Deposit Account rates update
Our response to the RBA’s cash rate announcement.
Interest rate changes
Dated: 18th February 2025
Following the Reserve Bank of Australia’s decision to decrease the official cash rate, BankSA has announced changes to our deposit account interest rates.
All new rates are effective 28th February 2025.
| Incentive Saver | |||
|---|---|---|---|
| Balance tier | Rates | Current rate (p.a.) | New rate (p.a.) |
| Entire account balance | Standard variable rate | 1.85% p.a. | 1.60% p.a. |
| Total account balance below $250k | Bonus variable rate1 |
3.30% p.a. | 3.30% p.a. |
| Total variable rate with online bonus (0.10% p.a.) for new customers2 | 5.25% p.a | 5.00% p.a. | |
| Total account balance >= $250k | Bonus variable rate1 | 3.15% p.a. | 3.15% p.a. |
| Total variable rate with online bonus (0.10% p.a.) for new customers2 | 5.10% p.a. | 4.85% p.a. |
| Maxi Saver | Current rate (p.a.) | New rate (p.a.) |
|---|---|---|
| Standard variable rate | 1.10% p.a. | 1.00% p.a. |
| 3 month introductory fixed rate3 | 3.70% p.a. | 3.55% p.a. |
| 3 month online bonus rate | 0.35% p.a. | 0.35% p.a. |
| Total variable rate with online bonus for new customers4 | 5.15% p.a. | 4.90% p.a. |
For all current rates on our other deposit products, find out more.
Important information
Internet Banking and Phone Banking Terms and Conditions (PDF 261KB)
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
1. Incentive Saver Bonus Interest: To meet bonus interest criteria you are required to grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and your account balance can not fall below $0. The eligibility calculation will occur by 11:59pm on the last business day of the month. The variable bonus interest rate applied will differ depending on whether your total closing daily balance is above or below $250,000. The rate will be calculated on the daily closing balance of your account at the end of each day.
2. Incentive Saver Online Bonus: Online bonus offer available for the first 3 months on your bonus variable rate when you open online. For a limited time only. New Incentive Saver customers only, excluding joint accounts. Offer may be varied or withdrawn at any time.
If you are experiencing digital/online accessibility issues, please talk to us.
3. Maxi Saver Bonus Interest: If you open a Maxi Saver account and you have not held an Maxi Saver Account before and you are a personal customer, you'll earn an Introductory Fixed Rate on top of the standard variable interest rates (standard base rate and bonus rate when the bonus rate criteria is met) during the Promotional Rate Period. The Promotional Rate Period is the first 3 months from the date your account is opened. Standard variable rate will apply to all Maxi Saver accounts.
4. Maxi Saver Online Bonus: Online bonus offer available for a limited time only. Only available for new Maxi Saver accounts opened online by applicants who have never held a Maxi Saver account before.
If you are experiencing digital/online accessibility issues, please talk to us.