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

Business customers who deal with Tyro directly (Direct-to Tyro Customers)will need to satisfy certain eligibility criteria, including that they:

• Have an active Australian Business Number (ABN).
• Have an existing merchant facility.
• Have and maintain a Tyro Bank Account.

Business customers introduced to Tyro through a third party (Introduced Customers)will need to satisfy certain eligibility criteria, including that they:

• Have an active Australian Business Number (ABN).

Key features of the product for Direct-to-Tyro Customers:

• 30, 60, 90, 180 and 365 day fixed term deposits.
• Each term deposit will range between a minimum of $1,000 and a maximum of $1,000,000 (note: customers can have multiple Term Deposits).
• Ability to access your Tyro Business Term Deposit through the Tyro App.
• Interest earned on the Term Deposit at maturity (or, if the funds are withdrawn before the Maturity Date, the reduced interest at the time of processing) will be paid into the Tyro Bank Account.

Key features of the product for Introduced Customers

• 30, 60, 90, 180 and 365 day fixed term deposits.
• Each term deposit will range between a minimum of $1,000 and a maximum of $1,000,000 (note: customers can have multiple Term Deposits).
• Interest earned on the Term Deposit at maturity (or, if the funds are withdrawn before the Maturity Date, the reduced interest at the time of processing) will be paid into the account nominated by the customer.

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

• Tyro Business customers can use the Tyro Business Term Deposit for securing money for the future while earning higher interest for business savings purpose and needs.
• Direct-to-Tyro 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:

• For Direct-to-Tyro Customers, the product is distributed through Tyro’s mobile app channel and/or a Banking Specialist.
• Other third parties responsible for or involved in the distribution of the product must comply with their agreement in place with Tyro and take reasonable steps to ensure business customers’ needs align to the product target market.
• This product can only be distributed to business customers 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.

Reviewing the target market determination

The 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 business customers who acquire the product, which relate to the business customers’ purchase or use of the product and which shows 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 business customers’ purchase or use of the product and which shows that the Target Market Determination may no longer be appropriate for the product.
• A significant dealing of this product to business customers who are outside the Target Market.
• The receipt of a product intervention order from ASIC requiring Tyro to immediately cease commercial product distribution conduct in respect of the product.
• The material alteration of the product or product terms and conditions, which would cause the Target Market Determination to no longer be appropriate for the product.
• Any other event or circumstance that Tyro views would materially change a factor taken into account in making the Target Market Determination.

Next review due date

By 5 October 2025.

Review period

At least every 24 months from the Start Date of this Target Market Determination.

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: