How does Bank of Sydney’s 5.00% p.a 1-year rate compare?

By Cameron Thomson · · 2 min read
Fact Checked

Since the RBA started holding rates at the end of last year, term deposit providers have made small downward revisions to rates. As rate cuts are on the cards for later this year, longer term rates have seen the biggest cuts. However, there are still some great short term rates that might be worth parking your cash for.

One example of a high interest term deposit is the Bank of Sydney’s 5.00% p.a. rate for 1-year terms. But how does it compare to other providers, and is it the highest rate on the Mozo database?

Comparing 1-year term deposits

One way to know if a rate is actually high is by checking averages. Thankfully, the Mozo data team has crunched the numbers and found them by comparing the 81 term deposits we track. 

Currently, they are: 

Term 
Rate
1 year
4.61%
2 years
4.10%
3 years
3.92%
4 years
3.81%
5 years
3.84%

As we can see anything above 4.61% p.a. could be considered above average, and Bank of Sydney’s term deposit would be 39 basis points above average. However, it isn’t the highest rate on our database. 

Another thing to consider is the minimum deposit. Bank of Sydney’s $1,000 minimum deposit might be more feasible than other providers who ask for a much greater minimum amount before rewarding savers with the top rate. 

Here’s how the top rates compare:

Bank of Sydney 1-year term deposit
Name
Minimum deposit
Rate
Bank of Sydney Term Deposit
$1,000
5.00% p.a.
Top 1-year term deposits 
Name
Minimum deposit
Rate
Family First Bank Special Term Deposit
$20,000
5.30% p.a.
Challenger Term Deposit
$25,000
5.15% p.a.
Judo Bank Term Deposit
$1,000
5.10% p.a.

Looking to get started with a term deposit, but looking for something shorter or longer? Head over to our term deposit hub page and compare providers at periods lasting 1 month up to 5 years. Alternatively, you can check out some offers in the table below…