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Sydney Mutual Bank iNetSaver Account

Interest rate
0.30% p.a.(for $2,000 and over)
Maximum rate
0.80% p.a. (for $2,000 to $500,000)

Mozo editorial review Sydney Mutual Bank iNetSaver Account

Last updated: 1 May 2020.

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What's hot
  • 0.80% p.a. maximum rate for first 4 months
  • No account keeping fees
  • No minimum deposit
What's not
  • 0.05% p.a. standard variable rate on balances below $2,000
Mozo snapshot

The Sydney Mutual iNetSaver is a simple account that comes with a generous introductory rate. The standard variable rate might not be too much to write home about (0.05% p.a. for balances up to $1,999 and 0.30% p.a. for balances of $2,000 and above), but for the first four months new account holders will get an extra 0.50% p.a. to help boost their savings.

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Key features

The Sydney Mutual iNetSaver is an online access account that sports a standard variable rate of 0.05% p.a. for balances of between $0 and $1,999 and 0.30% p.a. for balances of $2,000 and above. But for the first four months, new account holders will be treated to a bonus 0.50% p.a., which brings the maximum rate to 0.80% p.a. on balances between $2,000 and $500,000.

Interest is calculated daily and paid monthly, and when it comes to accessing your money, you’ll be able to make unlimited transactions via phone and internet banking.

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Who is it good for

The Sydney Mutual iNetSaver would suit those with at least $2,000 in savings. But considering the maximum interest rate reverts to 0.3% p.a. after four months (0.05% p.a. if your balance is lower than $2,000), it might be best to shop around for another place to put your savings once those four months are up.

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Any catches

As mentioned above, the maximum rate of 0.80% p.a. will only apply for the first four months (assuming you have at least $2,000 in your account and haven’t held the account before). After that, the interest rate will revert to 0.50% p.a. If that’s too low for your standards, it might be worth switching to another account.

Details

Rates and fees information correct as at 6 July 2020. 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: 0.05% p.a.
    Balances from $2,000: 0.30% p.a.

  • Balances from $0: 0.55% p.a.
    Balances from $2,000: 0.80% p.a.
    Balances from $500,000: 0.30% p.a.

  • Bonus rate available for new account holders for the first four months.

Fees
  • $0.00

  • n/a

  • Unlimited phone and internet banking

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • none

  • none

  • none

Customer Reviews

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

Overall customer rating
8.3/10
Price
7.2/10
Features
6.5/10
Customer service
8.4/10
Convenience
7.6/10
Trust
8.1/10

Latest reviews of Sydney Mutual Bank iNetSaver Account

  • Overall 10/10
    I just love SCU

    With my second account I can save money up for an emergency its so great

    Read full review

    With my second account I can save money up for an emergency its so great

    Price
    10/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    5/10
    Trust
    10/10
    Less
    Tracey, New South Wales reviewed over 4 years ago
  • Overall 9/10
    Great online website and redi ATMs everywhere

    Very good bank. However, would be better with more branches.

    Read full review

    Very good bank. However, would be better with more branches.

    Price
    7/10
    Features
    8/10
    Customer service
    6/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Walter, New South Wales reviewed over 6 years ago
Sydney Mutual Bank

About Sydney Mutual Bank

SCU previously known as Sydney Credit Union creates a longer lasting relationship when it comes to banking. SCU offers great rates for customers, with accounts that have low or no fees attached. Products that SCU offer savings accounts, term deposits, debit cards, personal, car and home loans, credit cards, business finance and overdrafts facilities. SCU are generous when it comes to dealing with your money.

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