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Customer term deposit conditions of use

1. You cannot withdraw funds from a term deposit account until:

  • for terms up to 2 years, only at maturity, or earlier if we consent. We will only consent to an early withdrawal in the case of hardship or death or, in other cases, in our absolute discretion and then upon interest being reduced, backdated to the date of deposit.
  • for terms more than 2 years, funds will be at call after the first 2 years. However, we will reduce the interest earned on the funds withdrawn early from the date deposited until the date withdrawn. Early withdrawal requests prior to the second anniversary of deposit will be treated as above.

Details of how we will reduce interest for early withdrawal are set out in our Interest rates flyer. We may change these details from time to time. If we have already paid interest on the account and you make an early withdrawal we may deduct the excess interest paid from your remaining balance on the funds withdrawn.

You cannot make a partial withdrawal if the remaining balance will be less than the minimum opening balance required for the account. You must then withdraw the whole balance (minus any interest corrections) and close the account.

Interest can be paid monthly, annually or at maturity. Interest cannot be added to your deposit until maturity unless you are investing for 12 months or more. Interest will be paid at each 12 month period as well as at maturity and can be added to the principal (compounded).

A letter of notification will be sent approximately one week prior to maturity date giving you the opportunity to alter your original instructions for payment of principal and interest at maturity. Term deposits renew at maturity unless you instruct us otherwise.

Details of how we will reduce interest for early withdrawal are set out in our list of Interest rates. We may change these details from time to time.


If we have already paid interest on the account and you make an early withdrawal we may deduct the excess interest paid from your remaining balance or the funds withdrawn.

You cannot make a partial withdrawal if the remaining balance will be less than the minimum opening balance required for the account.  You must then withdraw the whole balance (minus any interest corrections) and close the account.


2. You cannot increase a deposit on an existing term deposit, but you can always open a new term deposit.


3. We may debit the term deposit for fees and charges as set out in our fees and charges brochure.


4. We may introduce new fees and charges or may vary existing fees and charges but we must give you 30 days’ prior notice beforehand.


5. We calculate interest on the daily closing balance of the account and can credit (compound) it to the term deposit account annually or on maturity. (Monthly interest nominations cannot be compounded to the principal). You may nominate to have the interest credited and transferred to another financial institution either monthly, annually or at maturity depending on your nomination. Monthly option not available to Parents' Associations.


6. On maturity, we will automatically reinvest the term deposit for the same term at the current interest rate for term deposits of the same term. You are free to vary the terms of the term deposit or withdraw it on maturity.


General information

The Customer Owned Banking Code of Practice applies to our term deposits. We reserve the right to decline any deposit.


If you have a complaint

Contact us on 13 12 21 8am to 7pm, weekdays or 9am to 3pm Saturday.

If you need further assistance, you can use our internal dispute resolution service. See our Complaints and Dispute Resolution brochure.


We also belong to the Financial Ombudsman Services (FOS). If we cannot resolve your dispute with us, you can have the matter determined independently by the Financial Ombudsman Services (FOS). 

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