In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other transaction accounts
  • Your reviews
  • Ask a question
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Bank of Sydney Everyday Saver Transaction Account

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Bank of Sydney EveryDay Saver Account

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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

In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other transaction accounts
  • Your reviews
  • Ask a question

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

Picture not described

$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+.


How to apply

New and existing Bank of Sydney customers can apply online for the Everyday Saver Transaction Account online.

Eligibility

  • Minimum age. Applicants under the age of 18 are eligible if they have the authorisation of a guardian.
  • Residency requirements. You must be an Australian resident for the Everyday Saver Transaction Account.

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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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?


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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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