BankSA is a South Australian bank, part of the Westpac Group, offering two savings accounts. The Incentive Saver is the ongoing account, paying a competitive rate when you grow your balance by at least $50 each calendar month. Customers under 21 need only grow their balance by $0.01 to qualify. Miss the growth condition in any month and the rate drops to the base rate of 0.10% p.a. for that month — you can requalify the following month.
The Maxi Saver offers an introductory rate for the first six months, then reverts to a very low ongoing rate. It suits savers opening a new account who plan to move their money after the intro period ends rather than park a long-term balance.
Deposits with BankSA are protected under the Financial Claims Scheme up to $250,000 per account holder per ADI.