Get to know Bank of Sydney and their award-winning savings accounts

By Olivia Gee ·

We’d forgive you for thinking you might need to be a Sydney resident to join Bank of Sydney (BOS). Despite being named after the harbourside city, this exciting smaller player has been servicing Aussie consumers across the country since it entered the market in 2001. 

For almost 20 years, the group has been operating out of branches in Sydney, Melbourne and Adelaide, with a focus on growing roots in these diverse communities. They’ve got solid plans for investing in sustainable business practices to combat climate change (they’re moving forward on digital banking over paper), community programs ranging from medical research to arts and culture support, and transparent and accountable economic policies.

And they’re clearly scoring some goals, as they’ve once again been included in the Mozo Experts Choice Awards! This year they’ve scored three wins, all with a focus on flexible savings.

Bank of Sydney and the Mozo Experts Choice Awards 2020

  • No strings savings

Mozo’s savings account awards address a range of savings products, finding the most competitive interest rates to grow your nest egg at any stage of your saving journey. The no strings savings category recognises accounts with the best ongoing rates for those looking to streamline their savings process by not having to meet ongoing conditions.

Why is BOS a total boss in this category?

The BOS Saver account stood out as a winner in meeting these standards. While you need to have a tidy $5,000 tucked away to get the 1.50% p.a. interest rate, you won’t have to worry about account keeping fees, or be slowed down by pesky withdrawal limits or monthly deposits. Bear in mind, you will need a minimum balance of $1,000 to get the account going. 

  • Small business no strings saving

The small business banking awards consider everyday, savings and term deposit accounts that suit the needs of the country’s small enterprises. Again, the no strings category within these awards celebrates banking products that make saving and growing your business earnings easier, without any withdrawal limits or ongoing deposit requirements.

Why is BOS a total boss in this category?

What the BOS Saver account brings to the table for individuals, it’s also doing for small businesses. If you’ve got a bundle you want to grow without any hassles, but can’t ensure exact cash-flow due to seasonal and other changes in business activity, this flexibility is going to be ideal. 

  • Short term deposit

With interest rates for term deposits taking a broad dip in 2019, you’ll be on the lookout for the absolute best value account for your rainy day stash. The short term deposit category highlights the products providing extra flexibility, so your savings can earn more across variable terms. 

Why is BOS a total boss in this category?

With the option to build on savings for just one month up to one year, Bank of Sydney’s Term Deposit Online Exclusive is perfect for aspiring frugal gurus who want to kick-start their savings stash. There’s automatic roll-over once your deposit matures (if continued savings is what you’re keen on), no account keeping fees, and the option to receive monthly payments if your happy horde sits at more than $25,000. Rates start at 1.20% p.a. but jump to 1.75% p.a. if you lock away your bundle for at least six months. But to reap these benefits, you’ll need to be an existing Bank of Sydney customer, as interest can’t be paid out to an external bank account. 

RELATED ARTICLE: Which banks have cut savings rates following the March RBA decision?

If you want to compare Bank of Sydney’s products against some of their competitors, check out the other Mozo Experts Choice Awards winners for 2020, or investigate more savings accounts and term deposits with our banking comparison tools.

Olivia Gee
Olivia Gee
Money writer

As one of Mozo’s money writers, Olivia Gee shares her research and insights across banking, insurance and property to help readers save. She loves getting stuck into a story, unveiling all the facts, breaking down stats and drawing on personal experiences - this is what drives her as a journalist. She has a double degree from the University of Wollongong, with a BA in Journalism as well as Media and Communications.