Bank of Sydney Everyday Account
We currently don't have this product on Finder
- Account keeping fee
- $0
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $0
- Overseas transaction fee of transaction value
- 3%
Our verdict
This transaction account has no account keeping fees and unlimited, free transactions.
This account acts like a transaction account offering easy access to your money 24/7, while at the same time paying a variable interest rate on your money. Although the interest rate is quite low, earning interest on a transaction account isn’t very common, so it’s a great bonus feature with this account.
Your balance $50,000+ will earn a modest interest and you’ll still enjoy all the benefits of a transaction account, including a linked Visa Debit card to make purchases in stores, online and to withdraw cash from ATMs. Sometimes transaction accounts that pay interest don't come with a debit card, but this one does.
This account does charge a $5 monthly account fee, which is less common for bank accounts these days. This can be waived if you're under 18, have a lending product with the bank or an average monthly balance of $5,000+.
You can access all Big Four bank ATMs in Australia for free. You will, however, be charged a 3% international transaction fee on overseas purchases and cash withdrawals, so keep this in mind if you do a lot of overseas travel.
Pros
-
Free Visa Debit card
-
No monthly account fee
-
Unlimited free electronic transactions
Cons
-
Lack of branches
Details
Key details
| Product Name | Bank of Sydney Everyday Account |
| Monthly account fee | $0 |
| Card access | Visa |
| Own network ATM fee | $0 |
| International ATM Fee | N/A |
| International transaction fee | 3% |
| Monthly deposit required to waive account fee | N/A |
| Contactless Payments | Apple Pay, Google Pay, Samsung Pay |
Eligibility
| Minimum Age | 18 |
| Joint account availability | Yes |
| Minimum opening deposit | N/A |
| Residency status | Permanent Australian residents with an Australian address |
Key features
$0 monthly fee
There are with $0 monthly account keeping fees, with no conditions to meet.
Account accessibility
Sign up for internet banking with Bank of Sydney and have access to the account around the clock. You can also access your account via the mobile banking app.
Visa Debit Card
This account comes with a free Visa Debit Card which you can use in stores, online and at ATMs around the world wherever Visa is accepted. the money you spend comes straight out of your account.
Cash withdrawals
Unlimited ATM withdrawals are allowed with no fee when you use a Bank of Sydney ATM or RediATM. With ATMs in other networks you may be subjected to additional charges.
Overseas withdrawal fees
Your account is charged $0 for each overseas ATM transaction. This is in addition to transaction charges for converting currency to the Australian dollar.
Overseas transaction charge
3% of the Australian dollar amount will be charged for purchases and cash withdrawals conducted overseas, or online if there is a need to convert the currency to the Australian dollar.Availability
This account is available to personal account holders only.
Sources
Your reviews
Alison Finder
Editorial Manager, Money
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
Jeni Finder
March 26, 2019
Hi Matthew,
Thank you for getting in touch with Finder.
If you consider opening a Bank of Sydney SuperRate account, the fixed 1.05% per annum interest rate is added to the base rate for the first four months on new funds only. In order to receive the bonus rate, you must also have a Bank of Sydney transaction account like the Bank of Sydney EveryDay Saver Account and have periodical monthly payments of at least $200 transferred into the savings account for the duration of the four-month introductory offer. The rate reverts to the standard rate of 1.75% p.a. after the four-month period ends, or if you fail to meet the conditions.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Show more Show less
Matthew
March 25, 2019
Will the Bank of Sydney allow me to take advantage of their fixed deposit interest rates(2.85% in particular) if I open an Everyday Saver account with a deposit of say $300 or $500?