Bank of Sydney Retirement Account

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Open this Bank of Sydney account as a retiree and get easy access to your money.

The Bank of Sydney Retirement Account is for retirees over the age of 55 years. It lets you earn interest on your money in a tiered manner where the higher balances attract better rates. A linked Visa debit card and online banking give you round-the-clock access to your money. You don’t have to pay any ongoing account keeping fees.

0.3% p.a.

Maximum variable rate

0.3%p.a.

Base interest rate

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Details

Product NameBank of Sydney Retirement Account
Maximum Variable Rate0.3% p.a.
Standard Variable Rate0.30%
Monthly Account Fee$0
Minimum Opening Deposit$50
Minimum Age55

Expert review

Alison Banney

Review by


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.

Expert review

This account is for Austarlians aged over 55, and offers the combined benefits of a transaction account and a savings account in one. There are no monthly account fees and you can make unlimited free EFTPOS purchases in Australia for free with the linked Visa Debit card.

What makes it a bit more than a standard everyday account is that you’ll also earn interest on your balance. This isn’t very common for a transaction account. You’ll earn 0.3% on balances above $40,900, and a lower rate on balances below this.

It also comes with a cheque book if needed, and you can make free deposits or withdrawals in Bank of Sydney branches. However, if you live outside of Sydney you might find it difficult to find a branch near you, so make sure you consider this if branch access if something you’re looking for.

Key features

Minimum opening balance

You can open a Bank of Sydney Retirement Account with as little as $50.

Access to funds

You can access money in your account using a Bank of Sydney Visa debit card. You can make periodical payments, set up direct debits, make online purchases and even write cheques.


How to apply

Eligibility

You can walk into any Bank of Sydney branch to apply. You can also download and complete an application, which you can then send via mail. To download the application, visit the Bank of Sydney website. Remember that you have to meet the following eligibility criteria to apply:

  • Minimum age. You should be at least 55 years of age.
  • Residency requirements. You should be an Australian resident with an Australian residential address.

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