposits are under the Government Guarantee.
Cheers,
Shirley
Thanks Shirley, what’s your best rate on $8mil?
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