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Term Deposit early termination charge

If you need to break your term deposit early a charge may apply to the interest you'll receive on the amount you want to withdraw. The charge is a reduction to the interest you’ll receive on the amount you want to withdraw early.

The interest rate you'll receive on the money you withdraw early will be the lower of:

• The advertised rate on the day your application to break is approved, for the number of days the money was actually invested, less 2%; or
• The advertised rate on the day the term deposit was opened, for the number of days the money was actually invested, less 2%.

Visit our breaking a term deposit early page for more details.

PIE Term Deposit early termination charge

If you break a PIE Term Deposit an early termination charge may apply. The charge is a reduction to the return payable to you on the amount you want to withdraw early.

The rate of return that'll be applied to the amount of money you want to withdraw will be your original rate of return less 2%, while the return payable to you will be calculated using the following formula:

Reduced return to be paid = amount to be withdrawn × (days invested ÷ 365) × (original rate of return − 2%) where the original rate of return is the rate of return we agreed when you invested.

Visit our breaking a term deposit early page for more details.

Notice Saver immediate withdrawal charge

When you request an immediate withdrawal of part or all of your money from Notice Saver without giving the required notice.

The amount of the charge varies depending on the amount being withdrawn, the current rate of return for your Notice Saver and the length of the required notice period.

The immediate withdrawal charge is based on the lesser of:

• the amount withdrawn multiplied by the current rate of return divided by the number of days in the year. This is then multiplied by the notice period;
• the interest earned and accrued over the previous period equivalent to the notice period.