$50 Bonus if You Open a SA Complete Freedom Account by The 17th March and deposit $500 in 60 days.
min $2000 deposit to avoid fee each month
$50 Bonus if You Open a Bank SA Complete Freedom Account by The 17th March and Deposit $500 in 60 Days
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LSuperSkinny on 10/03/2017 - 16:17 banksa.com.au (355 clicks)
Last edited 10/03/2017 - 18:57 by 1 other user
Last edited 10/03/2017 - 18:57 by 1 other user
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This is a transaction account, the NAB offer is a credit card.
More than the $40 from Macquarie. Edit: Although that required a $100 spend.
Says you only have to deposit $500, not actually spend it.
Never heard of BankSA. Is this eligible for all states or only SA?
Only south Australia.
Are you sure?
Can't find anywhere saying only SA, can you send the link?
Download their app and use the branch locator. They are part of St.George group, similar to bank of melbourne.
@aaronbaron: Branches may be in SA but doesn't say that the offer is only for SA. Anyone can use online banking?
Ah sorry, to clarify, their branches are in south Australia, but I can't think of anything stopping someone opening an account online for this.
Subsidiary of Westpac
For these deals like this, I am just keen on how easy to cancel the account once I've got the bonus money
From the FAQ https://www.banksa.com.au/personal/bank-accounts/tools/faqs/…
"
How do I close an account?To close a BankSA account that you no longer need, please visit your local branch. If you don’t live near a BankSA branch, you can call us on 13 13 76.
"The store locator finds Westpac branches, so perhaps you can close it over the phone or in person? The $2000/month deposit to avoid the $5/month account keeping fee is holding me back
Is it like ING where it doesn't have to stay in the account?
Customers will receive $50 deposited into their account on or after 31 May 2017. Accounts must remain open on 31 May 2017 to be eligible for the $50 payment.
So the account must remain open for nearly 3 months and you must also put $2000 each month to avoid $5 fee.
just withdraw $2000 and deposit it again every month
Looks like the SA version of the St George offer.
- Offer available to customers who have not held a Complete Freedom Account (including all joint account holders) at any time between 23 February 2016 to 23 February 2017. Customers need to open a Complete Freedom Account between 24 February 2017 and 17 March 2017 (inclusive) and deposit a minimum of $500 within 60 days of opening the account. Eligible customers will receive $50 deposited into their account on or after 31 May 2017. Accounts must remain open on 31 May 2017 to be eligible for the $50 payment. For customers with multiple eligible accounts, only the first eligible account will receive the $50 deposit, which may include a joint account. Fees and charges apply. Please read the terms and conditions at banksa.com.au before making a decision and consider whether the product is appropriate for you
Re: $2000 deposit to avoid fees:
Minimum total monthly deposits to avoid the Account service fee: $2000
2.1: Where a requirement for a minimum total monthly deposits applies to your Account to avoid the Account service fee, the Account service fee will not be charged for each month in which the minimum total of customer initiated deposits is made by the last business day of the month. Any deposits made after the last business day of the month will be included in the minimum total monthly deposits calculation for the next month. Customer initiated deposits are any deposits made by or at your request.
Examples include a deposit of money by way of salary, pension, cash or cheque. It does not include certain amounts credited by us such as interest, rebates and adjustments.Eg: For March a total of $2000 must be transferred in by Friday 31st March. This could be one lump sum of $2000 or 4x $500 or any combination that is equal or greater than $2000. There's no mention of a requirement to keep that money in the account.
My guess with all of these deposit $x per month or salary into your account to minimise fees where you can take it out is for either them to use your funds for investment or to get you to become a loyal customer for long term.
I suspect that the long term stayers always outweigh the join and cancel group.
what if you currently hold a freedom account with st george and open one up with the bank of sa under this promo will you still qualify for the $50?
Interesting this is. Yearssssssss ago there is a BankSA promo and StGeorge promo like this together. I manage to get both $50 bonus. I called BankSA to open a bankSA and random select a branch at Adelaide. Once that open, I went to a St George branch to open the other. do exactly the same and both got the credit.
Some staff will say Bom, BankSA, St george are same but some may say different. depend on the person you deal with. but I believe the system will trigger differently.
No idea whats happen now
Seemingly mine should open within one business day via email confirmation. Anybody else get a similar message? I'm in WA but appears not to be a barrier to opening an account, will know soon.
which branch did you randomly pick for your account held in SA? I think that will trigger the account locate as in SA
Student can apply via this link:
https://www.banksa.com.au/personal/bank-accounts/transaction…no monthly fee & only need to deposit $250.
I just called 131376. The staff said this offer is only for SA resident.
Really?
Unlike…
I put account in as Adelaide.
I assume you are not from Adelaide?
Correct.
What did you put the nearest store? :D
Adelaide Hills I think.
Thank I did open the account hopefully the verification bit is ok! :D
Confirmed account opened with WA address.
I got an email from BankSA:
"Deposit a minimum of $1000 in your account (such as your salary) by the last business day of each month and you will pay no account service fee. "
I thought it was $2000/month?
Also has anyone else received an SMS to enable internet banking?
Intersting. I just opened an account for myself and one for my partner. Mine is still awaiting confirmation, her's was opened immediately…
I opened mine 8 years ago but still waiting confirmation. Any update on yours?
Nope. I'll call the branch on Tuesday.
Woops meant to say 8 DAYS ago lol.
@tajid: Haha!
It turns out my account has been opened. I just logged in to my Bank of Melbourne account to check my credit card and it has appeared there.
BSB lookup has it as BankSA, Toorak Gardens as I chose.
Hmm how did you get your login details? I only got 1 email from them after opening and nothing else.
@tajid: He used his existing Bank of Melbourne login. I was in the same boat as you two (received an email when I opened, nothing since), when he mentioned that I checked my St George login and my account has been opened too. My issue is I already claimed this offer last year in June with St George, and the T&C state it's only for customers who didn't hold a Complete Freedom account between the 23rd Feb 16 - 23rd Feb 17. I half knew this going in (assumed I'd get a BankSA login/account this time) but I'm tempted to give it a go anyway. Just means I need to deposit and withdraw $2000 for the next 3 months at least since the $50 won't be credited until the 31st of May or later.
If you deposit and withdraw the $2000 in the same day is the account fee still waived? Or does it need to be there at least over night?
@sween64: I can't say for sure, but I assume it would be okay. It simply states you need to deposit $2000, which you would be doing even if you sent it back out on the same day. I would be happy to try it but sadly the transfer from my ANZ account takes too long. When I was doing the deposits for the St George promo I ended up having to wait until the next day to send it back. Looking at it now I don't know why I didn't try doing it from my CBA account since they are the fastest by far. If the transfer I did this morning shows up later today, even if it's after the cutoff, I'll send it back straight away and next month if I don't get charged a fee, I'll try getting it in and out before the cutoff, assuming it gets there early enough from the CBA account.
@akz0: Thanks. I'll be using an ANZ account. I'll probably do four $500 transfers on different days hoping that after the initial transfer it becomes quicker.
Hey I also opened St George student free account in Jan and till now I still have not received any email re my SA account. Should I just call them or assume I am not qualified again?
@sween64: Last time i asked them re $250 deposit, they said no minimum time it has to stay in the account, as long as there's a $250 credit shown. I'd assume this is the same.
@tajid: So you never received a single email? If your Complete Freedom Student account with St. George was still open when you applied for the BankSA one, I'd say that's why you never received an email, since your basically trying to open an account you already have. You can actually login to the BankSA Net Banking using your St George (and probably Bank of Melbourne too) details, because it's all the same backend, just a different skin. I don't see myself getting the $50 again, but I might as well try and see what happens so we know for next time. If I do get it, well I guess it just shows you should always close the account as soon as you get the bonus. If your going to ring and ask about it, you might as well close the account to increase the likelihood that your eligible for next time.
Just an email confirmation of SA student freedom account application & in there says I will get another email with my details (that never came). I will try & login with my SGB details.
But yes my SGB account is still open as I haven't got my $50 from them, suspect end of the month.
When we received the confirmation letter is that mean we already opened a new account? Today is 17th of March I got a confirmation letter at 13:30 but I haven't got the account information yet.
applied on 17th march but only got a confirmation email that a/c was open on 20th march logged into st George and i can see Adelaide a/c bsb. will i still qualify for the promo?
$50 awarded to my account and my wife's on 8th May. I've been OS so only just checked it. Now time to cancel. Thanks again OP.
still no $50 for me and wife got charged $5 as i forgot to transfer 2 k over from the maxi account last month. how do you go about getting it refunded and do they accept health care cards to waive the $5 account fee?
what, only $50? see what NAB offer: https://www.ozbargain.com.au/node/288837