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Prepayment adjustment example: For a 5.00% p.a. one-year term deposit of $50,000, where the entire account balance was withdrawn after 4 months: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

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