BankSA Products - FAQs

1.  How do I know which savings account is right for me?

   Before you choose a savings account, think about what your savings goals are and whether you want to lock your money away, or keep it accessible at all times. The amount you have to invest and the way you prefer to access your money will affect the savings account you choose.
   
   Use our savings account selector or savings account comparison table to help you choose the product that suits your banking or savings needs. You can also talk to us at any BankSA branch or call 13 13 76.

2.  How do I transfer funds from my BankSA transaction account to my BankSA savings account?

   You can transfer funds through Internet Banking for all accounts. For all other accounts, except Express Saver, you can also transfer funds at the branch and through Phone Banking.

3.  What account can I get as a full-time tertiary student or apprentice?

   The Complete Freedom Student Account offers unlimited BankSA transactions with no monthly account service fee and is ideal for eligible full-time students and apprentices.
   
   If you are 18 years of age and older and an Australian resident you can also enjoy the flexibility of a Visa^® Debit Card. This is a card that allows you to shop securely at home, online or overseas using money from your linked transaction account. 

4.  If I choose an account that is designed primarily for electronic transactions, do I get charged for withdrawals at a branch?

   Accounts where Internet and Phone Banking are free are designed for people who do most of their transactions over the phone, using an ATM or online. Depending on the account, you are able to make branch-assisted withdrawals; however, there may be a charge for this service. Our comparison table will provide you with more details.

5.  I don't want a credit card because I don't want to go into debt. Is there a way I can make online purchases?

   A Visa^® Debit Card lets you to access your own money to make purchases online, overseas and over the phone or wherever Visa is accepted. You must be 18 years or older and an Australian resident.

6.  What are the main benefits of a Term Deposit?

   A Term Deposit generally pays higher interest in return for investing your savings for a fixed period of time. It offers you the security of earning a fixed rate of interest on your savings over a fixed term and allows you to plan your finances with certainty.

7.  How do I open a Term Deposit?

   You can open an account online, in person or over the phone:

   1. Open an account online now
   2. Open an account anywhere, anytime via your smart phone
       • Log on to m.banksa.com.au on your smart phone and choose “Open an account”
   3. Call us on 13 13 76 and say "New Account" when prompted
   4. Visit any BankSA Branch

8.  Can I open a Term Deposit online?

   Yes, simply:

   • Click Apply Now on the Term Deposit page
   • Log on to Internet Banking and go to ‘New Account Opening’.
   • Log on to m.banksa.com.au on your smart phone and choose “Open an account”

9.  Can I use BPAY to fund the Opening Deposit?

   Yes, once your Term Deposit Account is open you may use BPAY to fund the Opening Deposit. The BPAY Biller Code is 117606 and the Customer Reference Number is your BankSA 13-digit Term Deposit Account Number. You must fund your Term Deposit Account within 3 business days of when we open your account.

10.  What happens if I withdraw all or part of my Term Deposit before its maturity?

    If you need to break the term of your Term Deposit, you can call us on 13 13 76 or visit a BankSA Branch. The interest you earn will be adjusted on the amount withdrawn as a result.

11.  How much do I need to open a Term Deposit? Is there a maximum amount?

    You need a minimum investment of $1,000 with a minimum term of 1 month to open a Term Deposit and a maximum of $5,000,000 can be invested. We recommend you visit a branch or give us a call on 13 13 76.

12.  How is the interest calculated on my Term Deposit?

    Interest is calculated daily. You can choose how often you wish the interest to be paid to you. Depending on the term, the interest rate will vary depending on the length of the investment.

13.  How do I find out the current interest rate for Term Deposits?

    Check out the current interest rates for the Term Deposits, including any current special rates.

14.  What happens to my Term Deposit at maturity?

    Your Term Deposit has a Grace Period of 14 days. During this period you can make changes to your Term Deposit such as the amount, term and the interest payment frequency. You can also withdraw your funds and close your account during this period. If you don't need to make any changes to your Term Deposit, we will automatically reinvest your Term Deposit for the same term at the current applicable rate for that term.

    You can make changes to your Term Deposit within the 14 day Grace Period via Internet Banking, in branch or by calling us on 13 13 76.

15.  How much can I BPAY^®?

    Each bank sets BPAY limits, so if you don't bank with us you'll need to check with your financial institution. If you do bank with BankSA, you can find out about BankSA BPAY limits.

16. See all FAQs

17. Important information

    Conditions, fees and credit criteria apply.

    View the terms and conditions:

    • Transaction, Savings and Investment Accounts. Banking Services Terms and Conditions and General Information
    • Transaction, Savings and Investment Accounts. Fees & Charges and How to Minimise Them
    • Fixed Term Accounts Term Deposits Terms and Conditions and General Information
    • Fixed Term Deposits interest rates

    MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.

    Visa^® is a registered trademark of Visa Worldwide PTe Limited.

    BPAY^® Registered to BPAY Pty Ltd. ABN 69 079 137 518