Term deposit

Yes, your savings are safe with us under the Government Guarantee on Deposits.

The Financial Claims Scheme (FCS), also known as Australian Government Deposit Guarantee, is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other ADI that is incorporated in Australia and authorised by the APRA. For more information, head to our Government Guarantee page.

Selecting the right interest payment frequency for your Term Deposit is important as it impacts how much interest you earn at the end of term.

If you opt to be paid monthly:

• Interest earned on your deposit gets paid to you monthly for the length of your term
• Often comes with a lower interest rate.

If you opt to be paid at maturity:

• Interest is paid as a lump sum payment at the end of the term of your deposit.
• Generally these come with a slightly higher interest rate.

To access your term deposit before maturity give us a call on 1300 747 747 or visit us in branch.

Important information: Once you have invested in a term deposit, your funds are invested for the term you have chosen. You may withdraw or transfer the balance of your term deposit early by giving us 31 days notice. However if you do, we will reduce the interest on the term deposit from the date it was opened until the date of withdrawal or transfer by 2% per annum, or the term deposit rate if it is less than 2%. We have the discretion to delay the withdrawal or transfer until the end of the notice period (but not beyond the maturity date). If you have already been paid interest, the reduction will be deducted from the balance of the term deposit.