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Bank of Sydney Student Savings Account

Advertiser disclosure
Interest rate
0.20% p.a.(for $0 and over)
Maximum rate
No Current Offer
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank of Sydney Student Savings Account

Last updated: 28 May 2021.

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What's hot
  • No ATM or monthly account keeping fees
  • Ongoing 0.20% interest rate with no requirements
What's not
  • Converts to account with no interest after 18
Mozo snapshot

The Bank of Sydney Student Savings account could be a great account for children and teenagers to give their savings a boost without the hassle of excessive requirements. It has an ongoing interest rate of 0.20% and carries no account keeping or ATM fees as well as no minimum balances.

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Key features

It’s never too early to encourage your kids to the explore the world of saving. The Bank of Sydney Student Saving account is designed for children under the age of 18, with an ongoing interest rate of 0.20% it can go a long way to boosting your children’s pocket money savings rather than an old-school piggy bank. Plus, with no monthly account keeping fees or minimum balances, their savings won’t be eaten up.

With guardian consent, if you’re aged between 14 and 18 you can qualify for a Visa debit card. This can be used to make unlimited free branch deposits and withdrawals, as well as EFTPOS and ATM use with no attached fees. 

While there is no minimum balance, there is a minimum opening deposit of $1. And once kids turn 18 the account converts to a Bank of Sydney Everyday Saver Account which has no interest on balances under $50,000, so they may want to reassess their banking needs then. 

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Who is it good for

This is an easy first account to help your children track their savings, especially when there are no difficult account requirements.

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Any catches

Just remember kids will need to keep an eye on their savings as they approach 18, as they'll no longer be eligible for this account and the balance will convert to a Bank of Sydney Everyday Saver Account which has no interest on balances under $50,000.

Details

Rates and fees information correct as at 22 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.20% p.a.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • Unlimited free branch deposits and withdrawals per month

  • $0.00

  • Bank of Sydney, rediATM

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • n/a

Other financial bits
  • $1.00

  • $0.00

  • Quarterly

Features
  • yes

  • none

  • yes

  • no

  • yes

  • yes

  • no

  • no

  • yes

  • no

  • no

  • none

  • none

  • Under 18

Customer Reviews

How are Bank of Sydney savings accounts rated by the Mozo community?

Overall
7.9/10
Price
7.1/10
Features
6.5/10
Customer service
8.8/10
Convenience
6.7/10
Trust
8.0/10
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About Bank of Sydney

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