SENSE Savings Account works together with an everyday account to help make your banking easier and reach your savings goals quicker. Just make sure that you are meeting the deposit conditions on the everyday account and you earn a competitive interest rate on what’s in your savings. Plus enjoy a feature that allows you to save even more by directly depositing your spare cents into your savings account.
Link with your SENSE transaction account to keep track of your finances.
What are the features of the BankSA SENSE Savings Account?
When making comparisons between the SENSE Savings Account and similar products offered by other banks, you also need to take their linked transaction accounts into consideration:
- Monthly service fee. There is a $5 monthly service fee for the account that is waived if you are able to deposit at least $2,000 into the linked transaction account each month.
- Interest rate. Interest is earned at a competitive rate for balances in the SENSE Savings Account.
- How interest is calculated. Interest is applied onto the balance daily and deposited into the account once a month.
- Rounding. When you make purchases with Visa debit, Freedom Card or BPAY through the linked SENSE transaction account, the amount is automatically rounded up to the next dollar amount with the spare change deposited into your savings.
- Linked account. In order to make deposits or withdrawals into your SENSE Savings Account you will use internet or phone banking to transfer funds within the transaction account.
- Charting. With your statement you get comprehensive charts that show you exactly how your savings is growing.
- App. To make your online banking mobile, BankSA has apps available for Windows Phone, iPhone and Android mobile devices.
- Two accounts - SENSE Savings Accounts and SENSE Everyday Transaction Account
- $5 account service fee if minimum deposit of $2000 is met
- Free banking transactions
- Monthly service fee applies if minimum deposit required not reached
- Foreign currency conversion fee applies
- Overseas ATM withdrawal fee of $5 applies
How do I apply for the BankSA SENSE Savings Account?
If the convenience and savings potential that the SENSE account provides is what you are looking for to fill all of your banking needs, you can apply online in just ten minutes. Alternately you can use a BankSA and apply for the savings account from your mobile phone. You should first familiarise yourself with the eligibility requirements for this account:
- Minimum age. Australians as young as 14 years old can apply for this savings account.
- Residency requirements. You must be an Australian permanent resident in order to be considered.
- Depository requirements. While there is no minimum balance requirement for the SENSE Savings Account, you will need to deposit at least $1 when opening the linked everyday account. Also remember that in order to be exempt from any monthly fees you will have to deposit at least $2,000 into the transaction account monthly.
Other information and documentation you will need in order to complete the application accurately includes:
- Tax file number. The BankSA does not require you to provide your tax file number (TFN) or exemption code, but by giving them that information you can ensure that the right withholding tax amount is being taken from your interest earnings.
- Identification. A photo ID such as a passport or driver’s licence will be needed to confirm your identity. If you are not already a BankSA customer you may be required to stop by your local branch to complete the identity check.
Keep in mind that you will be applying for both the SENSE Savings and Everyday account in order to be able to link the two and take advantage of the benefits they provide together.