The Bank of Sydney Online Term Deposit stands out as one of the more high value term deposits on the market. Rates start at 0.05% p.a. for one month terms but jump to 0.65% p.a. if you choose the right term. 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 2020 Mozo Experts Choice Award in the Short Term Deposit category.
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, they start at 0.05% p.a. for one month terms, but if you plan to lock away your savings for seven months, your interest jumps to 0.65% 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.
The Bank of Sydney Online Term Deposit is perfect for Aussies who want a short term deposit to jumpstart their savings.
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.
Different interest rates apply to different amounts or different interest payment frequencies.