Bank of Sydney EveryDay Saver Account

Bank of Sydney EveryDay Saver Account

Maximum Variable Rate

1.35

Account Keeping Fee

0

Banking can be made simple with a savings account that works just like a transaction account for your everyday money needs.

  • Free unlimited EFTPOS transactions
  • Free withdrawals from Bank of Sydney and RediATMs in Australia
  • Linked Visa Debit

Product details

With the Everyday Saver Transaction Account your savings earn a competitive interest rate. Pay no fees for account keeping and the account is linked to a Visa debit card with unlimited ATM and EFTPOS transactions.

This transaction account offers a very competitive interest rate that isn't often seen across the industry.

Product Name
Bank of Sydney EveryDay Saver Account
Monthly Account Fee
$0
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Interest Rate p.a.
1.35%
Details
No monthly fee + free unlimited ATM withdrawals from any Bank of Sydney ATM or RediATM in Australia.
Joint Application
Yes

What are the features of the Bank of Sydney Everyday Saver Transaction Account?

With the Everyday Saver Transaction Account you could be looking at these features that help you to save and spend.

  • Fees. There are no monthly account keeping fees so long as you maintain a minimum monthly balance of $1,000.
  • Interest. No matter what your balance is, you will be earning interest monthly on your savings at a competitive rate.
  • Interest calculation. Interest is calculated each day and deposited into the account monthly.
  • Account accessibility. Sign up for internet banking with Bank of Sydney and have access to the account around the clock.
  • Funds accessibility. A Visa debit card and/or cheque book for the account can be issued on request.
  • Visa debit card. The Visa debit card allows point of sale purchases, shop online and over the phone, with the money you spend coming straight out of your account.
  • Cash withdrawals. Unlimited ATM withdrawals is 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 $5 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.

Pros

  • Cheque book available on request
  • Unlimited ATM withdrawals from Bank of Sydney or RediATMs in Australia
  • Unlimited balance enquiries

Cons

  • Lack of ATM access and branches

How do you apply for the Bank of Sydney Everyday Saver Transaction Account?

New and existing Bank of Sydney customers can apply online for the Everyday Saver Transaction Account by clicking on ‘Go to Site’.

Eligibility

Before going to the secure application page, make sure that you are eligible for this account:

  • Minimum age. Applicants under the age of 18 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 $1,000 minimum balance requirement.

Documentation

Documentation recommended to have readily available while filling out the online application includes:

  • 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.

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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