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Our verdict

Earn an ongoing 4.25% p.a. with no monthly deposit conditions to meet.

This is a flexible savings account that pays interest on your balance, while still allowing you to make withdrawals whenever you need to.

Pros

No monthly deposit requirement to meet
Transfer money to the linked transaction account whenever you need to
Automatically receive a linked transaction account at the same time

Cons

$1,000 minimum opening deposit requirement

The Bank of Sydney Saver Account pays an ongoing, variable interest rate of 4.25% p.a.. There are no monthly deposit conditions to meet to earn interest, and you can make withdrawals to your linked Bank of Sydney transaction account at any time.

Details

Key details

Product Name	Bank of Sydney BOS Saver
Maximum Variable Rate	4.25% p.a.
Standard Variable Rate	4.25% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$1,000
Minimum Age	18

Key features

Earn an ongoing variable 4.25% p.a.

Earn an ongoing variable 4.25% p.a. with no monthly deposit conditions to meet.

Interest calculated daily

Interest is calculated daily and paid into your account monthly.

Linked everyday account

When you open the Bank of Sydney Saver account, you'll also receive a linked Bank of Sydney EverydaySaver transaction account. You can make withdrawals from your Saver account to your transaction account at any time with no transfer fees.

No debit card access

This savings account doesn't come with a debit card, but the linked transaction account does. You can transfer money from your Saver Account to your Bank of Sydney transaction account anytime.

Backed by the Australian Government Guarantee Scheme

Your deposit, up to $250,000, with the Bank of Sydney is backed by the Australian government.

How to apply

You can apply for this account online, and you'll get a linked Bank of Sydney transaction account during the same application process.

Eligibility

Over 18. You must be at least 18 years of age or older to open this account.
Australian resident. You must be an Australian permanent resident or citizen with a verifiable address in Australia.

Documentation needed

Your ID. You'll need to provide at least two forms of identification in order for your application to be processed, such as a driver's license, passport, birth certificate or Medicare card.
Tax File Number (TFN). If you don't provide your TFN, the Bank of Sydney will be required to withhold tax on your interest earnings at the highest marginal rate.

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Alison Finder

Editor

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Bank of Sydney Saver Account