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.
What are the features of the Bank of Sydney Retirement Account?
- 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.
- Visa debit card. The Bank of Sydney Retirement Account gives you access to a Visa debit card. Owing to the Visa connection you can use this card the world over, at ATMs and EFTPOS terminals alike. All you have to do is look for the Visa symbol. You can also use your card details to make purchases and pay bills online and over the phone. This card comes with a daily ATM withdrawal limit of $1,000 and a daily purchase limit of $3,000. You get to make four free ATM transactions per month, and then each subsequent transaction attracts a fee of $2.
- Online banking. You can use Bank of Sydney’s Internet banking platform for free, as often as you like. Online banking lets you check your account’s balance and transaction history. You can also use it to set up direct debits and periodical payments.
- Direct credits. This account accepts direct credits so you can use it to receive your salary or government benefits.
- Cheque book. The bank provides cheque book access upon request. If you write cheques the bank will charge a cheque written negotiation fee of 65c per cheque.
- Statements. If you get your Bank of Sydney Visa Debit Card linked to this account you get statements every month. If not, you get quarterly statements.
- Account keeping fees. The Bank of Sydney Retirement Account does not charge any account keeping fees.
- Other fees. You may have to pay other fees in some scenarios. These can include, but don’t limit to, periodical payments dishonour fees, direct debit dishonour fees, cheque deposit fees, stop cheque fees, dishonoured cheque fees, overseas ATM fees and overseas transaction fees.
- Linked Visa debit card
- No account keeping fee
- Cheque book available upon request
- Minimum opening balance required
- Tiered interest rate structure
How do I apply for the Bank of Sydney Retirement Account?
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.
- Depository requirements. This account comes with a minimum opening balance requirement of $50.
Completing the application successfully requires that you provide different types of information:
- Tax file number. Providing your tax file number is not necessary. If you don’t, the bank may deduct withholding tax from your account’s balance.
- Identification. New Bank of Sydney customers have to go through a legally required identification verification process. You have to provide at least one form of primary photo identification document such as your passport or driver’s license. Alternatively, you can provide one form of non-photo ID such as your birth certificate, Commonwealth citizenship certificate or Centrelink pension card along with one form of secondary ID such as a utility provider or local government body bill.
- Other information. You’ll have to provide your name, residential address, email address and phone number.
If you apply in person the bank opens your account almost as soon as you complete the identification verification process. If you send your application and identification documents over by mail, the bank will notify you when it opens your account.