Bank of Sydney Retirement Account
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.
Maximum variable rate
Base interest rate
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 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.
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.
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.
This account accepts direct credits so you can use it to receive your salary or government benefits.
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.
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.
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.
How to apply
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.
What happens after I submit my application?
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.