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Bank of Sydney Term Deposit

In partnership with AFSL 459645
About Cashwerkz

This Term Deposit offer is available to Mozo customers from Cashwerkz, the secure online marketplace for cash investments, regulated by ASIC (AFSL 459645). You do not pay a fee to use Cashwerkz. Your Term Deposit funds will be deposited directly with your chosen financial institution, in your name, and the funds are never held by Cashwerkz.

Best rate (up to 1 year)
0.80% p.a.1 year
Interest paid to another bank?
no
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Mozo editorial review Bank of Sydney Term Deposit

Last updated: 30 July 2020.

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What's hot
  • Automatic rollover available
What's not
  • No option for interest to be paid to another bank
Mozo snapshot

The Bank of Sydney Term Deposit caters to customers looking for a wide variety of shorter period term deposits. This includes options for 1 through 13 months, as well as different interest rates depending on the amount of money in the account. There’s also the option to have the account rollover automatically, but you will have to have a Bank of Sydney account to have the interest paid into.


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Key features

Term deposits can be an excellent long-term savings strategy, which stretch over years . However, the Bank of Sydney Term Deposit flips the script by only offering shorter terms, with options for 1 month, 2 month, 3 months all the way up to 13 months. So if you’re after a quick boost to your savings, it could be just the ticket!

On top of this, the amount your term deposit generates will depend on how much money you have placed in it, with higher interest rates being awarded to accounts with more funds in them.

There quite a few options available that will give you a good return on your stash, although the creme de la creme is the 6 month term deposit ($50,000 - $1,000,000), which comes with an interest rate of 0.85%.

The account also has an automatic rollover option. This lets you have the account working continuously without the need to constantly be re-upping on the same deal - just remember to double check that you’ll still be getting a competitive rate for the new term.

With that being said, if you are interested in withdrawing your funds make sure you wait until the maturity date, as withdrawing funds before your term period is up will significantly reduce the interest rate earned on the account.

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Who is it good for

If you’re already a Bank of Sydney customer and you’re looking for a short term deposit to boost your stash, look no further.

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Any catches

Keep in mind you won’t be able to have your term deposit pay out to another bank. This means you’ll need to sign up for a Bank of Sydney Transaction Account, which luckily doesn’t have a fee attached, so won’t cut into your savings.

Details

Rates and fees information correct as at 11 August 2020. 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
  • 0.40% p.a. ($150,000 to $3,000,000)

  • 0.50% p.a. ($150,000 to $3,000,000)

  • 0.75% p.a. ($150,000 to $3,000,000)

  • 0.70% p.a. ($150,000 to $3,000,000)

  • 0.70% p.a. ($150,000 to $3,000,000)

  • 0.75% p.a. ($150,000 to $3,000,000)

  • 0.70% p.a. ($150,000 to $3,000,000)

  • 0.70% p.a. ($150,000 to $3,000,000)

  • 0.75% p.a. ($150,000 to $3,000,000)

  • 0.70% p.a. ($150,000 to $3,000,000)

  • 0.70% p.a. ($150,000 to $3,000,000)

  • 0.80% p.a. ($150,000 to $3,000,000)

Other financial bits
  • $150,000.00

  • $3,000,000.00

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
8.8/10
Price
8.8/10
Features
5.3/10
Customer service
8.8/10
Convenience
6.8/10
Trust
9.0/10
Bank of Sydney

About Bank of Sydney

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