BankSA term deposit

Last updated: Jan 3, 2021

Earn a competitive interest rate on your BankSA term deposit with $0 setup or account-keeping fees.

A BankSA term deposit offers a range of terms from 1 month to 5 years. You can get started with a small investment amount of $1,000 or more, up to $2,000,000. Take advantage of flexible interest payment options and it's suitable for DIY / SMSFs.

Up to 0.25% p.a.

Interest rate

10 months interest rate

$1,000

Minimum opening deposit

Account keeping fee

$2,000,000

Maximum deposit

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Details

Product Name	BankSA Term Deposit
3 month interest rate	0.10%
4 month interest rate	0.10%
6 month interest rate	0.20%
7 month interest rate	0.20%
9 month interest rate	0.20%
12 month interest rate	0.25%
24 month interest rate	0.25%
36 month interest rate	0.25%
48 month interest rate	0.25%
60 month interest rate	0.25%
Minimum Opening Deposit	$1,000
Minimum Age Requirement	18

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$1,000
Available to children	Not available for children

Pros

Low minimum investment of
$0 Account keeping fees
Wide ranges of terms from 1 month to 5 years

Cons

31 days advance notice required in case of withdrawing funds before maturity

Shirley Liu

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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.

Key features

SPECIAL OFFER: 0.35% for 12 months

If you are a new customer and open a new term deposit account or if you are an existing customer and renew your term deposit account, you will enjoy 0.35% for 12 months on deposit from $1,000 to $2,000,000 with interest paid on maturity or monthly. This offer is available for a limited time and other terms and conditions apply.

Minimum investment amount of $1,000

Open a new term deposit with as little as $1,000. On the other end of the spectrum, you can invest as much as $2,000,000.

Terms from 1 month to 5 years

You can invest your money for a short term, for any number of months from 1 to 12 months If you're thinking long term, you can choose terms of up to 5 years.

Options at maturity

BankSA contacts you when your term deposit matures and you get 7 grace days to establish what you want to do with the money. If you wish to close the account, BankSA transfers the funds into a nominated bank account. If you wish to renew your term deposit, you can renew it for the same term again without making any changes.

You can also reinvest the amount changing the terms, amount and how you earn interest. You can compare BankSA everyday and savings accounts here.

Earning interest

While longer terms tend to offer better interest rates in comparison to shorter terms, BankSA offers special rates for shorter terms from time to time, so make sure you check before applying.

Interest payment options

Depending on the term of your deposit, you can choose to earn interest monthly, half yearly, annually, or at maturity. BankSA can transfer this interest into your bank account. You can visit a BankSA branch and collect it in the form of cash or cheque, or you can reinvest it as a new term deposit.

Statements and access

BankSA keeps you posted about your term deposit's progress through an opening confirmation as well as maturity, reinvestment and repayment advices. Access and manage your funds though Online and Mobile banking.

$0 Setup and monthly fees

Opening a BankSA term deposit does not attract any fees, and you don't have to pay any account keeping fees.

Account opening is easy

Opening a new BankSA term deposit account requires that you follow a quick and simple process, and you can take care of all required formalities online, over the phone, or by visiting any BankSA branch.

Access to your funds before the maturity date

You can access funds in your term deposit before maturity for a penalty, but this requires that you provide BankSA with at least 31 days notice. This notice period does not apply in case of financial hardship.

Launch term deposit calculator

How to apply

The online application does not take long to complete, and to get started, click on the 'Go to Site' button.

Eligibility

Before you do, make sure you meet the required eligibility criteria as mentioned below.

You're at least 18 years old
You're a permanent resident of Australia

You wish to invest at least $1,000

Documentation needed

To complete the application, you have to provide different kinds of information, which comprises the following.

Details of an Australian bank account where BankSA will pay the interest (name of financial institution, account name, account number, BSB)
Personal details like your complete name, date of birth, residential address, email address, and phone number
Tax file number (you have to provide this only if you don't want to pay withholding tax)

What happens after I submit my application?

After you submit your application, and if you're a new BankSA customer, you'll have to complete a legally mandated ID check. BankSA sends you a confirmation email once it verifies all the information you provide. It opens the new term deposit soon as it receives the funds, and you can look forward to receiving all related documents via mail soon after.

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BankSA term deposit