Bank of Sydney Foreign Currency Term Deposit

Minimum deposit

You are required to deposit at least $5,000 of whichever currency you choose.

Interest rates

The fixed interest rates are tiered, structured to give you a higher rate of return on larger deposits for longer terms.

Interest calculated

Interest is calculated on the entire balance daily. For the USD and EUR it is based on a year of 360 days, while with the EUR and NZD it is calculated using a 365 day annual calendar.

Interest payment

You will receive your earned interest when the term deposit reaches maturity. The interest earned can be reinvested with your principal into a new term deposit or transferred to another Bank of Sydney account in your name.

Account tracking

You can view the activity in your term deposit through the Bank of Sydney's internet banking platform.

Availability

Both individuals and business entities are eligible to open the Foreign Currency Term Deposit.

Account keeping fees

You will not be charged and monthly or annual fees when investing with this account.

Early termination

Breaking the terms of this account is left entirely at the discretion of Bank of Sydney. If they do agree expect a reduction in the interest or even the principal depending on reduction in interest rate you incur.

Payment methods

If you decide to receive your funds back at maturity or with an early termination they will be disbursed to you using one of the following methods; cash, transfer to another account or a bank cheque.

Account rollover

You are given the option of rolling your term deposit into a new one at the prevailing interest rate when yours reaches maturity. After your new term begins you are given a seven day grace period to make any changes or withdrawals before the term.

• Depository requirements. A minimum of $5,000 of whichever currency you choose must be deposited in order for the account to be activated. You can use Bank of Sydney's currency exchange to accomplish this.

Documentation needed

Filling in the application will be made easier if you have the following documentation readily available:

• Tax file number. Australian residents will be asked for their tax file number (TFN) or exemption code in order to ensure that the withholding tax on the interest earnings is calculated at the correct rate. If you are a US tax resident or citizen you are obligated to provide your US taxpayer identification number (TIN).
• Identification. Bank of Sydney is obligated by law to verify your identity before opening an account in your name. This will require a primary photo identification document that matches your current likeness. In most cases a driver's licence or passport will be accepted as your identification document.

What happens after I submit my application?

After completing and printing the application forms, mail them to the Bank of Sydney offices where they will be reviewed by an account specialist. You will be notified by mail once they have approved the application and opened the account.