Open a transaction account, savings account or a term deposit depending on your needs.
Bank of Sydney began operations under a full banking licence in April 2001, and now has branches in Sydney, Melbourne and Adelaide. It offers a range of products and services related to personal banking, business banking and international banking. Also, it provides various insurance solutions as well. The Bank of Beirut acquired the Bank of Sydney in 2011.
- Randwick City Business Excellence Awards, 2015. The bank’s Kingsford Branch team won in the Professional Services category.
Who is Bank of Sydney?
Its range of transaction accounts give you access to funds according to your needs. If you’re considering getting on the savings bandwagon, you can choose to open to savings account or a term deposit.
What about the mobile app?
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| FX calculator | Locating the near ATM |
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What transaction accounts are offered by Bank of Sydney?
Everyday Saver
This everyday account gives you the ability to earn interest, and you don’t have to pay any account keeping fees. You can link this account to a Visa debit card to get easy access to funds in your account, and you can benefit from free unlimited ATM and EFTPOS transactions.
SmartNet
This account also enables you to earn interest and it does not attract any account keeping fees. This is essentially an online account which gives you free unlimited online banking transactions and five free other transactions per month. You can access funds in your account using a cheque book, using a Visa debit card, and by visiting a branch.
Retirement Account
This account is for independent retirees and pensioners over 55 years of age, and offers tiered interest rates. It does not charge any account keeping fees, and comes with a Visa debit card.
Student Savings Account
This account does not charge any transaction fees for EFTPOS transactions and ATM withdrawals, and students under 18 years of age can apply. This card does not charge account keeping fees, and account holders stand to earn interest.
Student Transaction Account
This account does not offer any interest, and it does not charge account keeping fees. Account holders can access funds in their accounts using a Visa debit card or by visiting a branch, although the latter attracts a fee.
What high interest savings accounts are offered by Bank of Sydney?
SuperRate Account
If you have $250,000 or more in this account, you stand to earn bonus interest for the first four months from account opening. To qualify for the bonus interest, you should have a Bank of Sydney transaction account, and use it to transfer $200 or more per month to your SuperRate account by setting up periodical payments. These periodical payments must take place in all four months.
What term deposits are offered by Bank of Sydney?
Term Deposits
Bank of Sydney offers term deposits of terms ranging from one month to thirteen months, and to open one you require a minimum investment of $1,000. These term deposits don’t attract any account keeping fees, and you get the option of automatic rollovers.
Foreign Currency Term Deposits
You can choose to open a term deposits with Bank of Sydney using foreign currency. Currencies Bank of Sydney accepts include American Dollars, Euros, Great Britain Pounds, and New Zealand Dollars. You also have the option of terms from one month, two months, three months, six months, and 12 months.
Back to topWhat are the pros and cons of banking with Bank of Sydney?
Pros
- Numerous choices. Bank of Sydney gives you a number of options from which to choose, so you can expect to find an account in accordance to your specific requirements.
- Foreign currency fixed deposits. Not many financial institutions accept fixed deposits in foreign currencies, but this is one of the many benefits you can look forward to as a Bank of Sydney customer.
- Branch and ATM network. Bank of Sydney has a number of branches in Sydney and Melbourne, and it has a branch in Adelaide as well. Bank of Sydney customers also get to access the Australia wide rediATM network of over 3,000 ATMs for free.
Cons
- No branches elsewhere. The absence of branches outside of Sydney, Melbourne, and Adelaide can work as a drawback, especially for customers who wish to bank in person.
How do I apply for Bank of Sydney account?
Before applying for a Bank of Sydney account, it is important that you compare the features against what other providers are offering to ensure it best meets your personal needs. If you believe a Bank of Sydney account is the best fit for you, simply click on the ‘Go to Site’ button to apply online, but make sure you meet the following eligibility criteria before you apply.
Eligibility to apply online
- You reside in Australia
- You meet account specific minimum age requirements
Documentation
To apply, you’ll need to provide the following.
- Acceptable identification documents like your Australian driver’s license, passport, proof of age card, or Medicare card
- Personal details like your complete name, date of birth, residential address, phone number, and email address
- Your country of birth and nationality
- Your occupation and your employer’s name
