Your term deposit on maturity

Maturity instructions available in NetBank

If you are a NetBank registered user, you will be able to record your maturity instructions at any time before the maturity of your Term Deposit.  

Manage your term deposit in NetBank now and select one of the following options:

• Renewal – this allows you to reinvest your current Term Deposit for a different term as well as adding additional funds to your Term Deposit at maturity. For adding additional funds, you must nominate your transaction or savings account that the money will be debited from and ensure sufficient funds are in that account the day before the maturity date.
• Partial withdrawal – this is the option that lets you withdraw part of your funds at maturity and reinvest the remaining balance for the same or a different term. Remember the remaining balance of your Term Deposit after this partial withdrawal must be at least $1,000.
• Full withdrawal – if you decide to withdraw all of your funds at maturity and close your Term Deposit, you must nominate your transaction or savings account that the money will be credited into.

Please note that maturity instructions are processed in the early morning on the maturity date. Therefore, if you have selected the option of Partial withdrawal or Full withdrawal, you cannot change or cancel those instructions on the maturity date.

If you do not wish to record your maturity instruction, we will renew your Term Deposit for the same term as before at the standard interest rate applicable to the term and on the Terms and Conditions the applying to the new standard Term Deposits. The interest rate applicable to the new Term Deposit may be significantly different, higher or lower, from the interest rate applied in the previous term.

What happens at maturity

If you have provided us your instruction prior to maturity, we will process this instruction in the early morning on the maturity date. For NetBank customers, this means that your recorded maturity instruction would have already been processed and if this was a Partial withdrawal or Full withdrawal, you cannot cancel this instruction on the maturity date.

If you did not provide us any instruction and want to do so on the maturity date or for NetBank customers who want to change their renewal instruction, this can be done by calling 13 2221 or visit one of our branches. The options available are:

Reinvest your current funds

This option allows you to reinvest your matured Term Deposit for a different term on the maturity date. Once the term is fixed, your Term Deposit is locked in for that period of time.
You will receive the Certificate of Reinvestment notice approximately two weeks after your Term Deposit has been reinvested. 

Reinvest with additional funds

If you are a new customer and do not have any other account with the Commonwealth Bank, adding funds to your Term Deposit at maturity must be made by Bpay (via Internet or phone banking). The Bpay Biller Code is 28373 and the Customer Reference Number is the existing Online Term Deposit account number (12 digits long). Additional funds must be sent from the same account that the original Term Deposit holding was received. Once payment is made, call 13 2221 and our telephone staff will be able to assist with reinvesting your online Term Deposit for another term.

If you are a NetBank registered user, the Payments function allows you to transfer funds to your Term Deposit on the maturity date. You need to select your transaction or savings account on the ‘From’ account list and choose your Term Deposit on the ‘To’ account list. Alternatively, you can call 13 2221 and our staff would be happy to arrange the funds transfer for you.  

You will receive the Certificate of Reinvestment notice approximately two weeks after your Term Deposit has been reinvested. 

Withdraw your funds

If you wish to withdraw part of your funds at maturity, our 13 2221 staff would be happy to assist by arranging the transfer from your Term Deposit to your nominated account. The Bank may require you to provide acceptable forms of identification before it can process your request to withdraw funds and accept any subsequent change to the information you provided online when applying for a Term Deposit via the commbank website.

If you decide to withdraw all of your funds at maturity and close the Term Deposit, we will mail you the Closed Account Notice approximately two weeks after the account has been closed.

For general enquiries and renewal or withdrawal requests on Term Deposits opened online, please call 13 2221, 24 hours a day, 7 days a week.