Term Deposits

Interest is calculated daily from the date funds are deposited into your account, and paid at maturity.

If you’re looking to open a Term Deposit with us, you can apply online or visit your closest branch.

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.

When your Term Deposit matures, you have the following options:

• Reinvest – Your funds will be automatically reinvested for the same term on the date your Term Deposit matures.
• Partially reinvest – Keep some of your initial funds invested while withdrawing the rest. We’ll place any funds not reinvested into your Everyday Saver Account.
• Increase your investment – Add additional funds to your investment for greater returns.
• Change the term – Invest your funds for a new term of between 1 to 13 months.
• Withdraw your investment – Withdraw all of your funds.
• If you don’t provide us with instructions, we will automatically reinvest your funds for the same term. You then have 7 calendar days (5 business days) to provide alternative instructions in relation to your reinvested funds without incurring an interest reduction penalty.

You can send us instructions via secure message within Internet Banking, or by calling us on 13 95 00.

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, 9am-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, 9am-5pm AEST) to discuss your needs.