Plenty of savings accounts come with criteria you’re required to meet in order to maintain the highest interest rate, but with the Bank of Sydney BOS Saver you won’t have to worry about any of that as long as you have a balance between $5,000 and $5,000,000. That could make it a set-and-forget option worth looking at for savers with a larger balance.
The Bank of Sydney BOS Saver is really built for savers with an established savings balance, as it offers an interest rate of 0.40% for balances between $5,000 and $5,000,000. However, balances below that $5,000 mark won't earn any interest.
While many savings accounts require savers to meet certain conditions each month to get the same competitive interest rate, the BOS Saver isn't one of them, because you won’t need to jump through any hoops to earn an interest rate as long as you meet the deposit requirement.
When signing up, new customers will be asked to provide their contact details, an Australian driver’s license or passport, and Tax File Number. If you’re an existing customer, however, you’ll just need to have your contact details and your Bank of Sydney Transaction Account Number handy.
When you sign up, you'll also get a Bank of Sydney transaction account, allowing you to access your savings as needed. You’ll be able to make unlimited free transactions between your linked transaction account, but when it comes to making over the counter deposits or withdrawals, a $5 fee will apply.
The Bank of Sydney BOS Saver could suit anyone who's looking for an account that isn’t bogged down by requirements like monthly minimum deposits and withdrawal limits. Just remember you’ll need to have at least $5,000 in your account to start earning interest though.
To open a BOS Saver account you’ll need a minimum balance of $1,000, though as we mention above, you'll want to make sure your balance is $5,000 or above to ensure that it's earning interest.
Balances from $0: 0.00% p.a.
Balances from $5,000: 0.40% p.a.
Balances from $5,000,000: 0.00% p.a.
n/a
n/a
$0.00
n/a
Unlimited free transactions between linked Bank of Sydney Transaction Account.
n/a
n/a
n/a
$5.00
$5.00
n/a
n/a
$0.00
n/a
$1,000.00
$0.00
Monthly
no
none
no
no
no
yes
no
yes
yes
yes
yes
none
none
none
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Up
Saver Account
1.10% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
0.10% p.a.(for $0 and over)
1.20% p.a. (for $0 to $250,000)
Yes up to $250,000
HSBC
Serious Saver
0.15% p.a.(for $0 and over)
0.30% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Citi
Online Saver
0.35% p.a.(for $0 and over)
1.10% p.a. (for $0 to $500,000)
Yes up to $250,000
HSBC
Flexi Saver
0.05% p.a.(for $0 to $5,000,000)
0.25% p.a. (for $0 to $5,000,000)
Yes up to $250,000
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
0.80% p.a. (for $0 to $250,001)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
0.05% p.a.(for $1 and over)
1.05% p.a. (for $1 to $250,000)
Yes up to $250,000
Up
Saver Account
0% p.a.(for $0 and over)
1.10% p.a. (for $0 to $1,000,000)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000
