Term Deposit Account FAQ
Can I have more than one Term Deposit?
Can I open a Term Deposit for business use?
Can I have a Term Deposit if I am not a member of a Superfund or Union?
How long will it take to open my Term Deposit?
How much money do I need to open my Term Deposit?
How do I deposit money into my Term Deposit?
Are there any fees on my Term Deposit?
Will my Term Deposit appear on internet & Phone Banking?
What interest rate will I receive?
When will I start earning interest?
Will I get a Term Deposit Certificate when my application is complete?
Will you let me know before my Term Deposit matures?
Can I break my Term Deposit before it matures?
How does a Term Deposit work?
A term deposit offers high interest rates and security for a fixed term. Interest rates differ as they depend on both the term and the amount of the deposit, and are available on request.
Who can open a Term Deposit?
The minimum age to open an account is 12 years, and the application should be completed by the account holder.
Can I have more than one Term Deposit?
Yes. Simply fill in another application.
Can I open a Term Deposit for business use?
No, this account is specifically for personal use only.
Can I have a Term Deposit if I am not a member of a Superfund or Union?
Yes.
How long will it take to open my Term Deposit?
Your Term Deposit account will be opened within three business days from when we receive your completed application form and any supporting documentation.
How much money do I need to open my Term Deposit?
The minimum deposit is $5,000.
How do I deposit money into my Term Deposit?
We can debit funds directly from your nominated bank account, or we can accept a cheque for the initial deposit.
Are there any fees on my Term Deposit?
There are currently no bank fees on this account.
Will my Term Deposit appear on internet & phone banking?
Yes, you will be able to check your balance once you have registered for our phone or internet banking services.
What interest rate will I receive?
You will receive the interest rate applicable on the day we receive your fully completed application and any supporting documentation required to open your account.
When will I start earning interest?
You begin earning interest from the day your Term Deposit is opened and a deposit made.
When will I receive interest?
Interest is calculated daily and paid at the maturity of your investment, except with the 24 month term. In this case the interest is credited to your nominated account on the 12 month anniversary of the day your account was opened, and then at maturity, in accordance with your instructions.
How will interest be paid?
At the maturity of your term deposit you can choose to have interest reinvested into your new term deposit or have it paid into your nominated account.
Will I get a Term Deposit Certificate when my application is complete?
We will send you a confirmation letter once your account has been opened, detailing your investment amount, the interest rate and the maturity date.
Will you let me know before my Term Deposit matures?
Yes, we will send you a maturity advice beforehand so that you can decide if you would like to reinvest.
Can I break my Term Deposit before it matures?
Yes. You can only withdraw all of your Term Deposit before it matures. An early withdrawal percentage rate will apply. We will reduce the fixed rate by the early withdrawal percentage rate up to the amount of accrued interest. Please see the Deposit Account Interest Rates, Fees and Charges Sheet for further information.
NB: A partial withdrawal is not possible.
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