How do I open a Tyro bank account?

New Tyro customers post 5 October 2021

Once you have your new Tyro EFTPOS or Tyro eCommerce solution, you will be able to open a Tyro Bank Account via the ‘Banking’ tab in the Tyro App.

Depending on your entity type, we may require some additional information before we can open an account for you and will notify you if this is the case.

Existing Tyro customers prior 5 October 2021

When you completed the Tyro application form for EFTPOS and/or eCommerce, you also received a Tyro Bank Account and would have had the opportunity to activate it.

To check if your account is active, you can log into the Tyro App – you’ll see the account appear on the ‘Home’ screen and in the ‘Banking’ tab.

If you haven’t activated your Tyro Bank Account, you will have the option to do so at any time in the Tyro App.

Why should I open a Tyro Bank Account?

The Tyro Bank Account is designed to complement Tyro EFTPOS and eCommerce solutions, helping you settle your takings sooner whilst rewarding you with higher interest on your funds the longer you leave them in the account.

We’ve designed the Tyro Bank Account so that you can also configure a percentage of your daily takings to be automatically transferred to your external linked bank account. Leaving you with more time to run your business and less time worrying about banking admin.

It also features direct integrations into Xero allowing for seamless reconciliation with integrated bank feeds as well as scheduled batch and payroll payments.

You can also rest assured your funds are protected with Tyro under the Financial Claims Scheme which protects you up to $250,000 per account holder. For more information visit ASIC’s website.

Does Tyro offer any other bank accounts?

Yes, for customers with an open Tyro Bank Account, you are also able to open up a Tyro Business Term Deposit. The Tyro Business Term Deposit offers competitive interest rates and can be opened via the Tyro App in a few easy steps. You can choose to lock away your funds for 30, 60 or 90 days with interest paid at maturity.

Xero is a trademark of Xero Limited.

Was this helpful?