Tyro to launch term deposit product for Australian businesses

Ceyda Erem

12 Dec 2019

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A trip away, picking up a new hobby or saving up for a new car - it’s safe to say many Aussies may have already started making plans for 2020. 

And it looks like the same goes for business bank, Tyro who announced on Tuesday that they’ll be adding a term deposit product to their suite of finance products for Australian businesses. 

According to Tyro CEO and Managing Director, Robbie Cooke, the Tyro term deposit is the perfect addition for a seamless business banking experience. 

“With the addition of a term deposit product, Tyro EFTPOS and eCommerce customers can transact and automate payments via the Tyro Bank Account’s Xero integration; borrow up to $120,000 via the Tyro Business Loan; and now lock away funds for a set period,” he said. 

“All of that can be done via the Tyro App, which also allows customers to view their in-store EFTPOS and eCommerce transactions in near real-time. They can essentially manage all of their payments and banking from the palm of their hand.” 

RELATED: Tyro introduce ‘Tap & Save’ to save small business

While Tyro hasn’t given away the interest rate just yet, existing customers with a Tyro Bank Account will have access to the term deposit and can lock away their funds with a balance as low as $1,000 for 30, 60 or 90 day terms. 

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If it’s your first time considering a term deposit for your business, you might be wondering what the right way to manage one is. That’s why we thought it might be worth giving a quick rundown on the do’s and don'ts when it comes to business term deposits:

  • Do compare your options: For many Aussie business owners, heading to the big four banks for a term deposit or even a business loan might seem like the way to go. But while there might be the promise of familiarity with choosing a big bank, they might not always have the most competitive rates. That’s why it’s important to do your research and shop around before signing the dotted line. 

  • Don’t make an early withdrawal: When you take out a term deposit, you’re allowing your money to be locked away for a set period. Making an early withdrawal could incur a harsh early withdrawal penalty, so you’ll need to choose an investment term that’s the right fit for your business. 

  • Do keep on top of auto renewal: Keeping on top of auto renewal times is also essential, as forgetting to inform your bank of your decision could see your deposit automatically rolled over onto a new term. While that’s not necessarily a bad thing, it’s still worth comparing other options beforehand to make sure you’re still getting the best deal. 

Ready to start your search? Head on over to our term deposit comparison tool to find the right term deposit for your business.