Bank of Sydney Term Deposit Online Exclusive

2.85% p.a.6 months

no

Bank of Sydney Term Deposit Online Exclusive

2.85% p.a.6 months

no

Mozo Review   Bank of Sydney Term Deposit Online Exclusive Review

Last updated: 21 February 2019.

What's hot:
  • 2.85% p.a. for 6 month term

  • 2019 Mozo Experts Choice winner

  • No account fees

  • Terms from one month to one year

What's not:
  • Interest can’t be paid to another bank

Mozo snapshot:

The Bank of Sydney Online Term Deposit stands out as one of the more high value term deposits on the market. Rates start at 2.12% p.a. for one month terms but jump to 2.80% p.a. and up for terms longer than six months. There’s a whole lot of flexibility too, with terms ranging from one month to a year.

Need more convincing? The Bank of Sydney term deposit recently won a 2019 Mozo Experts Choice Award in the Short Term Deposit category. 

Key features:

When it comes to term deposits, sometimes your best bet is giving the big four banks a miss and taking a look at what the smaller ones have to offer. Of these, the Bank of Sydney Online Term Deposit is a top choice for savers, particularly if they want to lock their funds away for a year or less.

There are a range of term options available, meaning you have plenty of choice when it comes to how long you want to keep your savings stashed away. As for rates, a respectable 2.12% p.a. is offered for one month terms, but it’s at the six month mark that things get really impressive. If you plan to lock away your savings for half a year, your interest jumps to 2.85% p.a.

There are no account keeping fees and interest is paid out once the term deposit reaches maturity, though the option to receive monthly payments exists for balances greater than $25,000. Rollover is automatic, so make sure you let the bank know what you want to do once your deposit matures.

Just remember that interest can’t be paid to another bank, so you’ll need to have an account with Bank of Sydney to take advantage of this deal.

Who it's good for:

The Bank of Sydney Online Term Deposit is perfect for Aussies who want a short term deposit with excellent returns to jumpstart their savings.

Any catches?

As with most term deposits, there’s a minimum investment amount of $1,000. You’ll also want to avoid dipping into your funds before they mature, as you’ll face a $30 fee and a reduction in your interest payout.

Details

Rates and fees information correct as at 21 February 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 2.12% p.a. ($1,000 to $2,000,000)

  • 2.17% p.a. ($1,000 to $2,000,000)

  • 2.60% p.a. ($1,000 to $2,000,000)

  • 2.65% p.a. ($1,000 to $2,000,000)

  • 2.68% p.a. ($1,000 to $2,000,000)

  • 2.85% p.a. ($1,000 to $2,000,000)

  • 2.85% p.a. ($1,000 to $2,000,000)

  • 2.80% p.a. ($1,000 to $2,000,000)

  • 2.82% p.a. ($1,000 to $2,000,000)

  • 2.80% p.a. ($1,000 to $2,000,000)

  • 2.80% p.a. ($1,000 to $2,000,000)

  • 2.85% p.a. ($1,000 to $2,000,000)

Other financial bits
  • $1,000.00

  • $2,000,000.00

Features
  • Cheque, Rollover on maturity

  • no

  • yes

  • none

  • none

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

Customer Reviews

How are Bank of Sydney term deposits rated by the Mozo community?

Overall customer rating
8.7/10
Price
8.7/10
Features
6.7/10
Customer service
9.3/10
Convenience
8.7/10
Trust
9.7/10
Bank of Sydney

About Bank of Sydney

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