Bank of Sydney term deposit account

Last updated: Apr 27, 2020

Park your spare change inside of a Bank of Sydney term deposit and take advantage of flexible terms at competitive interest rates.

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.

Up to 1.15% p.a.

Interest rate

7 months interest rate

$1,000

Minimum opening deposit

Account keeping fee

$500,000

Maximum deposit

Details

Product Name	Bank of Sydney Term Deposit Online Exclusive
3 month interest rate	1.00%
4 month interest rate	0.95%
6 month interest rate	1.10%
7 month interest rate	1.15%
9 month interest rate	1.00%
12 month interest rate	1.05%
Minimum Opening Deposit	$1,000
Minimum Age Requirement	18

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$1,000
Available to children	Not available for children

Pros

No account keeping fees
Fixed interest rate on your money
Low minimum deposit requirement

Cons

Does not offer terms over 12 months

Shirley Liu

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.

Key features

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.

How to apply

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

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 needed

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.

What happens after I submit my application?

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.

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31 Comments

David
November 6, 2019

Can we take out a Term Deposit account under the name of an SMSF?

Reply
- Ash
  November 6, 2019
  
  Hi David,
  
  Thanks for contacting Finder.
  
  In opening the Bank of Sydney Term Deposit Account, you can have it named under an Individual or Business entity. Unfortunately, it doesn’t specify that you can have it under an SMSF account. You may contact Bank of Sydney to have more information regarding their Term Deposit account.
  
  Hope this helps.
  
  Cheers,
  Ash
  
  Reply
Guddie
August 5, 2019

Is bank of Sydney government garantiert?

Reply
- Nikki
  August 5, 2019
  
  Hi Guddie,
  
  Thanks for getting in touch! Bank of Sydney is one of the banks included in the Australian Government Guarantee Scheme. On this page, you’ll find the list of banks included, how the guarantee works, what will be covered, what happens if the bank goes bankrupt, and etc.
  
  Hope this was helpful. Don’t hesitate to message us back if you have more questions.
  
  Best,
  Nikki
  
  Hope this helps and have a wonderful day!
  
  Kind Regards,
  Mai
  
  Reply
Chrissy
August 4, 2019

Hi! Can someone contact me regarding a term deposit please?

Reply
- finder Customer Care
  
  Mai
  August 5, 2019
  
  Hi Chrissy,
  
  Thank you for contacting Finder.
  
  This page contains details and information on Bank of Sydney Term Deposit rates. Should you have a question that is not covered on our article and wish to discuss over the phone, please feel free to contact Bank of Sydney directly. You can visit their website for the contact details.
  
  Hope that helps.
  
  Kind Regards,
  Mai
  
  Reply
Gabriele
July 22, 2019

I would like to invest $ 250,000 in a term deposit 6, 9 or 12 months. What are the best rates?

Reply
- Nikki
  July 23, 2019
  
  Hi Gabrielle,
  
  Thanks for getting in touch! It’s great to hear that you are looking to invest. The interest rates listed on our page are the interest rates for accounts with a balance of at least $1,000 -$250,000.
  
  6 months – 2.3%
  9 months – 2.2%
  12 months – 2%
  
  To know other interest rates offers of Bank of Sydney – it would be best to contact them directly. You can find their contact details from their main website. As a friendly reminder, review the eligibility criteria of the account before applying and read up on the terms and condition. Feel free to reach out to the bank if you need any clarifications.
  
  Hope this helps!
  
  Best,
  Nikki
  
  Reply
Alice
July 19, 2019

Does the interest rates apply to term deposits held by proprietary company?
Thanks

Reply
- Nikki
  July 20, 2019
  
  Hi Alice,
  
  Thanks for your question. The Bank of Sydney Term Deposit account is only for personal accounts. If you are still looking for term deposits for business, please refer to this page.
  
  As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying. You may also contact the insurance provider should you have any questions about their policy.
  
  Hope this was helpful. Don’t hesitate to message us back if you have more questions.
  
  Best,
  Nikki
  
  Reply
Louise
April 9, 2019

I’m looking for a high interest paying term deposit $15,000.
What is your interest rate rate for?
3 months
6 months
9 months
1 year

Reply
- finder Customer Care
  
  Joshua
  April 10, 2019
  
  Hi Louise,
  
  Thanks for getting in touch with Finder. I hope all is well with you. 😃
  
  We have a table above this page to show you the corresponding interest rate for each number of months.
  
  3 months – 2.60%
  6 months – 2.80%
  9 months – 2.76%
  1 year – 2.76%
  
  I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
  
  Have a wonderful day!
  
  Cheers,
  Joshua
  
  Reply
Nikki
April 3, 2019

Hi Brian,

Thanks for getting in touch with Finder! It’s great to hear that you are looking to invest and 7 million is a very great start! To know what Bank of Sydney can offer you – it would be best to contact them directly and you can find their contact details from their main website. As a friendly reminder, review the eligibility criteria of the account before applying and read up on the terms and condition. Feel free to reach out to the bank if you need any clarifications.

Hope this helps!

Best,
Nikki

Reply
ray
March 31, 2019

Will my money have a Government Guarantee?

Reply
- finder Customer Care
  
  Mai
  April 1, 2019
  
  Hi Ray,
  
  Thank you for reaching out to Finder.
  
  If you have a term deposit with Bank of Sydney, yes, you will be covered by the Government Guarantee Scheme up to $250,000. You can see that Bank of Sydney is one of the banks that is included in the Australian Government Guarantee Scheme. Aside from the list of banks included on the scheme, the page also have some information on how the guarantee works, what will be covered, what happens if the bank goes bankrupt, etc.
  
  Hope this helps and have a wonderful day!
  
  Kind Regards,
  Mai
  
  Reply
Gerard
March 26, 2019

Hi, if I make a term deposit to the “Bank of Sydney Term Deposit on line Exclusive” is it government guaranteed? ie if the bank goes under will the government give me my money back?

Reply
- Nikki
  March 27, 2019
  
  Hi Gerard,
  
  Thanks for getting in touch! The Bank of Sydney is covered by the Australian Guarantee Scheme. Hope this helps!
  
  Best,
  Nikki
  
  Reply
pamela
March 13, 2019

I have a $280,000 term deposit with another bank maturing on Friday. If I ask them to electronically transfer the funds to Bank of Sydney on Friday, will the funds immediately qualify for interest from that day?

Reply
- finder Customer Care
  
  Charisse
  March 14, 2019
  
  Hi Pamela,
  
  Thanks for reaching out to Finder.
  
  Yes, because with Bank of Sydney term deposit account, the interest is calculated daily from the date the funds are deposited into your account and paid at maturity.
  
  I hope this helps.
  
  Cheers,
  Charisse
  
  Reply

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