What happens when your term deposit reaches maturity

Your term deposit maturity is like reaching the finish line of your savings plan.

You’ve completed the term you set, and now it’s time to choose your next step, with the flexibility to make sure it still fits your life, your goals, and your plans.

Before your term deposit matures, we’ll send you a reminder with the key details, including the date it matures and the options available to you.

If we have your email address, you may recieve this as a digital letter. If not, we’ll send it by post. This gives you plenty of time to look over your choices and decide what feels right for you.

How your interest is paid depends on what you chose when you opened your term deposit, and each option works a little differently to support your goals.

• If you chose to maximise growth:

  Your interest builds quietly in the background and is applied to your balance at the end of your term, along with the money you started with. You can choose to have it paid out at the end of the term or reinvested.

• If you chose to have it paid monthly:

  You’ll see your interest paid into your account each month, which can be great if you like regular income along the way. When your term deposit finishes, you’ll get back the money you started with, plus any remaining interest that hasn’t already been paid.

Your term deposit keeps the same account number, no matter which option you choose. Once you’ve confirmed your instructions, your term deposit will simply follow them.

At the end of your term, you can choose to:

1. Reinvest (renew) your full balance

   If you’d like to continue saving, you can reinvest the balance of your term deposit for a new term at a new rate. You can choose:

   • the term length that suits your plans now
   • how you want interest paid
   • whether you want to add in any additional money before restarting the term

2. Reinvest part of your balance

   You can reinvest some of your money and take out the rest. Some customers choose this option when their goals change or when they want to combine reinvestment with access to some of their money. If this is the option you choose, you’ll just need to chat with one of our team to get things sorted.

   Tip: Before you reinvest, take a moment to check our current term deposit rates. Interest rates can change, and a quick review at maturity helps you make sure your next term still fits your plans. That way, you’re choosing what works best for you right now.

3. Withdraw your money

   If you decide you would like to access your money you can withdraw your full balance, including any interest you’ve earned, into your nominated account.

Your life and goals can evolve, and what you choose to do when your term deposit ends can evolve with them.

You’re free to update your maturity instructions at any time up to 5pm on the day before your term ends.

You can review and update your maturity instructions through our mobile app and internet banking.

Review or update instructions