Your term deposit is invested subject to the following conditions.
- The investment is fixed for the term as shown.
- Interest is calculated daily at the rate shown on this certificate.
- Interest is paid on maturity, unless otherwise agreed with us differently.
- Where terms exceed 12 months, interest is capitalised annually, interest payable in respect of the last 12 months or part thereof is added to the balance at maturity.
Grace period.
A grace period of seven days from the date of investment is provided, for new or re-invested term deposits during which you may withdraw or transfer funds without penalty, subject to minimum investment amount.
What happens to my term deposit at maturity or during the grace period?
At maturity or during the 7-calendar day grace period you can:
- Do nothing; your term deposit balance and interest will automatically be reinvested on the maturity date for the same term at the then current published term deposit interest rate. If the same term is no longer available, then the reinvestment will be for the published standard (ie non premium certificate) term closest to the original term.
- Change your instructions, this includes change of term, add extra funds or withdraw part or all your term deposit amount. If you are the owner of the account, you can do this via online banking self-serve, or alternatively your written request will be actioned either on the maturity date or by the next business day.
Note: Where you wish to lodge the full redemption at maturity, you can do this in online banking prior to the maturity date, or alternatively, you may contact us.
What happens if I add or withdraw funds during the grace period?
Where you add funds during the seven calendar days ‘grace period’, interest will accrue on the additional funds from the date the additional funds are deposited into the Term Deposit account. Where you withdraw funds during the seven calendar day ‘grace period’, interest will accrue on the remaining daily balance (less the amount withdrawn) at the prevailing interest rate. Further information about your term deposit can be found in our Products and Services – Conditions of Use.
Access to you term deposit.
You may ask us to release your term deposit before maturity by calling us or visiting your local branch during business hours. We will process your redemption on the date of request, or the next business day.
Early redemption of your term deposit.
- The term deposit is intended to be held for the agreed term, until maturity. Despite this, you can access your term deposit funds before maturity.
- A pre-payment adjustment and fee will apply. The extent of the pre-payment adjustment will depend on the percentage of the original term elapsed when early access is given.
For further terms and conditions.
Please refer to our Products and Services – Conditions of Use, available at Defence Bank branches or at defencebank.com.au. Applicable fees and charges are detailed in the Defence Bank Fees and Charges Schedule.
How to contact us.
Log in to the app or Online Banking to send us a secure message and one of the team will assist you with your enquiry.
Frequestly asked questions about term deposits can be viewed here and questions about term deposit self serve here.