For four months after you open your Bank of Sydney SuperRate Account your savings is boosted by bonus interest on top of the already competitive interest rate. This offer will only be available for a limited time and is only applicable for new funds.
What are the features of the Bank of Sydney SuperRate Account?
A bonus savings account can be a great way to give your money an extra boost in the right direction. Just be sure that you are also comparing the other features of these accounts amongst various Australian banks to ensure that your savings is getting the best value overall.
- Availability. This account is only available for new funds and intended for private use including individuals acting as trustees for trusts. There is only one account allowed per customer per 12 month period.
- Account type. This is an at call savings account, allowing you to make withdrawals whenever you need to.
- Interest rates. This is a variable interest account with a competitive base rate.
- Bonus interest. A fixed 1.05% per annum interest rate is added to the base rate for the first four months on new funds only. In order to receive the bonus rate you must also have a Bank of Sydney transaction account and have periodical monthly payments of at least $200 transferred into the savings account for the duration of the four month introductory offer. The rate reverts to the standard rate after the four month period ends, or if you fail to meet the conditions.
- Interest payments. The interest is calculated on the entire balance of up to $250,000 and paid into the account once a month.
- Electronic banking. You are permitted to set up periodical payments and direct debits from this account as well as direct credits. All of your other transactions will be conducted through your linked transaction account.
- Competitive interest rate
- Rate applies to balances up to $250,000
- Access your account online anywhere and anytime
- Get the bonus interest when you deposit more than $200 per month
How do I apply for the Bank of Sydney SuperRate Account?
If possible, you can apply for the SuperRate Account by visiting your local Bank of Sydney branch. If you are not able to make the trip you can download the application and identification verification forms online. Certain eligibility requirements do exist for this account that you should be aware of before making your final choice:
- Minimum age. Only applicants who are over 18 years of age will be considered for this account.
- Residency requirements. You must be an Australian resident with an Australian residential address in order to have a SuperRate Account opened in your name.
- Depository requirements. There are no account opening minimum deposit requirements for the SuperRate Account.
You are also going to need to provide information that can be found on certain documentation as you are filling out your application forms:
- Tax file number. It is not obligatory to provide your tax file number (TFN) or exemption code but it is used to help ensure that any withholding tax applied on your interest earnings is at the correct rate for your circumstance.
- Identification. A separate form is provided in order to help you verify your identify for Bank of Sydney. Here you will need to provide information from a photo identification document such as your driver’s licence or passport.
After completing forms you can print them and send them by post to a Bank of Sydney branch. They will then review the details and notify you by mail once the account has been established.