# Am I able to withdraw money from my term deposit before it matures?

## Am I able to withdraw money from my term deposit before it matures?

If you require your funds before the maturity date of the term, either partially or in full, a pre-payment adjustment and an early redemption fee of \$30 will apply.

 Percentage of the term lapsed. Adjustment to be applied as a % of your interest rate. 0% to less than 20% 90% 20% to less than 40% 80% 40% to less than 60% 60% 60% to less than 80% 40% 80% to less than 100% 20%

Prepayment adjustment example: For a 5.00% p.a. one-year term deposit of \$50,000, where the entire account balance was withdrawn after 4 months:

1. Divide the original interest rate by 365 to get the daily interest rate 5.00% ÷ 365 = 0.0136986%
2. Multiply this by the amount of the term deposit to get the interest earned each day \$50,000 x 0.0136986% = \$6.8493
3. Multiply this by the number of days for which the funds were deposited \$6.8493 x 122 days = \$835.62
4. Find the percentage of the original term that has elapsed 122/365 (days) = 0.33 (33%). As 33% of the original term has passed, the interest will be reduced by 80%.
5. Multiply the interest earned by 80% (0.80) to get the prepayment interest reduction \$835.62 x 0.80 (80%) = 80% \$668.49 (rounded to two decimal places).

This is the interest you will lose if you close your term deposit early. These calculations do not include the \$30 early withdrawal fee.

Note that the calculation above is intended as a guide only and may vary slightly from your actual interest earned due to the rounding used in the example.