BankSA Transaction Accounts

BankSA

BankSA is a provider of transaction accounts, as well as other banking solutions such as home loans, credit cards, personal loans, insurance, superannuation and investment advice.

Compare BankSA savings accounts

Considering a transaction account from BankSA? The table below displays a snapshot of BankSA transaction accounts on Canstar’s database, sorted by Star Rating. These results are based on a person in South Australia with an average of 35 transactions per month.  

Click here to compare more policies based on your circumstances.

What transaction accounts does BankSA offer?

BankSA offers four different transaction accounts at the time of writing:

Complete Freedom

The Complete Freedom account is BankSA’s standard transaction account, charging you no account fees whatsoever if you deposit $2,000 every month and providing you with a Visa debit card, internet banking access and no ATM fees at over 10,000 locations Australia-wide.

Complete Freedom for Students and Under 21s

This is similar to the standard Complete Freedom account, however it’s fee-free for eligible account holders (students, apprentices, and those under the age of 21). Apart from that, it offers all the same features as the standard Complete Freedom account.

Concession Account

The Concession account is a low-cost account for concession card holders, specifically customers who hold a Health Concession Card or Seniors Card.

Retirement Access Account

The Retirement Access account is an everyday account designed for retirees. Unlike the previous transaction accounts, this account provides split interest earnings on your money, making it an attractive option for retirees who want accessible savings.

You can view the current Star Ratings and fees on BankSA transaction accounts in our comparison tables.

Does BankSA also offer savings accounts?

Yes, BankSA does offer savings accounts in addition to its transaction accounts – the Incentive Saver and the Maxi Saver. For more information, check out our brand page for BankSA Savings Accounts.

In order to get more out of a savings account with BankSA, you may need to link it with your transaction account. You do not, however, need to have a savings account with BankSA in order to use your everyday transaction account.

Considering a savings account from BankSA? The table below displays a snapshot of BankSA savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver in SA with $10,000 in current savings.

Click here to compare more savings accounts based on your circumstances and preferences. To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here.

Does BankSA charge fees on its transaction accounts?

Transaction accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. BankSA charges the following fees on its Complete Freedom account at the time of writing (21/8/18date):

  • Free internet banking transactions ATM use, eftpos and staff assisted banking
  • Foreign currency conversion fee: 3.00%
  • Additional statements: $2.00
  • Overseas cash withdrawal: $5.00
  • Periodical payment: $4.00

What does BankSA offer in terms of mobile banking for its transaction accounts?

BankSA offers both online and mobile banking for its transaction account products, with its app available in both the Apple and Google store. Notable features of BankSA’s mobile banking include checking you balance online, unlimited transactions between your accounts and online payments, managing your investments and more.

How to apply for a BankSA transaction account

Before applying for a BankSA transaction account, try to first compare it against others on the market to ensure it is the right one for you. You can then apply for a BankSA account online , over the phone by calling 13 13 76, or by visiting a branch in person. You will need to provide the following documentation:

  • At least one form of ID, such as your driver’s license or passport
  • Accurate personal information, such as your name, date of birth, address and phone number

Once your account is opened, BankSA may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.

Eligibility requirements

Before applying for a BankSA transaction account, you will also have to be an Australian citizen or permanent resident. For Retirement accounts, you will need to be over the age of 55, and applicants for a Concession account must hold a Health Concession Card or Seniors Card.

What other banking products does BankSA provide?

BankSA provides a variety of different products to consumers, including:

About BankSA

BankSA was founded on March 11, 1848 as the Savings Bank of South Australia. Starting with just a single employee and an Afghan shepherd as their first savings account customer, BankSA has since grown over the intervening years to become one of the most popular banks in the state, serving one in four South Australians.

The bank was merged to become the State Government-owned State Bank in 1984, before collapsing in 1991 due to an excess of non-performing assets. It was purchased by St. George in 1997, and subsequently became a division of Westpac Banking Corporation in 2008. BankSA now operates South Australia’s largest ATM network, and provides a full range of banking, insurance and investment services.

Written by: Sam Bloom | Last updated: August 22, 2018