Interest rate effective from 4 December 2019 and is subject to change without notice. For deposits over $500,000 rates are by negotiation and subject to acceptance. View the Conditions of use – Accounts and Access, and Fees and Charges brochure, also available from any of our offices. You should consider whether this product is appropriate for you before acquiring it.
Interest can be paid monthly, 12 monthly or at maturity on the Member, Edvest, Rewards Package and Customer Term Deposits and fortnightly on the Edvest Term Deposit. Term Deposit interest is calculated on the daily closing balance of the account and can be credited (compounded) to the term deposit account annually or on maturity. Term deposits lodged for more than 12 months must have interest paid at least every 12 month period as well as at maturity and the interest can be compounded to the principal. Fortnightly and monthly interest payments cannot be compounded to the principal.
Term deposits interest rates are subject to change at our discretion. However, your interest rate is guaranteed for the term of your chosen deposit, except for Edvest Term Deposit or Rewards Package members, where if you cancel your Edvest membership or Rewards Package, your Term Deposit will be transferred to a comparable Term Deposit for the remaining term providing the remaining term is 3 months or more. If the remaining term is less than 3 months, your Term Deposit balance will automatically be transferred to your Everyday Direct account. Terms and conditions are available on request.
Early withdrawal: You cannot withdraw or transfer funds from a term deposit account prior to maturity unless you give us thirty one days’ notice. The notice period commences on the first business day after you provide notice to us. If you believe that you may have a need to immediately withdraw or transfer funds before maturity, please select a more suitable deposit product. Where you give us notice of early withdrawal and the maturity date is less than thirty one days from the date of notice, we will not release the funds until maturity. Upon early withdrawal or transfer, we will reduce the interest payable. An adjustment may be required where we have paid interest to you prior to you making an early withdrawal. Where an adjustment is required, we will deduct the applicable amount from the deposit balance paid to you. The reduced rate is currently 1% lower than the rate specified on your Term Deposit Certificate.
The Responsible Investment Association Australasia (RIAA)
Retail mortgages and deposits have been certified by RIAA according to the strict operational and disclosure practices required under the Responsible Investment Certification Program. See www.responsibleinvestment.org for details. The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.