BankSA Bank Accounts

A review of the financial services offered by BankSA, comparing the different accounts offered with other banks

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, updated on October 4th, 2023       

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Founded in 1848 and formerly known as the Savings Bank of South Australia and the Bank of South Australia, BankSA was bought by St. George Bank in 1997, who were then purchased by Westpac Bank in 2008.  It’s South Australia’s largest bank, with 29 branches currently operating across the state.

As a full-service bank, BankSA offers the widest range of financial products, including personal banking, home loans, credit cards, personal loans, insurance, investments and superannuation products.  Savvy can help you make an informed decision on which bank account is best for your needs by providing accurate and easy-to-understand comparison information about different bank accounts side by side.

*Please note that Savvy does not represent BankSA for their personal banking products. All product information and rates are correct as of April, 2022.

Bank SA logo

What are the main accounts and personal banking services offered by BankSA?

Transaction accounts

BankSA’s main transaction account is known as a Complete Freedom Account. There’s no account-keeping fee and it comes with a linked Visa debit card. Having a linked credit or debit card gives you access to the My Offers Hub, a rewards scheme offering reductions on major retail branded goods plus movie tickets and gift cards.

There are often special cash reward offers to entice customers to open a new account in Australia. Up to the 28th of September, 2022, there’s a $40 cash offer to new customers who open a Complete Freedom account and deposit at least $500 within the first 30 days and make five eligible debit card purchases in that time.

BankSA also has a mobile banking app which offers Cardless Cash to enable you to withdraw cash from ATMs using your smartphone. It also offers Apple Pay and the Spend Tracker feature, which categorises your spending so you can keep tabs on your budget.

For children, teens and students under 12, a joint account can be opened in their name with a parent or guardian. Between the ages of 13 and 17, a young person can open an account in their name alone once their signature has been registered. At age 18, the full range of banking services, including credit card facilities, is open to customers.

Savings accounts

BankSA offers an Incentive Saver account and a Maxi Saver account. The Incentive Saver account has a base interest rate of 0.15% p.a. with a bonus rate of 0.10% p.a. If aged over 21, to achieve the bonus interest rate you’ll have to keep your account balance above $0 and grow your account by at least $50 a month. If aged under 21, you’ll need to maintain an account balance above $0 at all times and grow your account by at least $0.01 each month.

A Maxi Saver account offers a basic interest rate of 0.25% p.a., with a fixed bonus interest rate of 0.02%p.a. for new customers for three months. No BankSA savings accounts have account-keeping fees and all can be accessed either online or via BankSA’s mobile app.

For seniors and aged pensioners, BankSA offers a Retirement Access Account for those aged over 55 years who are retired. This is a combined transaction and savings account, with no account-keeping fee and no charge for over-the-counter transactions. The interest offered is 0.05% p.a. for balances up to $50,000, 0.10% p.a. for balances from $50,001 to $250,000, and 0.25% p.a. for any part of the balance over $250,001.

Term deposits

BankSA offers a range of term deposits with a minimum deposit amount of $1,000. Special offers are frequently advertised: for example, 0.3% p.a. for five months for existing customers opening a new term deposit on balances from $1,000 up to $2 million. Once the term of the deposit has expired, customers can choose to reinvest their savings for another set term, withdraw their funds or rollover funds and add to their savings to increase the balance. Typical interest rates on offer in April 2022 are 0.07% p.a. for a three-month term, 0.15% p.a. for a six-month term and 0.3% p.a. for a 24-month term (with interest paid either at maturity or annually). Term deposits can be opened either in person or online using the BankSA banking app.

How do I apply for a BankSA bank account?

How do I apply for a BankSA bank account?
You can open a BankSA bank account either in person, online or by phone. BankSA says it takes less than three minutes to complete their application process online. The eligibility criteria for opening a BankSA bank account online are:

  • You’ll need to be at least 14 years of age
  • You’ll need an Australian residential address
  • You’ll need to be a resident of Australia at the time you open your account

You’ll also need to provide one primary identification document including your photograph (such as your passport or Australian driver’s licence) or one primary non-photograph document (such as a birth certificate or citizenship certificate) plus one secondary form of ID (such as a Medicare card, marriage certificate, a Centrelink letter, ATO letter, utility bill, lease agreement or state proof of age ID card).

Pros and cons of BankSA


Access to multiple ATMs

BankSA customers are also able to use ATMs badged as St. George Bank, Bank of Melbourne and Westpac in Australia.  ANZ is a member of the Global ATM Alliance, giving a choice of over 50,000+ international ATMs free of charge

No account-keeping fees

The bank has recently dropped its $5 a month account-keeping fee, offering free banking to all its customers, not just children, students and pensioners

Plenty of choice

BankSA is a full-service bank offering a wide range of products, providing accounts suitable from childhood up until retirement, including superannuation and investment services


No split accounts

BankSA has not yet introduced the ability to split bank accounts into sub-accounts, which allows you to name and designate separate accounts according to your savings goals

Low base interest rate

The basic interest rate offered by BankSA on savings is on the low side, but comparable with the other major banks in this low-interest environment

Lack of transaction account features

Whereas other major banks have introduced a range of innovative new features, the BankSA online and mobile banking experience is still relatively traditional

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