Summary

Invest your spare change in a Bank of Sydney term deposit and take advantage of a fixed interest rate.

You can invest in a Bank of Sydney term deposit with an initial deposit of just $1,000. There are term lengths available from 3-12 months, and no account fees to pay.

Pros

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

Cons

Does not offer terms over 12 months

Details

Key details

Product Name	Bank of Sydney Term Deposit
3 month interest rate	3.25%
4 month interest rate	3.50%
6 month interest rate	4.40%
7 month interest rate	3.70%
9 month interest rate	4.20%
12 month interest rate	4.20%
Minimum Opening Deposit	$1,000
Minimum age requirement	18
Government guarantee	Yes

Eligibility

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

Key features

Small minimum deposit

Bank of Sydney allows for you to invest in a term deposit with a minimum of $1,000. This is lower than many other term deposits which can require an initial deposit of $5,000, $10,000 or even $25,000.

Terms up to 1 year

The terms start a 1 month and only go as long as 12 months. You can, however, rollover your 12 month term stright into a new 12 month term if you'd like when it reaches maturity - although you'll receive the new fixed rate on offer at the time.

Interest rates

Interest rates are fixed 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 a term 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.

No 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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Sources

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Alison Finder

Editorial Manager, Money

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NEVILLE

January 10, 2024

Hi

can the interest be paid monthly into another bank account if invested for 12 months?

thanks

Richard Whitten Finder

January 23, 2024

Hi Neville,

I suggest contacting Bank of Sydney directly with this enquiry.

Alan

January 09, 2024

Is there an upper limit on the government guarantee

Sarah Megginson Finder

January 09, 2024

Yes, it’s $250,000 per account holder.

Deb Randall

January 08, 2024

Hi there

Our local sports club would like to invest funds in a term deposit. The investment will need to be in the clubs name, is this okay?

Richard Whitten Finder

January 09, 2024

Hi Deb,

Please check with Bank of Sydney directly to ask about this.

Sarah Megginson Finder

January 08, 2024

Hi Deb, yes you can open a term deposit with Bank of Sydney in a business name.

thomas

January 08, 2024

what is the maximum amount for term deposit for the government guarantee.

Sarah Megginson Finder

January 08, 2024

Hi Thomas, the government guarantee is valid up to $250,000 per account holder.

Mark Ashton

January 06, 2024

Hi, I live in Canberra. How can I verify my ID as there are no branches here?

Thanks.

Sarah Megginson Finder

January 08, 2024

Hi Mark, We’re a comparison site so we can’t provide customer service for Bank of Sydney. You can contact them on 13 95 00.

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Bank of Sydney term deposit account

Pros

Cons

Key features

Small minimum deposit

Terms up to 1 year

Interest rates

Interest calculation

Monthly interest payments

No fees

Renewal notice

Rollover

Early withdrawal

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other term deposit accounts

Compare other products from Bank of Sydney

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