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Fixed Term Deposit - frequently asked questions

Here are some frequently asked questions ('FAQs') about Fixed Term Deposits that may be helpful.

If we don't hear from you, we'll open a Term Maturity Account. We'll transfer the maturing funds into it the next business day.

The Term Maturity Account allows instant access to funds without charge. Please see our website for the latest interest rate. You can only withdraw the full balance from the Term Maturity Account. Deposits are not permitted.

If you opened your account before 2 November 2023, the account will mature exactly one or two years after it was funded. The maturity date is on your term certificate.

If you have opened your account on or after 2 November 2023, your maturity date will be on the fact sheet. The maturity date can also be found on your term certificate.

When you tell us you want to roll over, tell us the amount you would like to add. You can then make a payment to the control account up to 14 days after your account matures.

A new Fixed Term Deposit Account number will be created for you. You'll also receive a new welcome pack before your deposit certificate. We'll then transfer the balance to your new Fixed Term Deposit at maturity.

The Fixed Term Deposit Maturity Options Form must be signed in accordance with your account mandate.

Your new fixed term deposit certificate will be sent after the 14-day deposit period ends.

Interest is paid on the 1st of the month after the account has been funded. If your certificate is sent after the 1st of the month, this payment of interest will be included in the deposit amount on your certificate.

Your new maturity date can be found on the fact sheet available when your account was opened. This will always be the last day of the month. If this day falls on a non-working day, the account will mature the next working day.

Interest will be earned daily on your account. An interest payment will be made on the 1st of the month following account opening. For 12 month accounts we'll also pay interest when the account matures. On 24 month accounts we'll pay interest 12 months after funding and once again at maturity.