Bank of Sydney Everyday Saver Transaction Account
- Fee Free Deposit
- $5,000
- Account keeping fee
- $5
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $0
Our verdict
This account is an everyday transaction account that also pays a small amount of interest on your balance.
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 the standard variable interest rate of 0.05%. 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
-
Earn some interest on your balance
-
Unlimited free electronic transactions
Cons
-
Lack branches
-
Monthly account fee applies
Details
Key details
| Product Name | Bank of Sydney EveryDay Saver Account |
| Monthly account fee | $5 |
| Card access | Visa |
| Own network ATM fee | $0 |
| International transaction fee | 3% |
| Monthly deposit required to waive account fee | $5,000 |
| 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
$5 monthly fee
There is a $5.00 monthly account fee for this product which can be waived if your monthly account balance is equal to or more than $5,000. It'll also be waived if you're under 18, or if you've got a lending product with the bank.
Earn interest
Interest rates are tiered - you'll earn 0.05% on the portion of your balance $50,000+.
Compare other transaction accounts
Your reviews
Alison Finder
Editor
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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
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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?