Bank of Sydney Everyday Saver Transaction Account
Banking can be made simple with a savings account that works just like a transaction account for your everyday money needs.
With the Everyday Saver Transaction Account you get 24/7 access to your money, plus you'll earn a variable interest rate. Pay no fees for account keeping and the account is linked to a Visa debit card with unlimited ATM and EFTPOS transactions.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
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Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
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. Earning interest on a transaction account isn’t very common, so it’s a great bonus feature with this account.
Your balance up to $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.
There’s no monthly account keeping fee to worry about, and 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.
No monthly fees
There are no monthly account keeping fees and no minimum balance requirements to meet.
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.
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.
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 $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 by visiting the Bank of Sydney website.
Before going to the secure application page, make sure that you are eligible for this account:
- 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 $0 minimum balance requirement.
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.
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.