How do I transfer funds into a Term Deposit?

When you open a new Term Deposit, you can transfer funds from an existing account. If you’re a new member, you’ll automatically get an Everyday Direct transaction account when you open a term deposit.

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Will I receive confirmation of my Term Deposit?

Yes. You will receive a term deposit certificate within 5-7 days of opening an account.

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Are my savings safe in a Term Deposit account?

Yes. Your deposits with us are protected under the Australian Government Financial Claims Scheme, up to $250,000 for each account holder at the Bank. For more information read our Financial Claims Scheme FAQ.

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How often will I get a Term Deposit statement?

You can choose to receive your statement either monthly or six monthly. Your June statement, available in July, will include the total amount of interest paid on your term deposit/s during that financial year.

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Can I put more funds into my Term Deposit?

No. You cannot add funds to the deposit during the term. However, you may add additional funds when the term deposit matures if you opt to re-invest.

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How often is interest paid on a Term Deposit?

Interest can be paid monthly, 12 monthly or at maturity on member, Edvest, and customer Term Deposits. Interest can also be paid fortnightly on the Edvest Term Deposit.

Term Deposit interest is calculated on the daily closing balance of the account and can be credited (compounded) to the term deposit account annually or on maturity.

Term Deposits lodged for more than 12 months must have interest paid at least every 365 days as well as at maturity and can be compounded to the principal. Fortnightly and monthly interest payments cannot be compounded to the principal.

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If Term Deposit rates increase or decrease, will it affect my rate?

No. Your interest rate is guaranteed for the full term.

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What happens when my Term Deposit matures?

When you open your term deposit you can choose to:

• Transfer the principal and interest together to another account and close the term deposit
• Reinvest the same original deposit amount (principal) into a new term deposit for the same term and transfer the interest earned to another account
• Reinvest the principal and interest together into a new term deposit for the same term

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Will I be notified when my Term Deposit is maturing?

Yes. We will notify you approximately one week before maturity to confirm your instructions.

You can also set up alerts in Internet Banking to let you know 14 days before your Term Deposit matures and two days before interest is paid.

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Can I change my maturity options?

Yes. You can change your maturity options for the principal and interest in Internet Banking or you can contact us.

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Can I withdraw funds early?

Yes. You can withdraw or transfer funds from a term deposit account prior to maturity by giving us thirty-one days notice. The notice period commences on the first business day after you give us notice.

You can find more information in our Conditions of use—Accounts and access.

If you are experiencing hardship and need access to your funds before the end of the thirty-one day notice period, please visit a branch or call us to discuss your situation. To assess your request, you will need to provide us with evidence to support your reasons, such as invoices or a statutory declaration to satisfy our requirements.

We allow a period of grace of seven days following reinvestment, with the first day being the day of maturity, for you to withdraw or transfer your deposit without incurring a fee or reduction in interest.

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