What’s a flexible term deposit?

What’s a flexible term deposit?

Flexible term deposits often come with added features compared to a standard deposit – enabling you to customise your term deposit to suit your business needs.

What’s the difference between a standard term deposit and a flexible term deposit?

• Flexible term deposit - Greater flexibility to access some of your funds before your term ends without fees or interest rate adjustments.^
• Standard term deposit - You’re typically unable to withdraw the money until the term ends without incurring a fee or interest rate adjustment.^

How does the Flexi Business Investment Account work?

Our Flexi Business Investment Account allows you to withdraw up to 20% of your money before the end of your term without interest adjustment or administration fees. The remaining 80% will continue to earn interest during the fixed term.

For example, imagine you open a Flexi Business Investment Account with: 

• $20,000 initial deposit amount
• A 12-month term with an interest rate of 4.40% p.a.
• 20% of your amount available to access before your term ends

This means you’ll have access to $4000 if you need it.

Six months after opening your term deposit, you withdraw $4000 from the flexible term deposit.

You don’t pay any fees or interest adjustments to withdraw the money and your remaining balance of $16,000 continues to earn 4.40% interest.

If you don’t make any withdrawals during your term, your $20,000 will earn 4.40% interest for the duration of your 12-month term.

Who might a flexible term deposit be suitable for?

A flexible term deposit can be beneficial for businesses who want to strike a balance between earning competitive interest rates and maintaining access to funds. This flexibility can be particularly appealing for businesses who want to keep access to some money in case of unexpected expenses or emergencies.