BankSA Incentive Saver (Under 21) Summary
Description
An account that rewards you with bonus interest for regular saving to help you save faster.
Benefits
- No monthly savings-account fee.
- No upper balance cap in the reviewed ongoing pricing.
Hoops
- Available up to age 20.
- For bonus interest, make at least 1 qualifying deposit each month, grow the balance by at least $0.01 each month. Check the full requirements below.
On this page
Details
Key details
| Product name | BankSA Incentive Saver (Under 21) |
|---|---|
| Maximum variable rate | 5.40% p.a. (Ongoing, Incentive Saver (21 or over)) |
| Ongoing interest rate | 5.40% p.a. |
| Base interest rate | 0.01% p.a. |
| Minimum age | - |
Source: noren.com.au
All comparison details
| Base | 0.01% |
|---|---|
| Ongoing | 5.40% |
| Ongoing cap | No cap |
| Intro | - |
| Intro cap | - |
| Intro period | - |
| Dep/mth | 1 |
| Dep $/mth | - |
| Growth/mth | $0.01 |
| Buys/mth | 0 |
| Txns/mth | - |
| W/d/mth | - |
| Min age | - |
| Max age | 20 |
| Fee/mth | $0 |
Source: noren.com.au
Rates & features
Interest rates
Variable rates % p.a. at $699, assuming applicable bonus conditions are met.
- Base: 0.01% p.a., before bonus interest.
- Ongoing: 5.40% p.a. when bonus conditions are met. No upper cap.
Full rate breakdown
| Type | Rate | Applies to | Balance |
|---|---|---|---|
| Base rate component | 0.01% | Whole balance | All balances |
| Ongoing total, conditions met | 5.40% | Whole balance | All balances |
Source: noren.com.au
Share/Export
Requirements
- Keep the balance at or above $0 throughout the month.
- Make at least one customer deposit, interest and bank-initiated deposits do not qualify.
- Grow the balance by at least $0.01 during the bank-defined month. Withdrawals can prevent meeting growth.
- Deposits must settle by 9:59pm Sydney time on the last business day, the bank includes Saturdays as business days, excluding national public holidays.
Fees
- Monthly account fee: $0
Showing reviewed fees only, other charges may apply
How to apply
Check these eligibility requirements before applying with BankSA.
- An account may be opened in a child's name when the child is under 14, with a parent, guardian, or grandparent as authorised signatory.
- Those with an Australian residential address and who are currently in Australia.
- Every account holder must be under 21, children under 14 need an authorised adult signatory.
More from BankSA
Similar products
Sources & review
Noren aggregates information from multiple primary sources to ensure you're getting the most up-to-date, accurate information. All product information is peer reviewed.
Collected and verified on 31 Oct 2026.