BSP review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
BSP pays 3.5% on an easy access savings account with a monthly fee of PGK 0 and a minimum deposit of PGK 0, and keeps lending in the same group. It suits savers in Papua New Guinea who want money reachable and a loan in the same place.
Key facts
- Best for
- Saving in Papua New Guinea with no minimum balance and no monthly charge.
- Headline rate
- 3.5%↗
- Rate type
- Variable↗
- Term
- up to 60 months↗
- Minimum deposit
- PGK 0↗
- Access terms
- 24/7 mobile and online access, no minimum balance↗
- Monthly fee
- PGK 0↗
- Account kind
- Easy access↗
- Legal entity
- BSP Financial Group Limited↗
- Headquarters
- Papua New Guinea↗
- Founded
- 1974↗
- Support channels
- Phone, Email, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- bsp.com.pg
Loans
Personal insurance
Mortgages
- Initial rate
- 5.5%↗
- Maximum loan to value
- 90%↗
- Product fee
- PGK 600↗
- Purpose
- Purchase, First-time-buyer, Remortgage, Buy-to-let↗
Facts checked September 26, 2026, 14 sources
Apps and profiles
- Get the app
- App Store
Pros and cons
Pros
- Access runs 24/7 mobile and online access, no minimum balance, so money stays reachable.
- Personal and debt consolidation loans of PGK 1,000 to PGK 110,000 at 26% to 35%, listed for home improvement.
- A first home ownership loan at an initial rate of 5.5% with a product fee of PGK 600.
- A Visa debit card with multi currency and travel, plus life and health cover from the group's own insurer.
Cons
- Eligibility is Papua New Guinea residents, so most readers in the UK and Europe are shut out.
- The variable rate can be cut by the bank, so interest income is not fixed.
- Personal loans at 26% to 35% add an application fee that steps up on larger balances.
Who it suits
- Papua New Guinea residents who want savings, cards and loans from one group.
- Anyone starting small, since the minimum deposit is PGK 0 and the account runs on a no monthly fee basis.
- Homebuyers, since the first home ownership loan serves purchase, first time buyer and remortgage.
Who should look elsewhere
- Savers chasing a higher ceiling, who should weigh Finteres and its 0% to 36% range.
- Readers outside Papua New Guinea, since Papua New Guinea residents rules them out; Wise is listed at 3.29%.
How BSP compares
9.5 vs 8.0
9.5 vs 9.4
9.5 vs 9.4
9.5 vs 8.5
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9.5 vs 8.7
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9.5 vs 9.0
9.5 vs 9.0
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Where BSP is available
- Available
- Cook Islands, Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga, Vanuatu
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What rate does the savings account pay?+
The savings account pays 3.5% and the rate type is variable, so the bank can move it over time. The account is an easy access one, which suits money that may be wanted without notice. The listed median for this family is 3%.
Is there any charge to keep the account open?+
The account carries a monthly fee of PGK 0 and a minimum deposit of PGK 0, and the fee model is listed as no monthly fee. Nothing needs to be held in the balance to keep it running, so a small pot still works. That suits a first saving rather than a lump sum.
Who can open the account?+
Eligibility is Papua New Guinea residents, and the group has been a bank in the country since 1974. Support runs on phone, email and help centre for account questions. For readers in the UK or Europe, this condition is the point to check first.
How do I put money in and take it out?+
Access runs 24/7 mobile and online access, no minimum balance, so deposits and withdrawals can be made through mobile and online banking at any hour. The bank lists PG as its home country, and BSP Financial Group Limited is the legal entity behind the accounts. No branch is needed for the everyday movements.
Can I borrow from the same bank?+
Personal and debt consolidation loans run PGK 1,000 to PGK 110,000 at an APR of 26% to 35%, listed for home improvement. The application fee steps up on larger balances, so the price of a bigger loan rises too. BSP is a direct lender rather than a broker, which keeps the decision in one place.
Does BSP lend against a home?+
A first home ownership loan is offered with an initial rate of 5.5% and a product fee of PGK 600. It serves purchase, first time buyer and remortgage, so first time buyers, remortgagors and buy to let borrowers can all use it, and the maximum loan to value is 90%.
How does the rate compare with the wider market?+
The 3.5% sits above the site median of 3% for savings, and BSP ranks 189 of 488 brands on headline rate here. Wise lists 3.29% and bunq 3.01%, so on published numbers BSP pays the most of the three.
Are the products here investments where money can be lost?+
The products listed for BSP are savings, loans and insurance rather than investments, and the savings side pays 3.5% on no monthly fee terms. For context, accounts on this site that do carry retail trading risk show a median retail loss of 70.15%.
Sources
- bsp.com.pg/about/our-story checked September 26, 2026
Backs: Founded
“1974 BSP was incorporated as the Bank of South Pacific, a wholly owned subsidiary of the Australian parent.”
- bsp.com.pg/help/contact-us checked September 26, 2026
Backs: Headquarters, Support channels
“Section 34, Allotment 6 and 7, Klinki Street, Waigani Drive, Port Moresby, Papua New Guinea”
- bsp.com.pg/personal-banking/banking-with-us/classic-visa-... checked September 26, 2026
Backs: Features, Card network
“Shop worldwide anywhere Visa is accepted”
- bsp.com.pg/personal-banking/banking-with-us/kunducard checked September 26, 2026
Backs: Card type
“The KunduCard is a debit card linked to your BSP Personal Transaction Account”
- bsp.com.pg/personal-banking/insurance/bsp-life checked September 26, 2026
Backs: Insurance types
“Life insurance - Safeguard your family's financial future. Health insurance - Cover your family's medical costs, hospital stays and essential care. Mortgage protection - Protect your home with a plan...”
- bsp.com.pg/personal-banking/loans/first-home-ownership-loan checked September 26, 2026
Backs: Initial rate, Maximum loan to value, Product fee
“First Home Ownership Loan 5.5% pa Variable K600”
- bsp.com.pg/personal-banking/loans/home-loans checked September 26, 2026
Backs: Purpose
“First Home Ownership Loan, Housing Loan ... or refinance an existing mortgage with a local financial institution, Personal Property Investment Loan ... purchase a residential property for investment...”
- bsp.com.pg/personal-banking/loans/personal-loan checked September 26, 2026
Backs: Loan amount, APR, Lender type, Loan types, Arrangement fee, Term, Use cases
“Borrow between K1,000 and K110,000.”
- bsp.com.pg/personal-banking/savings-accounts-and-term-dep... checked September 26, 2026
Backs: Audience
“Help your child build strong savings habits with a fee-free account that grows with them.”
- bsp.com.pg/personal-banking/savings-accounts-and-term-dep... checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Pricing model, Monthly fee, Rate type
“Get 24/7 banking with mobile and online access”
- bsp.com.pg/terms-conditions checked September 26, 2026
Backs: Eligibility, Legal entity
“The products and services described in this site are only available to approved applicants who are Papua New Guinea residents”
- bsplife.com.pg checked September 26, 2026
Backs: Provider type
“We are the only insurer in PNG offering an Anticipated Endowment Product!”
- bsplife.com.pg/make-a-claim checked September 26, 2026
Backs: Claims channels
“Here are a number of ways you can submit a claim. Contact your Life Insurance Agent or Broker Account Manager; Visit a BSP Branch to lodge a Consumer Credit Insurance claim; Visit a BSP Life PNG...”
- bsplife.com.pg/wantok-delite checked September 26, 2026
Backs: Cover limit
“Free interim accident cover will apply while your application is being considered, the benefit will pay K50,000 or amount equal to your sum insured whichever is lesser.”
- bsplife.com.pg/wantok-sumatin checked September 26, 2026
Backs: Age range
“Eligibility starts at 5 years old to a maximum entry age of 59 years”
Compiled from 15 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Deposit protection.