Bank of Sydney began operations under a full banking licence in April 2001, and now has branches in Sydney, Melbourne and Adelaide. It offers a range of products and services related to personal banking, business banking and international banking. Also, it provides various insurance solutions as well. The Bank of Beirut acquired the Bank of Sydney in 2011.
Randwick City Business Excellence Awards, 2015. The bank’s Kingsford Branch team won in the Professional Services category.
Who is Bank of Sydney?
Its range of transaction accounts give you access to funds according to your needs. If you’re considering getting on the savings bandwagon, you can choose to open to savings account or a term deposit.
This everyday account gives you the ability to earn interest, and you don’t have to pay any account keeping fees. You can link this account to a Visa debit card to get easy access to funds in your account, and you can benefit from free unlimited ATM and EFTPOS transactions.
Bank of Sydney offers term deposits of terms ranging from one month to thirteen months, and to open one you require a minimum investment of $1,000. These term deposits don’t attract any account keeping fees, and you get the option of automatic rollovers.
You can choose to open a term deposits with Bank of Sydney using foreign currency. Currencies Bank of Sydney accepts include American Dollars, Euros, Great Britain Pounds, and New Zealand Dollars. You also have the option of terms from one month, two months, three months, six months, and 12 months.
What are the pros and cons of banking with Bank of Sydney?
Pros
Numerous choices. Bank of Sydney gives you a number of options from which to choose, so you can expect to find an account in accordance to your specific requirements.
Foreign currency fixed deposits. Not many financial institutions accept fixed deposits in foreign currencies, but this is one of the many benefits you can look forward to as a Bank of Sydney customer.
Branch and ATM network. Bank of Sydney has a number of branches in Sydney and Melbourne, and it has a branch in Adelaide as well. Bank of Sydney customers also get to access the Australia wide rediATM network of over 3,000 ATMs for free.
Cons
No branches elsewhere. The absence of branches outside of Sydney, Melbourne, and Adelaide can work as a drawback, especially for customers who wish to bank in person.
Before applying for a Bank of Sydney account, it is important that you compare the features against what other providers are offering to ensure it best meets your personal needs.
Eligibility to apply online
You reside in Australia
You meet account specific minimum age requirements
Documentation
To apply, you’ll need to provide the following.
Acceptable identification documents like your Australian driver’s license, passport, proof of age card, or Medicare card
Personal details like your complete name, date of birth, residential address, phone number, and email address
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio
The term deposit from Bank of Sydney gives you more flexibility for the same competitive rates, so for short-term savings this may be the account for you.
I have a considerable amount of cash to invest in a 12 month Fixed Term Deposit. The very best offer I have had so far is 5.3%. I am looking for at least 5.5%. Are you able to help?
is bank of sydney covered by australian goverbment bank guarantee
Finder
SarahDecember 11, 2023Finder
Yes they are.
DaleJuly 7, 2023
Will the fact that I asm self-employed disqualify me from investing with Bank of Sydney?
Finder
AlisonJuly 18, 2023Finder
Hi Dale, that would depend on what account you’re looking at but in general no, it wouldn’t disqualify you from opening an account.
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I have a considerable amount of cash to invest in a 12 month Fixed Term Deposit. The very best offer I have had so far is 5.3%. I am looking for at least 5.5%. Are you able to help?
Hi Denis,
We are a comparison site. The best rate we have available as of today is 5.2%:
https://www.finder.com.au/term-deposits
is bank of sydney covered by australian goverbment bank guarantee
Yes they are.
Will the fact that I asm self-employed disqualify me from investing with Bank of Sydney?
Hi Dale, that would depend on what account you’re looking at but in general no, it wouldn’t disqualify you from opening an account.