Interest is calculated daily from the date funds are deposited into your account, and paid at maturity.
If you’re an existing Bank of Sydney customer, all you need is your contact details and a Bank of Sydney Transaction Account Number. If you’re new to the Bank of Sydney, you’ll need your contact details, plus your Australian Identification and TFN on hand.
If you would like to withdraw funds from your account before maturity, you will need to provide Bank of Sydney at least 8 calendar days’ advance notice to withdraw your funds.
The 8 days’ notice period starts on the date you provide the written instructions to let us know you would like to withdraw your funds early. Your funds will be disbursed according to your selected method on the 9th day following your early repayment request.
For existing accounts, the early redemption notice period applies if you have reinvested your Term Deposit from 15 December 2021.
Early repayments attract an administration fee and a reduction in the return generated for the depositor. Please refer to the General Banking Fees & Charges Guide for information on how the reduction amount is calculated.
During your application, you can specify for one of the following options to take place on maturity:
- Reinvest your original balance and interest earned
- Transfer the balance to your linked Everyday Saver transaction account
- Decide later
If you want to decide later, you can contact us prior to the date of maturity to let us know what you’d like to do on maturity. These are your options:
- If you’d like to reinvest your Term Deposit balance, there’s no need for you to do anything. Your funds will be automatically reinvested for the same term on the date your Term Deposit matures.
- Partially reinvest - You can choose an amount you’d like to reinvest, and the term you’d like it invested for. We’ll put any funds not reinvested directly into your Bank of Sydney Transaction account.
- Increase your investment - You can add additional funds to your investment when your Term Deposit matures.Change the term - At maturity you can reinvest your funds for a new term of between 1 to 13 months.
- Change the term - at maturity you can reinvest your funds for a new term between 1 to 13 months.
- You can send us instructions via secure message within Internet Banking, or by calling us on 13 95 00 (Mon – Fri, 9:30am – 5pm AEST).
All investments and reinvestments are subject to the interest rate applicable on the date your Term Deposit matures. You can click here to view our current rates.
We’ll send you a Notice of Renewal prior to your maturity date. If you don’t provide us with instructions after this notice is received, we’ll automatically reinvest your funds for the same term and at the rate applicable on that day. You have a 7 day (5 business day) period from the date of maturity in which you can make partial changes to your Term Deposit (inclusive of partial withdrawals) at no additional cost.
If you want to deposit a higher amount, please call us on 13 95 00 (Mon – Fri, 9:30am – 5pm AEST) so we can discuss your options.
If you’re applying for a Term Deposit with two or more applicants, any one of the applicants will be able to operate the account on their own (also known as ‘Either to sign’ operation). This means that any account holder can transact on the account without the permission of other account holders.
If you’d like a different mode of operation applied to your new account, please contact us on 13 95 00 (Mon – Fri, 9:30am – 5pm AEST) to discuss your needs.