Tyro Business Term Deposit Target Market Determination

Objectives, financial situation and needs of the Target Market 

The Tyro Business Term Deposit is targeted at Australian business customers with the likely objectives, financial situation, and ability to hold savings for a fixed period of time at a fixed rate.

Eligibility criteria for the product

Customers will need to satisfy certain eligibility criteria, including that they:

• Must be opening the product in connection with business activities.
• Have a Tyro Electronic Payments Facility.
• Have a Tyro Transaction Account.

Key features of the product are:

• 30-day, 60-day, 90-day and 180-day fixed terms.
• Deposits range between a minimum of $1,000 and a maximum of $1,000,000.
• Access to the term deposit is through the Tyro Bank App and Tyro web portal.
• Interest earned on the term deposit at maturity (or an earlier date if the funds are withdrawn before maturity) will be paid into the Tyro Transaction Account.
• A customer can create multiple term deposits.

Why the product is likely to be consistent with the likely objectives, financial situation and needs of the Target Market

• Customers can use the Tyro Business Term Deposit for securing money for the future while earning interest for business savings purpose and needs.
• Customers can separate their surplus cash-flow (savings) from their everyday funds (transactions) which makes them relatively easy for merchants to understand.

Distribution conditions

The distribution of this product is subject to the following conditions and restrictions:

• The product is distributed through the Tyro Bank App and Tyro web portal.
• The product can only be distributed in accordance with Tyro’s product and process requirements.

Tyro considers that these distribution conditions are appropriate and are of a nature that it is likely that the product will be distributed to the Target Market given that Tyro will have oversight of how the product is promoted and issued.

Monitoring and Oversight

Tyro conducts regular monitoring of account openings and transactions to ensure distribution aligns with this Target Market Determination. Tyro has processes in place to promptly identify distribution deviations, ensuring product distribution remains consistent with the defined Target Market.

Reviewing this target market determination

This Target Market Determination may no longer be considered appropriate, and a review of this Target Market Determination must be undertaken by Tyro, if any of the below review triggers occur:

• A significant number of complaints are received from customers who acquire the product which:
  • relate to the customers’ opening or use of the product; and
  • indicate that the Target Market Determination may no longer be appropriate for the product.
• A material incident or significant number of incidents occur which:
  • relate to the customers’ opening or use of the product; and
  • indicate that the Target Market Determination may no longer be appropriate for the product.
• There is a significant dealing of this product to persons who are outside the Target Market.
• A product intervention order from ASIC requires Tyro to immediately cease commercial product distribution conduct in respect of the product.
• There is a material change to the product or its terms and conditions which would cause the Target Market Determination to no longer be appropriate for the product.
• Any other event or circumstance occurs that Tyro considers would materially change a factor taken into account in making the Target Market Determination.

Next review due date

By 25 August 2027.

Review period

At least every 24 months from the Start Date of this Target Market Determination unless triggered earlier by any review events outlined above.

Review trigger information reporting requirements

The following information must be provided to Tyro by all third parties responsible for the product distribution conduct of this product in accordance with this Target Market Determination, within the required time-frames: