The Business Access Saver from BankSA allows your business to set money aside, such as for tax and GST payments.
Earn interest on your balance while also having full access to your business funds.
Pros
24/7 account access
No monthly service fees
No minimum balance required
Cons
Only available for businesses
In this guide
Our verdict
Details
Key details
Key features
How to apply
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This BankSA Business Access Saver account helps you keep you personal and business funds separate. The account requires no minimum monthly balance, has no account keeping fees and offers free banking online, making it easy for Australian business owners to manage their funds.
Details
Key details
Product Name
BankSA Business Access Saver
Maximum Variable Rate
2.35% p.a.
Standard Variable Rate
1.15% p.a.
Monthly Account Fee
$0
Minimum Opening Deposit
$0
Minimum Age
18
Key features
Interest rate of 1.15%
The Business Access Saver offers a variable interest rate on your savings of 1.15%, allowing you to earn some extra cash just for saving some.
Interest calculated daily
Your interest is calculated daily based on the account balance and earnings deposited into the account at the start of the following month.
No monthly fees
You will not be charged any account keeping or other monthly fee with the Business Access Saver, but be mindful that your linked account may require ongoing monthly payments to maintain.
No minimum balance
You will not be required to maintain a minimum balance in the Business Access Saver account, so you can get started right away.
Linked transaction account available
A linked business transaction account through BankSA is necessary in order to transfer money into and out of your Business Access Saver. Both accounts must be held in same business name.
Easy access to your account and unlimited transactions
Keep an eye on your account and make transfers over the phone, online or with your mobile device. These services all provide you with free unlimited transactions. You can also have teller assistance at a BankSA branch four times in a month, but if you exceed that limit you will be charged a fee per transaction.
Mobile banking app available
After signing up for the BankSA online banking feature, you can download the free app onto your mobile device from Google play or the App Store. This feature allows you to control your business savings from a mobile phone or tablet and find the nearest branch, check your balance and make transfers. Login using a custom four digit passcode or if you have a compatible iPhone using iOS8, you can login to your account with a fingerprint check.
How to apply
If after careful comparison you have found that the Business Access Saver from BankSA is right for your business, you can complete their application online. Make sure you meet the following eligibility criteria, and have the necessary documents handy before applying.
Eligibility
Transaction account. You will need to have an eligible BankSA business transaction account to link your Business Access Saver to before proceeding with the application.
Business location requirements. Your business must be registered to operate in Australia.
Minimum age. You must be over 18 years old.
Documentation needed
Tax file number. To avoid withholding tax on the account and to ensure that you are in compliance with Australian tax laws, you will need to provide your tax file number (TFN).
Your business number. You can use any of the following when applying for the account to show that you are the owner of an Australian based business; Australian Business Number (ABN), Australian Company Number (ACN), Australian Registered Business Number (ARBN) or an Australian Registered Scheme Number (ARSN).
Transaction account information. You will need to provide your BankSA business transaction account information at the time of application in order for the accounts to be linked. If you don't already have one you will be prompted to apply for an eligible business everyday account first before continuing with the Business Access Saver.
What happens after I submit my application?
It should take about ten minutes to complete the application. BankSA will send you an email once it has been received informing you of any other information or steps required in order to complete the application and open your account.
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
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