Sydney Mutual Bank Access Savings Account
Take advantage of a simple-to-use transaction account that meets all of your everyday needs.
Sydney Mutual Bank Access Savings Account provides you with a variety of convenient ways to get to your money, pay your bills and make direct debit purchases all while earning interest. Manage your account 24 hours a day with internet banking and keep track of all of your spending habits.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
|Product Name||Sydney Mutual Bank Access Savings Account|
|Monthly account fee||$0|
|ATM Withdrawal Fee||$0|
|Internatonal ATM Fee||$4|
|International transaction fee||2%|
|Monthly deposit required to waive account fee||N/A|
|Contactless Payments||Google Pay, Apple Pay, Samsung Pay|
Interest is earned at a nominal rate on balances starting at $20,000. This rate increases when your balance reaches $50,000 or more.
Interest is calculated on your monthly balance and paid to your account once a year.
Funds are available at call and can be accessed through a cheque book, EFTPOS, internet and phone banking, electronic debits and credits, BPAY, over the counter and with periodic payments.
Debit card access
You are given the choice of a rediCARD or Visa debit card to access your money using ATM withdrawals and point of sale purchases.
Visa debit card
A Visa debit card linked to your account allows you unlimited EFTPOS transactions when you press the credit button at time of purchase.
The number of transactions you can make per month without charge will be dependent on the amount of money you have invested as a whole in Sydney Mutual Bank. This includes the combined balances of all of your accounts and loan products.
Once you have reached the transaction limit for the month, you will be charged for the following transactions; Over the counter cheque withdrawals, periodic payment cheque withdrawal, ATM withdrawals that are not through a rediATM if you are banking using the rediCard, member cheque payment and EFTPOS withdrawals.
You can use both the rediCARD and Visa debit card to make withdrawals overseas. With the rediCARD you will be charged $3 per transaction while your account is charged $4 when you use your Visa debit card.
How to apply
Members of Sydney Mutual Bank can apply for the Access Savings Account through their online banking platform. If you are not already a member of Sydney Mutual Bank you can apply online. This will bring you to a secure application page, but before getting started check that you are able to meet the eligibility requirements:
- Minimum age. In order to complete an application online you must be at least 18 years of age. If you are under the age of 18 you are still eligible to apply but must do so by visiting a branch or calling.
- Residency requirements. Permanent residents and Australian citizens are eligible to become Sydney Mutual Bank members and apply for the Access Savings Account.
- Depository requirements. There is no opening deposit requirement for the Sydney Mutual Bank Access Savings Account.
Certain documentation will also be needed to help ensure that your application is filled out in its entirety. Have the following readily available before getting started:
- Tax file number. While not obligatory, providing your tax file number (TFN) and/or TFN exemption code helps to make sure that any withholding tax applied to your earned interest is at the correct rate.
- Identification. You need to be registered in the telephone book or electoral roll in order for your identity to be verified. This will be done using a current passport, Medicare card or your driver's licence. If your licence was issued in New South Wales, Tasmania or Northern Territory you will need to scan and upload the image into your online application.
What happens after I submit my application?
Once your membership is confirmed you are able to apply for any of the financial products Sydney Mutual Bank provides including the Access Savings Account. Once approved, you can begin to take advantage of a fully accessible interest earning banking account.