Bank of Sydney SmartNet

Earn a generous tiered rate of interest on your deposit, get Visa Debit Card access and unlimited online transfers.

The Bank of Sydney SmartNet gives you the features of a high interest savings account and transaction account all in one. Maintain a deposit of more than $10,000 and less than $24,999 and get rewarded with 0.05% interest. Other rates apply for different account balances. Make ATM withdrawals, purchases and transfer money. This account gives you a Visa Debit Card and unlimited online transfers.

Alison Banney

Last Updated Dec 31, 2020

Account keeping fee

ATM withdrawal fee

Overseas transaction fee

of transaction value

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Details

Product Name	Bank of Sydney SmartNet - DISCONTINUED
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$2
International transaction fee	3%
Monthly deposit required to waive account fee	N/A

Joint account availability	No
Minimum opening deposit	$1

Pros

Earn interest on a transaction account
$0 monthly account keeping fee
Unlimited electronic transactions

Cons

Annual fee applies to linked Visa debit card

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This is a convenient two-in-one account that’s a mix between an everyday transaction account and a savings account. You get at-call access to your money, which means you can access it at any time without restrictions. It comes with a Visa Debit Card that you can use to make purchases online, in store via EFTPOS and to withdraw your cash at ATMs.

At the same time, you’ll also earn interest on your balance. This isn’t common for an account that offers at-call access to your money. On balances up to $10,000 you’ll earn 0.05% interest. And the interest rates are tiered, so you’ll earn even more interest on larger balances.

This interest rate isn’t nearly as high as what you’d get from a savings account, but the majority of savings accounts don’t offer at-call access to your money. So in terms of a transaction account, this interest rate is actually quite generous.

Key features

Important

As of July 2020, this product is only available to existing customers. It is no longer available to new customers. For existing customers, variable interest rates still apply.

Review more banking products from Bank of Sydney.

Business and personal account

This transaction account can be used as a business transaction account or you can apply in your own name.

Interest rate

The Bank of Sydney SmartNet savings account has a tiered interest rate.

Account access

A Visa Debit Card is issued by Bank of Sydney so you can access your money at ATMs and make over the counter and online purchases. Make electronic transfers via internet banking. A chequing facility is also available.

Fees

There is no account application fee or monthly account service fee. A $12 Visa Debit Card issue fee applies so you can make ATM withdrawals and over the counter EFTPOS purchases. Transaction fees apply once you’ve exceeded the free monthly transaction limit.

ATM access

Use the Visa Debit Card to make up to 5 ATM withdrawals balance enquiries every month for free at Bank of Sydney or rediATMs. You can make an unlimited number of over the counter EFTPOS transactions at Australian merchants. A $2 withdrawal fee and $1.50 ATM balance enquiry fee applies for each transaction in excess of your free monthly limit.

Internet banking

Online banking is available from your desktop computer, tablet or smartphone. View your account balance, make and schedule payments, transfer money between accounts with Bank of Sydney and other financial institutions and view statements. Bank of Sydney online banking is available 24 hours a day 7 days a week.

Periodical payments

Except periodical payments to other banking institutions, online banking transfers are unrestricted and free. For example, periodical non-Bank of Sydney home loan payments will incur a $3.00 transaction fee. You can make an unlimited number of periodical payments to other Bank of Sydney Accounts for free.

Direct credits

Prearranged payments from merchants and other creditors can be paid directly into the Bank of Sydney SmartNet account. Direct credit transactions don’t count towards your free monthly transaction limit.

Direct debits

Set up automatic payments to pay your billers such as your telecommunications or financial service providers from the Bank of Sydney SmartNet account. Direct debits and other electronic banking transactions (excluding periodical payments to non Bank of Sydney accounts) do not count towards your free transaction limit.

How to apply

You need to visit a Bank of Sydney branch to apply for the Bank of Sydney SmartNet account. Bank of Sydney require your personal and contact information to open a SmartNet account. If you’re applying for this account in the name of a business, the information requirements may vary.

Eligibility

Information Provide your name, residential address, date of birth and occupation to the Bank of Sydney to open the SmartNet account.

You will also need to verify your identity with the Bank before you can open an account.

Documentation needed

Identification You should be able to use one form of photographic identification such as your driver's licence, passport or proof of age card to verify your identity. These documents must be valid. If you don’t have a valid form of identification, a Bank of Sydney representative can inform you about which documents to use.
Tax Provide your Tax File Number to the Bank of Sydney so your interest earnings can be taxed at the correct rate of interest. If you fail to provide this information, Bank of Sydney will withhold tax at the marginal rate.

What happens after I submit my application?

Once you’re approved for the Bank of Sydney SmartNet account, you can start making deposits right away and register for online banking. It may take up to two weeks before you get the Visa Debit Card.

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