Bank of Sydney Everyday Saver Transaction Account
- Fee Free Deposit
- Account keeping fee
- ATM withdrawal fee
- Overseas ATM withdrawal fee
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.
Free Visa Debit card
Earn some interest on your balance
Unlimited free electronic transactions
Monthly account fee applies
|Product Name||Bank of Sydney EveryDay Saver Account|
|Monthly account fee||$5|
|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|
|Joint account availability||Yes|
|Minimum opening deposit||N/A|
$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.
Interest rates are tiered - you'll earn 0.05% on the portion of your balance $50,000+.
Interest is calculated each day and deposited into the account monthly.
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.
A Visa debit card and/or cheque book for the account can be issued on request.
Visa debit card
The Visa debit card allows you to make point of sale purchases, shop online and over the phone, with the money you spend coming straight out of your account.
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 charge3% 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.
This account is available to personal account holders only.
How to apply
New and existing Bank of Sydney customers can apply online for the Everyday Saver Transaction Account online.
- 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.
- Depository requirements. The account can be opened with no minimum deposit, but remember that you will be charged an account keeping fee if you are not meeting the $5,000 minimum balance requirement.
- Tax file number. Your tax file number (TFN) is not required, but by providing the Bank of Sydney with that information you will not be charged at the highest tax rates.
- Identification. New customers to the Bank of Sydney will need to provide proof of identity before an account can be opened in their name. This will be done using a photo bearing identification document such as a driver’s licence or passport.
What happens after I submit my application?
Once the Bank of Sydney is able to positively verify your identity, your account details will be sent to you through the email address you provide. If you opted for the Visa debit card, this will be mailed to your address along with documents explaining how the account works. Make sure that before you apply for this product, you have carefully compared it to others to ensure that it provides you with what you need, with the most benefits.
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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?
March 26, 2019
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!
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