What will happen to my term deposit when it matures?
Last updated 01 December 2017
We’ll send you a Term Deposit Renewal Notice roughly a week before it matures (you can also opt-in to get free SMS alerts) unless 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. If you proactively managed your maturing term deposit and provided renewal instructions, you’ll find your term deposit has already been renewed on the maturity date for the term you selected. Otherwise, if we don’t hear from you in that time, we’ll place your Term Deposit funds in the holding facility of your account on the maturity date. Either way, we’ll send you a confirmation notice following maturity.
If your Term Deposit is reinvested for a new term or interest rate that 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 drop in to your nearest branch or call us on 13 2221, to tell us what you want to change. After the seven-day period ends, your term deposit is locked in for the new term and interest rate, and any withdrawals during the term will be subject to 31 days’ notice period and prepayment costs.
Remember you can see and manage your term deposit alongside your other accounts in NetBank at any time. So you never lose track of where your term deposit is at.