BankSA offers a range of term deposits with generally relatively competitive returns.

Customers with different saving needs can choose from the bank's term deposit durations that include short-term (1-5 months), mid-term (6-11 months), and long-term (12-60 months).

What are the key features of BankSA term deposits?

These are correct at the time of writing and are subject to change.

Once their term deposit matures, depositors have the option to withdraw part or all of their funds into their nominated account or reinvest for a new term deposit. Existing customers who renew online during the grace period (14 calendar days from the date of maturity) may also get a bonus interest rate on their next term deposit.

BankSA has ongoing special offers on select term deposit products. For a limited time, existing customers can unlock bonus rates when they open or renew online. This special promo typically renews upon the end of the promo period. Interested customers may check directly with the bank to know the latest rates and conditions that apply.

What are the fees charged to term depositors?

BankSA term depositors are not subject to any account service or transaction fees. However, premature redemption of a term deposit will entail an interest rate reduction depending on the term elapsed from the time of the deposit until early withdrawal.

Depositors must provide 31 days' notice to withdraw funds before maturity unless due to hardship. Hardship cases will be assessed and approved by the bank.

How to open a term deposit with BankSA

Personal and business customers are eligible to open a term deposit account with BankSA. Individuals can apply online, via phone, or in-branch. Joint applications and applications for a trust of self-managed super fund, however, must be completed at the bank's branch.

Existing customers can apply for a term deposit through the available channels. New customers, on the other hand, are required to hold a BankSA transaction account to open a term deposit. This is where interest is paid into.

To be eligible, an applicant must be an Australian citizen or a permanent resident and and able present standard proof of identity documents (e.g. passport, driver's licence, or other government-issued ID). Individuals under the age of 14 may also open an account provided that the opening is facilitated and signed by a parent or guardian.

While not mandatory, term depositors are highly advised to provide a tax file number (TFN) to prevent overpayment of tax on interest earnings.