Interest rate effective from 17 January 2017 and is subject to change without notice. For deposits over $500,000 rates are by negotiation and subject to acceptance. View the Conditions of use – Accounts and Access, and Fees and Charges brochure, also available from any of our offices. You should consider whether this product is appropriate for you before acquiring it.
Interest can be paid monthly, 12 monthly or at maturity on the Member, Edvest, Rewards Package and Customer Term Deposits and fortnightly on the Edvest Term Deposit. The Customer 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 12 month period as well as at maturity and can be compounded to the principal. Fortnightly and monthly interest payments cannot be compounded to the principal.
Term deposits interest rates are subject to change at our discretion. However, your interest rate is guaranteed for the term of your chosen deposit, except for Edvest Term Deposit, where if your Edvest membership is cancelled, your Edvest Term Deposit will be transferred to a comparable non-Edvest Term Deposit for the remaining term providing the remaining term is 3 months or more. If the remaining term is less than 3 months, your Edvest Term Deposit balance will automatically be transferred to your Everyday or Everyday direct account. Terms and conditions are available on request.
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 However, we will reduce the interest earned on the funds withdrawn early from the date deposited until the date withdrawn.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.
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and you make an early withdrawal we may deduct the excess interest paid from your remaining balance or the funds withdrawn.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.
The reduced rate is currently 2% lower than the rate specified on your Term Deposit Certificate.
1 Minimum deposit $500 for 0-23 year olds and New Teachers.
2 For deposits over $500,000, rates are by negotiation and subject to acceptance.
3 If you cancel or do not renew your Rewards Package by paying the annual fee each year you will no longer be eligible for the rewards benefits. As a result the term deposit will be transferred to a comparable term deposit for the remaining term, providing the remaining term is 3 months or more or if the remaining term is less than 3 months, your term deposit balance will automatically be transferred to your account. Reduced interest is paid on term deposits if you withdraw your funds before the end of the proposed term.