You can open a Bank of Sydney Student Savings Account if you’re under 18 years of age. Funds in your account earn interest at a competitive flat variable rate. Opening this account requires as little as $1. If you’re 14 to 18 years old you get access to a Visa debit card.
What are the features of the Bank of Sydney Student Savings Account?
- Minimum opening balance. Opening this account requires no more than $1.
- Interest. A flat variable interest rate applies to balances in Student Savings Accounts. This rate currently stands at 1.85% p.a. Calculation of interest happens on an everyday basis, and it credits to your account monthly.
- Accessing funds. You can get a Visa debit card if you’re 14 to 18 years old, only if you have parental or guardian consent. The bank does not provide this card to account holders under the age of 14 years. Making periodical payments from this account is possible. You can also use it for setting up direct debits and credits.
- Visa debit card. If you qualify for the Visa debit card you can use it at any ATM or EFTPOS terminal that displays the Visa symbol, anywhere in the world. What helps is you can use it to make unlimited ATM withdrawals from RediATMs across Australia for free.Making purchases and paying bills online and over the phone is easy when you use your card details. You don’t have to pay any monthly or annual fee to use this card. Its daily purchase limit is $3,000 and the daily ATM withdrawal limit is $1,000.
- Online banking. If you’re over 14 years of age you get full access to Bank of Sydney’s online banking platform. Account holders under 14 years of age get enquiry only access, although parents linked to their ebanking get full access. With full access you can turn online to set up periodical payments and direct debits.
- Direct credits. You can use this account to receive direct credits from your employer or from anyone else.
- Cheque book. You don’t get a cheque book with the Bank of Sydney Student Savings Account.
- Account keeping fees. You don’t have to pay any ongoing account keeping fees to use this account.
- Other fees. Other fees can apply in some circumstances. These can include card replacement fees, overseas ATM fees, overseas transaction fees, inward cheque dishonour fees, direct debit dishonour fees and periodical payment dishonour fees.
- Statements. Account holders get paper statements every six months. If your account links to a Visa debit card you’ll get statements each month.
- Earn interest on your transaction account
- No monthly account keeping fee
- Linked Visa debit card with access to RediATMs
- Only available for students aged between 14 - 18
How do I apply for the Bank of Sydney Student Savings Account?
You can apply for the Student Savings Account by visiting your nearest Bank of Sydney branch. To use the bank’s online branch locator, visit the Bank of Sydney website. Before you apply, establish if you meet the required eligibility criteria:
- Age requirement. You can apply for this account if you’re under 18 years of age. Account holders under the age of 14 years don’t get access to the Visa debit card.
- Residency requirements. You’re an Australian resident and have an Australian residential address.
- Depository requirements. You can open this account with a minimum balance of $1.
The application process requires you to provide the following information:
- Identification. You’ll have to provide an acceptable form of ID or more to complete the legally required identification process for opening new bank accounts. A valid passport or driver’s license will work. To find out about other forms of ID you can use, contact a bank representative.
- Tax file number. If you have a tax file number, providing it to the bank ensures that you don’t pay any withholding tax.
- Other information. The application requires your complete name, date of birth, residential address, phone number and email address.
Once you complete the identification verification process the bank opens your account almost immediately. If you qualify for a Visa debit card, you’ll receive it via mail in the next seven to 10 working days.