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A term deposit is a fixed-term savings account that offers a guaranteed return for the investment period. It is attractive because its interest rate usually exceeds that of regular savings accounts. Withdrawing any amount before the term ends may incur a penalty deducted from the accrued interest.
You can open a term deposit at one of our branches or by calling us on 1800 694 628.
You have a 7-day grace period from the term deposit opening date to cancel or change the amount or term without penalty. No interest accrues on withdrawn amounts during this period.
Fourteen days before maturity, you will receive written notification about your term deposit's maturity and available options. If we do not receive instructions by maturity, we will reinvest your term deposit for the same term at the advertised interest rate on the maturity date.
You have a 7-day grace period from the reinvestment date to change the investment term length, interest payment frequency, or to add or withdraw funds without cost.
Term deposits suit savers confident they won't need funds during the deposit term; consider them long-term savings accounts. To withdraw or break a term deposit early, you need to provide 31 days' notice.
Early withdrawal requests incur an interest adjustment on accrued interest and may incur a Term Deposit early withdrawal fee. Interest rates on early withdrawn principal adjust proportionally to the elapsed term. If you face hardship, contact us immediately and refer to the website information around Financial Hardship.
The notice period is 31 calendar days. If the 31st day falls on a weekend or public holiday, your funds will be available the next business day.
