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BankSA Complete Freedom - Deposit $500, Receive $50 Cash and a $50 FringeTix Voucher

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BankSA Complete Freedom - Deposit $500, Receive $50 Cash and a $50 FringeTix Voucher
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douglasac10 on 29/11/2017 - 19:33 banksa.com.au (1331 clicks)

Open a Complete Freedom bank account with BankSA, deposit $500 and get a $50 deposit from them within 52 days of making the deposit. Account must be open for 53 days to be eligible for this deal.

FringeTix voucher sent by email within 15 days of opening the account.

Not eligible for the cashback if you have held a Complete Freedom account with BankSA, St. George or Bank of Melbourne at any point from November 13 2016. However it appears that you are eligible for the Fringe voucher even if you aren't eligible for the cash back.

Terms stolen from the website:

Fees and charges apply. Read the terms and conditions at banksa.com.au before making a decision and consider whether the product is appropriate for you. ^Excludes Complete Freedom Student accounts. Excludes customers who have held a Complete Freedom Account with BankSA, St. George or Bank of Melbourne anytime from 13 November 2016. Not available with any other new account offer. Eligible customers need to open a Complete Freedom Account between 13 November 2017 and 15 December 2017 (inclusive). $50 Deposit Offer: Customers must deposit a minimum of $500 within 45 days of opening the account. Eligible customers will receive $50 deposited into their account within 52 days of account opening. Accounts must remain open for 53 days after the account open date to be eligible for the $50 payment. Offer limited to one $50 deposit per eligible customer. Where a joint account is opened, the offer is limited to only one $50 deposit in respect of the account. If one of the joint account holders has already received their $50 deposit in respect of another account, then none of the remaining joint account holders will be eligible for the offer in respect of the joint account. $50 Fringe Voucher: *An email address must be registered at the time of opening the account online, in branch or by phone. The $50 Fringe Voucher will be sent to the provided registered email address within 15 business days of opening the account. Vouchers are subject to the terms and conditions of entry to the Adelaide Fringe available at https://www.adelaidefringe.com.au/terms-conditions-and-priva….

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BankSA (Bank of South Australia)

closed Comments

  • raiseyoursteaks on 29/11/2017 - 19:52

    Nice find! Although I do not qualify for it.

  • NoPetNoKid on 29/11/2017 - 19:59
    +11

    You actually need to deposit 2000AUD else they will deduct 5AUD fee which means you get 45AUD back. Still good 😃

    • T-man on 29/11/2017 - 23:14

      Yup just deposit $2000 and withdraw in the same day to avoid the monthly fee.

    • Darkpulsar on 29/11/2017 - 23:30

      Might be $10 actually depending on when you open the account, needs to be open 53 days minimum

    • DeafMutePretender on 09/12/2017 - 23:55

      Just throwing around some maths. We're doing worst case scenario so there's no things like withdrawing right after deposit because you want to at least appear to be a nice guy/gal instead of a greedy Ozbargainer.

      Avoiding $5 fee

      Assume you deposit 1st $2000 for 62 days and 2nd $2000 31 days. You withdraw everything at the end.

      Month 1 interest forgone on 1st $2000: -$5.10 (3%, 31 days)
      Month 2 interest on second 2nd $2000: $5.10
      Month 2 interest forgone on 1st $2000: -$5.10 (3%, 62 days)
      Month 2 interest forgone on 2nd $2000: -$5.10 (3%, 31 days)
      Free cash: $50

      Net: $39.80

      Eating $5 fee

      Assume you deposit $500 for 62 days (2 months). You withdraw everything at the end.
      Month 1 Fee: -$5
      Month 2 Fee: -$5
      Month 1&2 interest forgone on $500: -$2.60 (3%, 62 days)

      Month 1&2 Interest on $3500 (what you needed to avoid $5 fee): $17.84
      Free cash: $50

      Net: $55.24

      Do Nothing

      Month 1&2 Interest on $4000: $20.39 (3%, 62 days)

      Wait, does this mean it's better to get hit with the monthly fee? My maths might be faulty. The net numbers should be closer in reality because the deposit and withdraw days are on the very edges of the month. Also, if you don't take up this offer, it doesn't mean you lost $50, more like $30.

      Let's try best case scenario:

      Ozbargain Scenario

      No monthly fee
      Month 1&2 Interest on $4000 (because you withdraw straightaway): $20.39 (3%, 62 days)
      Free cash: $50
      Net: $70.39

      Hmm.

      In any case, I probably wasted $5 of my time typing this post.

  • [Deactivated] on 29/11/2017 - 20:21

    Seems like it's available Aus wide? Doesn't look like it is, you need to choose a branch near you. Does anyone know how difficult it is to cancel an account with them?

    • QQPenguin on 29/11/2017 - 20:31
      +3

      You could probably open it online and complete the ID process/sign forms at a St George/Bank of Melbourne branch if you are really keen. They are one and the same.

      • [Deactivated] on 29/11/2017 - 21:37

        Westpac? mention everything but the parent?? Why

        • douglasac10 on 29/11/2017 - 23:16
          +1

          I don't know if it's changed, but while you could (can) do BankSA banking at St George and vice versa, plus Bank of Melbourne now, you couldn't (can't) do BankSA or St George banking at Westpac outside of using the ATMs for no fee.

        • Koulie on 30/11/2017 - 00:45

          @douglasac10:

          ^ Yep (I work at Bank of Melbourne and get at least 2 enquirers a day about this misconception lol)

        • AssociatedPudina Chutney @ BankSA (Bank of South Australia) on 30/11/2017 - 04:51

          @douglasac10:

          Because ST George and Westpac are seperate brands. Although BOM and BSA come under the umbrella of STG and eventually the WBC group, however they are treated as seperate banks.

        • douglasac10 on 30/11/2017 - 10:38

          @Abrez: Yeah I knew that was the case, just wasn't sure if they had married everything together.

    • sween64 on 29/11/2017 - 23:11
      +2

      It can all be done online. I opened a Bank SA account during their last promotion and I live in Melbourne.

      • WaywardOne on 02/12/2017 - 15:54

        Interesting…because for both the last promotion and this promotion the BankSA call centre has told me I did not qualify as I lived outside of SA

        • sween64 on 02/12/2017 - 15:57
          +1

          I did it and didn't ask questions, I received the promotional award.

  • WaywardOne on 29/11/2017 - 20:56
    +2

    FringeTix = Adelaide Festival (Comedy, drama etc)
    https://www.adelaidefringe.com.au/

  • Fobsessive on 29/11/2017 - 21:17
    +1

    Owned by Westpac

  • Ryk on 29/11/2017 - 21:23
    +2

    not a very competitive bank account.

  • idonotknowwhy on 29/11/2017 - 21:45

    so in 54 days, the OzBargain classifieds well be flooded with FringeTix vouchers

    • WaywardOne on 29/11/2017 - 21:53
      +3

      "FringeTix voucher sent by email within 15 days of opening the account."

      It will be flooded in 15 days :D

    • zzymurgy on 30/11/2017 - 09:33

      Remind me, I'll grab a few

  • dna level c on 29/11/2017 - 21:47
    +1

    Normally this wouldn't be worth the effort, but I have a BankSA branch a short stroll from home and I'll have some free time during business hours soon, the stars have aligned.

    • sydozbargain0000 on 29/11/2017 - 21:58
      +1

      You can always open the account online and don't have to physically visit a branch to open one.

      • Daveandie on 09/12/2017 - 10:11

        They made me do an ID CHECK in branch :( clearly the online data failed…. even though no mention of that online

  • Associatedjuke33 @ BankSA (Bank of South Australia) on 29/11/2017 - 22:33
    +10

    I personally work for the bank. You qualify for the fringe deal regardless, and the funds are credited into the bank on a pre-determined date (we have a campaign screen) which shows if minimum requirement has been met and the date it will be credited. Obviously the idea is to retain customers but we expect people to take advantage of this and I've never been over the top in terms of retention.

    • muncan on 29/11/2017 - 22:45

      Bless you

    • sydozbargain0000 on 30/11/2017 - 00:04

      If I open an account today, when will I get charged for the $5 monthly account fee? Is it on the first day of the month (1st Dec) or 30 days after my account was first opened?

      • Koulie on 30/11/2017 - 00:48
        +1

        First month is always fee exempt, i.e. if you opened on the 2nd December and made no deposit for the rest of the month, the $5 Fee will still not be charged.

    • LEFF on 30/11/2017 - 09:36

      Hi juke33,

      Can the money be withdrawn instantly after depositing?

    • [Deactivated] on 19/12/2017 - 16:42

      What happens if I just leave my account without showing ID or activating anything. Will I still get charged monthly account keeping fees?

  • Diji1 on 29/11/2017 - 22:53
    +1

    BankSA Complete Freedom

    Daft Orwellian name …

  • T-man on 29/11/2017 - 23:12
    +2

    For these deals I always want to know how easy to close the bank account, does anyone know?

    • Associatedjuke33 @ BankSA (Bank of South Australia) on 29/11/2017 - 23:57

      Just a matter of rocking up with photo ID in any Banksa/Bank of Melb/St George branch would be the simplest way. Otherwise you could call the call centre on 13 13 76 if you don't live near any branches and see what your options are.

      • random12 on 30/11/2017 - 00:50
        +1

        So not that easy.

        Strange, I managed to open an account completely online, but you have to go in face to face to close….

        • Koulie on 30/11/2017 - 00:55

          Sometimes arrangements can be made.

          But yeah lol - I guess policy changes to suit the bank before it suits the customer. I’m sure as e-forms are more widely accepted this will change over the next few years.

      • sydozbargain0000 on 06/12/2017 - 10:27

        Can the money be withdrawn instantly after depositing?

  • yannicklin on 29/11/2017 - 23:56

    Cannot finish the account open, always bumped to the previous page after click the button of SMS Verify.

    • [Deactivated] on 30/11/2017 - 00:11

      Same here.

      • Anth0ny on 30/11/2017 - 01:19

        same too

    • Jayjay93 on 30/11/2017 - 09:56

      same :(

  • quiteguy on 30/11/2017 - 00:36
    +1

    What is the catch ? A bank won't give anything free.

    • Koulie on 30/11/2017 - 00:52
      +1

      The catch is they hope you’re in it for the long-haul and can eventually make money from you via loans/products.
      I work for the company and find that a very small number of these accounts are actually closed, so it does work! Granted my average customer isn’t an OzBargainer lol

      St George has been pushing for new customers over the last several years since the Westpac takeover and usually has enticing offers to get people to switch banks like this all the time.

    • Fobsessive on 30/11/2017 - 11:31

      ING, ANZ, St George and ME have all done signup offers for free.

  • LEFF on 30/11/2017 - 09:36

    Can the money be withdrawn soon after depositing, and still qualify the account for the bonus?

    • Quarn on 30/11/2017 - 10:39

      Good question. I read it as you say but could be wrong. $500 deposit one day, withdraw the next, close account after 54 days.

      • douglasac10 on 30/11/2017 - 10:56
        +1

        I can't see why you can't do that as there's nothing that forbids it, but there is a $5 fee if you don't put $2000 in the account each month.

  • timhn on 30/11/2017 - 15:05

    Anyone get this message :
    Sorry, we could not verify your identity with Equifax Pty Ltd. Please check that the details you have provided below are correct.
    To increase your chance of being verified please provide at least two forms of ID. Otherwise, we can verify your identity later at any BankSA branch.

    • fLaMePrO on 30/11/2017 - 17:11

      Yep…tried 3 times. Used passport and driver's license, both definitely correct. Now it says I have to go into a branch. I live in Vic, there are no branches..

      • Daveandie on 09/12/2017 - 10:13

        You think that would be enough but failed with me also…

  • soupkitchen on 01/12/2017 - 05:56

    ID check failed for me too, I tried three times. I'm in WA so this deal's not possible.

    We couldn’t verify your identity with Equifax Pty Ltd. You’ll have to go to a BankSA branch to have your identity verified.
    Until then, you can still deposit funds into your account but you won't be able to withdraw.

  • KayDat on 01/12/2017 - 10:23

    I gave three points of ID (Driver's Licence, Medicare and Passport) and account was open right away. They even gave me my BSB and account number right away.

  • zhaoweizhi on 01/12/2017 - 12:20

    Thank you
    We have received your details.
    We're putting the last touches on your account and we'll send an email once it's good to go. This normally takes one business day, but it could take up to two.

    Cannot get BSB and account number right away, I am in NSW.

    • timhn on 04/12/2017 - 12:53
      +1

      They already issued me the BSB & account even they couldn't do the ID verification online.

  • zzymurgy on 05/12/2017 - 12:06

    I already had a BankSA online banking account so I opened one online, transferred $500 in and out, and received the Fringe voucher the next day. Awesome.

  • soupkitchen on 06/12/2017 - 02:05

    Couldn't verify account online, and have to go into branch (from perth, 2500km, 32hrs o/w).
    However just got the $50 fringe voucher in email.
    Bought a light grey hoodie (from merchandise) cost $36.50 plus $15 shipping, so paid $1.50 total.
    Ok deal I think.

    • timhn on 08/12/2017 - 17:09

      How do you use the Fringe voucher to buy?
      [Edit] NVM, saw the payment option at checkout.

    • Daveandie on 09/12/2017 - 10:17

      You can do it at St George if that’s nearby… they’re in WA right?

    • Franconian on 17/12/2017 - 23:22

      Did you get your hoodie? I received a paper voucher / receipt that I redeemed it for a hoodie and my $50 voucher is now $0.00. Maybe I have to collect my hoodie from the festival???

      • soupkitchen on 18/12/2017 - 00:05

        I hope not (have to collect my hoodie from the festival). No didn't get it yet.
        But as we paid $15ish for delivery, sheeit it better not be $15 for delivery of a paper voucher, along with an overpriced hoodie we won't get. Shame on you BankSA, looks like you may have been taken over by Nigerians.

      • soupkitchen on 20/12/2017 - 16:44

        Yes just got the hoodie jacket in express post no sig packet.
        Bit surprised after your experience.
        Anyway, maybe ring them as your should have go it.
        Also it's very ordinary but quite thick and warm looking.

        • Franconian on 20/12/2017 - 18:05

          Thanks, will follow up.

  • enveloped on 14/12/2017 - 17:00

    This is the first banking service which does not require me to show up somewhere to get IDed - I provided my driver licence number and the next day the account becomes accessible online.

  • [Deactivated] on 19/12/2017 - 16:41

    What happens if I just leave my account without showing ID or activating anything. Will I still get charged monthly account keeping fees?

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