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Term Deposit

Sprouting seeds of growth
Get a guaranteed return on money that you aren’t using right now with a term deposit.
Up to 5.30 % p.a.

Key features

Flexible investment terms, from 1 to 13 months
Invest as little as $1,000
Up to $250,000 guaranteed by the Australian Government Financial Claims Scheme (FCS)

To open a Term Deposit Account

  • Apply online (for amounts between $1,000 to $1,000,000)
  • Visit your nearest Branch
  • Call us on 13 95 00
Apply Now

Calculators

Term Deposit Interest Rate
1 month 1.25% p.a.
2 months 1.50% p.a.
3 months 4.80% p.a.
4 months 4.00% p.a.
5 months 4.00% p.a.
6 months 5.05% p.a.
7 months 5.05% p.a.
8 months 5.05% p.a.
9 months 5.10% p.a.
10 months 5.10% p.a.
11 months 5.10% p.a.
12 months 5.30% p.a.
13 months 5.30% p.a.
Fees & Charges
Early Repayment/Withdrawal Fee $30

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.

Ready to apply for an Online Term Deposit?

Apply online in just 5 minutes

You need to be an Australian Permanent Resident or Citizen living in Australia.

Make sure you have your ID documents (Driver’s License or Passport) nearby.

Your account will be opened instantly unless we need more information.  If that happens, we’ll be in touch.

Apply Now

FAQs

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.

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.

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 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.

 

See all FAQs

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We're here to help

Ask questions or give feedback via our online enquiry form.

Submit enquiry

Talk to one of our friendly staff Mon - Fri, 9am–5pm AEST (Excluding Public Holidays). Call 13 95 00

Call 13 95 00

The minimum deposit amount for the Bank of Sydney Term Deposit is $1,000. For deposits above $1,000,000 rates are available upon request and applications must be made via a Bank of Sydney branch or calling 13 95 00.

Interest Rates quoted are calculated on a per annum basis.

This is general information only, please take a moment to read through disclosure documents before applying.

Please take a moment to read through the below information before applying, as this advice is general and does not take into account specific individual needs.

General Banking Fees & Charges
Deposit, Saving & Transaction Accounts PDS

Target Market Determination (TMD) for these products is available here.

More information about our product and services is available here.

You do not have to quote your TFN for all or any of your accounts. If you choose not to quote your TFN or eligible exemption, your interest payments may be taxed at the maximum rate. We recommend you obtain your own independent tax advice.

Bank of Sydney is covered by the Australian Government Financial Claims Scheme (FCS) for amounts up to $250,000 per account holder. For more information about the FCS go to www.fcs.gov.au