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.
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?
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
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.