Saving money at Bank of Sydney is pretty straightforward, from the offered product's features to how each savings account earns interest.

Bank of Sydney's sole savings account product, the BOS Saver Account allows customers to earn a competitive interest rate on balances from $0 to $5 million without the rigamarole of deposit conditions.

This means that there are currently no introductory or bonus interest rates associated with this account, however, the ongoing rate is relatively higher compared to the base rate of other banks' savings account products.

Compared with the max interest rates of others though, Bank of Sydney's falls a bit behind, but then again, customers can get the rate without jumping through hoops and worrying about the interest reverting to a lower rate after so and so months.

Key Details of Bank of Sydney Savings Account

The BOS Saver Account is designed for those who want to earn a consistent interest rate on their savings with no minimum deposit conditions or account-keeping fees.

These are correct at the time of writing and are subject to change.

How to Open a Savings Account with Bank of Sydney

Interested applicants may open an account via Bank of Sydney's website. Applying online takes as little as 5 minutes, according to the bank.

The BOS Saver Account is only available to Australian citizens or permanent residents aged 18 or older. Customers can open an account in their name or joint names for personal use.

In addition to filling out an application form, new customers need to present the following documents:

• Australian driver's licence or passport

• Tax file number (TFN)

• Any relevant tax residency information

Meanwhile, existing customers only need to provide the following:

• Bank of Sydney account number

• Full name

• Date of birth

• Contact details

Once details have been successfully verified, the account will be opened promptly and customers can start saving.