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

By Cameron Thomson · · 2 min read
Fact Checked
Advertiser disclosure

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…

Term deposit comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 101 term deposits.
Last updated 30 October 2024 Important disclosures
  • Term Deposit

    4.90% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

    Compare
    Go to site
    Details
  • Standard Term Deposit

    4.95% p.a.
    6 months

    $1,000

    Yes up to $250,000

    Invest from as little as $1000. No monthly fees. Interest is paid at maturity. Range of terms available from 1 month to 3 years. Manage via online banking or via app.

    Compare
    Go to site
    Details
  • Term Deposit

    4.95% p.a.
    6 months

    $10,000

    Yes up to $250,000

    Minimum $10,000 deposit. No account keeping fees. Terms from 3 months up to 2 years. Interest can be paid into a different bank. Balances up to $250,000 are guaranteed by the Australian Government. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

    Compare
    Go to site
    Details

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's term deposit rates