BankSA Term Deposit Rates

BankSAIf you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested in learning more about BankSA’s term deposits.

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What terms are available on BankSA term deposits?

According to BankSA, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of five years.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to benefit from the maximum interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on BankSA term deposits?

BankSA’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Monthly
  2. Annually
  3. At maturity

It’s worth remembering that the option you select may have an impact on the rate of interest you earn. Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

Does BankSA have a notice period and charge an early withdrawal fee for withdrawals?

BankSA requires you to provide notice of 31 days if you need to access your money early. According to BankSA, you can only withdraw money during the term by closing your account, i.e. you cannot withdraw only part of your deposit.

BankSA charges an interest rate adjustment if you withdraw your money before the end of the term.

BankSA’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does BankSA charge any other fees for term deposits?

At the time of writing, no additional fees were listed by BankSA in relation to its term deposits.

For current information on fees and how they apply, please check the Product Disclosure Statement or contact BankSA.

How to apply for a BankSA term deposit

Before applying for a BankSA term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

Compare Term Deposits

If applying, consider BankSA’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s license or passport
  • Personal details, including your residential address, contact information and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.

To see if you can apply online for a BankSA term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit BankSA’s website.

Eligibility criteria

According to BankSA, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be at least 18 years old
  • You must be an Australian resident
  • You must be investing a minimum deposit of $1,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

What happens to a BankSA term deposit when it reaches maturity?

According to BankSA, when a term deposit reaches the end of its term, you have the option to withdraw all or part of your deposit along with any interest earned. Or, you can choose to have all or part of the deposit reinvested on the same terms as the original term deposit or with different terms.

If you do not indicate what you would like to happen to your deposit when it reaches maturity, it will automatically be reinvested at the same terms as the original investment was made, at the interest rate available at the time.

About BankSA

BankSA opened its first branch in 1848, as The Savings Bank of South Australia. The bank began as a one-man band – John Hector opened the bank in a single room that was provided free of rent by a mining company.

Today BankSA is the largest financial institution in South Australia, with more than 120 branches in SA and the Northern Territory. In 2008, BankSA, and St.George became part of the Westpac Group (bank of Melbourne is also part of the Westpac Group).

Written by: Maddie Clarey | Last updated: November 9, 2018