Summary

Earn a competitive interest rate on your BankSA term deposit with $0 setup or account-keeping fees.

A BankSA term deposit offers a range of terms from 1 month to 5 years. You can get started with a small investment amount of $1,000 or more, up to $2,000,000. You can choose when and how you'd like to receive your interest payments.

Pros

Low minimum investment of
$0 Account keeping fees
Wide ranges of terms from 1 month to 5 years

Cons

31 days advance notice required in case of withdrawing funds before maturity

Details

Key details

Product Name	BankSA Term Deposit
3 month interest rate	3.00%
4 month interest rate	3.15%
6 month interest rate	3.40%
7 month interest rate	3.50%
9 month interest rate	3.75%
12 month interest rate	4.00%
24 month interest rate	3.30%
36 month interest rate	3.30%
48 month interest rate	3.30%
60 month interest rate	3.30%
Minimum Opening Deposit	$1,000
Minimum age requirement	18
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$1,000
Available to children	Not available for children

Key features

SPECIAL OFFER: 4.60% p.a for 11 months

If you are a new customer and open a new term deposit account or if you are an existing customer and renew your term deposit account, you will enjoy 4.50% p.a for 11 months on deposit from $1,000 to $2,000,000 with interest paid on maturity or monthly. This offer is available for a limited time and other terms and conditions apply.

Plus, you can get an additional bonus rate of 0.10% p.a. if you open or renew your term deposit online - bringing your fixed interest rate to 4.60% p.a.

Minimum investment amount of $1,000

Open a new term deposit with as little as $1,000. Or, you can invest as much as $2,000,000.

Terms from 1 month to 5 years

You can choose between a rage of term lengths between 1 month to 5 years, depending on how long you want to lock your money away.

Options at maturity

BankSA contacts you when your term deposit matures and you get 7 grace days to establish what you want to do with the money. If you wish to close the account, BankSA transfers the funds into a nominated bank account. If you wish to renew your term deposit, you can renew it for the same term again without making any changes (the new rate will be applied depending on the current fixed rate on offer at the time).

Earning interest

While longer terms tend to offer better interest rates in comparison to shorter terms, BankSA offers special rates for shorter terms from time to time, so make sure you check before applying.

Interest payment options

Depending on the term of your deposit, you can choose to earn interest monthly, half yearly, annually, or at maturity. BankSA can transfer this interest into your bank account. You can visit a BankSA branch and collect it in the form of cash or cheque, or you can reinvest it as a new term deposit.

$0 Setup and monthly fees

Opening a BankSA term deposit does not attract any fees, and you don't have to pay any account keeping fees.

Access to your funds before the maturity date

If you need to, you can access funds in your term deposit before maturity for a penalty, but this requires that you provide BankSA with at least 31 days notice. This notice period does not apply in case of financial hardship.

Launch term deposit calculator

How to apply

You can open this term deposit account online.

Eligibility

You're at least 18 years old
You're a permanent resident of Australia
You wish to invest at least $1,000

Documentation needed

Details of an Australian bank account where BankSA will pay the interest (name of financial institution, account name, account number, BSB)
Personal details like your complete name, date of birth, residential address, email address, and phone number
Tax file number (you have to provide this only if you don't want to pay withholding tax)
Two forms of ID such as your Australian passport, driver's licence or Medicare card

What happens after I submit my application?

BankSA sends you a confirmation email once it verifies all the information you provide. It opens the new term deposit soon as it receives the funds, and you can look forward to receiving all related documents via mail or email soon after.

Sources

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Alison Finder

Editorial Manager, Money

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Sue M

February 18, 2025

Please advise the penalty on a 9 mth Term Deposit (Current Interest rate 4%) should it be withdrawn ahead of its maturity date

Thanks

Sue

Angus Kidman Finder

February 18, 2025

Hi Sue, The exact penalty varies depending on how long you’ve held the account for. If you choose to close the account, you’ll typically still need to give 31 days notice, and you’ll lose between 20% and 100% of the calculated interest. If you’re thinking you’re likely to not want to leave the money in the account for the full term, you might be better off considering a high interest savings account instead.

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

BankSA term deposit

Pros

Cons

Key features

SPECIAL OFFER: 4.60% p.a for 11 months

Minimum investment amount of $1,000

Terms from 1 month to 5 years

Options at maturity

Earning interest

Interest payment options

$0 Setup and monthly fees

Access to your funds before the maturity date

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Your reviews

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