The BOS Everyday Saver has a standard interest rate of 1.60% p.a which is almost unheard of these days for an everyday transaction account, especially one with no monthly account fees. The interest rate drops to 0.60% p.a on balances over $50,000 but really, if you've got this kind of balance in an everyday account its time you look at parking it in a high interest savings account.
The account has an optional Visa Debit Card which is great if you are planning on travelling overseas or shopping online. It comes chip enabled so you'll also be able to "tap n go" for purchases under $100 in Australia wherever Visa is accepted. But there is a $12 annual card service fee if you choose the Visa Debit option.
You can use the BOS Everyday Saver ATM and Visa Debit Card overseas for making withdrawals and purchases. With the standard BOS ATM card or the Visa Debit card, overseas ATM withdrawals are free (another unheard of.) For both card options there is a 3% foreign exchange margin on all overseas transactions so factor this into your travel budgeting.
Applying for the Bank of Sydney Everyday Saver is easy, if you're not near a branch you can apply online. Plus you'll get access to online banking.
Who it's good for:
People who are looking for an everyday account which is low on fees and great on flexibility.
There's a $1000 daily ATM withdrawal limit so just watch this if you need to make a large purchase.