What will happen to my term deposit when it matures?
Last updated 12 October 2016
We’ll send you a term deposit renewal notice roughly a week before it matures (you can also opt-in to get free alerts) unless your funds are in the holding facility or your term deposit is fixed at a term of less than 14 days.
The renewal notice explains what you can do when your term deposit matures and if we don’t hear from you in that time, on the maturity date we’ll either:
- Reinvest your term deposit for the same fixed term at the interest rate that applied on the date your term deposit matured; or
- Place your term deposit in the holding facility.
If your term deposit is reinvested for a new term or interest rate doesn’t suit you, you have seven days, including the maturity date itself, to tell us online what you’d like to change regarding your term deposit. You can also call us 24/7 on 13 2221 or drop in to your nearest branch, to tell us what you want to change regarding your term deposit. After the seven-day period ends, your term deposit is locked in for the new term and interest rate.
If you proactively managed your maturing term deposit and provided your maturity instruction, you’ll find your term deposit has already been renewed on the maturity date for the term you selected.