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Bank of Sydney BOS Saver

Advertiser disclosure
Interest rate
0.40% p.a.(for $5,000 to $5,000,000)
Maximum rate
No Current Offer
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank of Sydney BOS Saver

Last updated: 10 November 2020.

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What's hot
  • Double 2020 Mozo Experts Choice Award winner
  • 0.40% p.a. interest rate on balances of at least $5,000
  • No account keeping fees
What's not
  • $1,000 minimum balance
Mozo snapshot

Plenty of accounts come with criteria you’re required to fulfill in order to get a competitive interest rate, but with the Bank of Sydney BOS Saver you won’t have to worry about any of that. So long as you have between $5,000 and $5,000,000, you’ll receive 0.40% p.a. interest rate on your savings. 

Sound good? Well you'll also love to know that the BOS Saver picked up not one, but two, 2020 Mozo Experts Choice Awards in the best No Strings Savings and best Small Business No Strings Savings categories! 

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Key features

The Bank of Sydney BOS Saver offers interest rates of 0.40% p.a. on balances of at least $5,000. While many savings accounts will require you to meet certain conditions to get the same competitive interest rate, with the BOS Saver you won’t need to jump through any hoops.

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.

A minimum of $1,000 is required to open an account, and only balances of between $5,000 and $5,000,000 are eligible to earn interest. Don’t worry, you’ll get 10 business days to deposit the necessary funds. Just keep in mind that if you fail to do so within the designated period the account will be automatically closed.

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.

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Who is it good for

The Bank of Sydney BOS Saver would suit anyone after 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.

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Any catches

As mentioned above, to open a BOS Saver account you’ll need a minimum balance of $1,000. And while the account is extremely light on fees, there are two you’ll need to watch out for: the $5 over the counter withdrawal fee and $5 over the counter deposit fee.

Details

Rates and fees information correct as at 1 December 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: 0.00% p.a.
    Balances from $5,000: 0.40% p.a.
    Balances from $5,000,000: 0.00% p.a.

  • n/a

  • n/a

Fees
  • $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

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $1,000.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • yes

  • none

  • none

Customer Reviews

This product is not currently reviewed.

Bank of Sydney

About Bank of Sydney

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Yes up to $250,000

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Yes up to $250,000

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Yes up to $250,000

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Yes up to $250,000

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