Bank of Sydney Term Deposit Review, Rates & Information

Product details

With an initial deposit of $1,000 your savings can flourish under the competitive interest rates offered by Bank of Sydney. With shorter terms and rollover options, this is a flexible account worth looking into if you have a long term savings goal in mind.

A term deposit is great for funds that you do not intend to use immediately.

Product Name: Bank of Sydney Term Deposit

3 month interest rate: 2.40%

Min Deposit: $1,000

Max Deposit: $1,000,000

Joint Application: Yes

Minimum Age Requirement: 18

Covered by Government Guarantee: Yes (Up to $250,000 per person, per institution)

What are the features of the Bank of Sydney Term Deposit?

Minimum deposit. Bank of Sydney allows for you to invest in a term deposit with a minimum of $1,000.
Terms. The terms start a one month and only go as long as 12 months.
Interest rates. Interest rates are competitive and tiered depending on how much you invest and for how long. This is at a fixed rate, guaranteeing the amount earned on your investment.
Interest calculation. Interest is calculated daily and deposited when the term reaches maturity.
Monthly interest payments. You can opt to receive your interest payments monthly if you choose terms of one year, but this will result in a reduction of the interest rate, and is not available for balances of less than $25,000.
Fees. You pay no fees for this account.
Renewal notice. Bank of Sydney will contact you in writing before the term deposit matures so that they can be advised of your intent with the balance. You will be given the option to withdraw your savings, reinvest or change the amount that you wish to reinvest.
Rollover. Unless you give the Bank of Sydney notice before the end of your terms, the balance will be rolled into a new term deposit for the same length of time. Keep in mind that if the interest rates have changed since your initial investment, you will be locked in at the new rate.

Early withdrawal. If you need to make a withdrawal before the terms mature, Bank of Sydney will charge an administration fee as well as change the rate of interest paid to reflect the difference in terms.

Pros

Range of terms available
No account keeping fees

How do I apply for the Bank of Sydney Term Deposit?

If after you have made careful comparisons of various term deposits you have decided that the Bank of Sydney’s is your best option, you can visit a branch in order to get your account started. Alternatively, you may download and print the appropriate forms from their website.

Eligibility to apply online

Before getting started, check that you are able to meet their eligibility requirements:

Minimum age. There is no set age requirement for a term deposit from Bank of Sydney so long as it is issued in Australian dollars.
Residency requirements. In order to open this account, you must be able to provide a valid Australian residential address.
Depository requirements. A minimum of $1,000 is required to open a term deposit.

Documentation

In order to make applying for the term deposit go faster, have the following documentation ready:

Tax file number. Although not a requirement, providing your tax file (TFN) will ensure that you are not being charged at a higher tax rate than that which is applicable to your circumstances.
Identification. Bank of Sydney is required to verify your identity before they can open an account on your behalf. Documents that can be used include a driver’s licence or passport.
Joint accounts. A separate identification verification form is required for every authorised signatory or joint holder of the account.

Once complete, you can post the documents to the provided Bank of Sydney address along with any supporting documentation. You are also permitted to bring all of the paperwork to your local branch and hand it in person. Once a Bank of Sydney representative has reviewed your application, you will be notified of the details by mail.