Bank of Sydney Student Transaction Account
Who else wants a student’s transaction account that provides easy access to money and does not charge any account keeping fees?
The Bank of Sydney Student Transaction Account is an everyday banking account that provides access to money in different ways. If you’re over 14 years of age you can get a linked Visa Debit Card.
This account has an almost non-existent minimum balance requirement. It does not charge any ongoing account keeping fees.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
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.
Account keeping fees
The Bank of Sydney Student Transaction Account does not attract any monthly or annual account keeping fees. If you qualify for the Visa Debit Card you don't have to pay the otherwise applicable $12 annual card service fee.
You may have to pay other fees in some situations. These can include branch withdrawal fees, overseas transaction fees, overseas ATM fees, card replacement fees, periodical payment dishonour fees, direct debit dishonour fees and inward cheque dishonour fees.
Minimum account balance
You need to have only $1 in your account to keep it going.
Access to money
If you're 14 to 18 years old the bank can give you a Visa debit card linked to your Student Transaction Account, provided you get parental or guardian consent. You cannot get this card if you're under 14 years old. You can use this account to set up direct credits and debits. The bank also lets you use this account to make periodical payments.
Visa Debit Card
The Visa Debit Card that the bank provides gives you global access to money in your account, at ATMs and EFTPOS terminals alike. You don't have to pay any fees when you use your card to withdraw money through RediATMs across Australia. EFTPOS transactions in Australia are also free. The card comes with an everyday ATM withdrawal limit of $1,000 and an everyday purchase limit of $3,000.
Online and phone banking
If you qualify for the Visa debit card you can use your card details to make purchases and pay bills over the Internet and over the phone. Account holders over the age of 14 years get complete access to the bank's Internet banking system. If you're under 14 years old you'll get enquiry only access.
Account holders can use their accounts to receive direct credits from their employers or from anyone else.
This student transaction account does not provide cheque book access.
If you have a linked Visa debit card you'll receive a statement every month. If not, you'll get one every six months.
How to apply
Walk into any Bank of Sydney branch to apply for this student transaction account. You can find out where the nearest branch is by using the bank's online branch locator. Applying for this account requires that you meet these eligibility criteria:
- Age requirement. You have to be less than 18 years old to apply. You can get the Visa debit card if you're 14 to 18 years old.
- Residency requirements. You should be an Australian resident and should have an Australian residential address.
- Depository requirements. Opening this account requires no more than $1.
To complete the application successfully, prepare to part with the information listed below:
- Identification. New Bank of Sydney customers have to complete a legally mandated identity verification process. This requires that you provide a suitable form of identification document such as your passport, driver's license or Medicare card.
- Tax file number. Providing your tax file number ensures that the bank does not end up deducting withholding tax.
- Other information. You'll have to provide your name, residential address, email address and phone number.
What happens after I submit my application?
After the identification verification process is complete the bank does not take long to open the account. If you're to receive a Visa debit card it can take seven to 10 business days to get to you.