‍ What happens if I need to access my money before maturity? Can I add money to a term deposit?Ĭustomers are able to add additional funds in their term deposit during the 14-day grace period after account opening and on maturity of the term deposit. Please call us if you want to make a change within this period. No interest is payable on withdrawn amounts during the grace period. If you would like to cancel your term deposit after opening, or change the amount or term, you will have a grace period of 14 days from the date the term deposit is opened to provide alternative instructions without incurring a penalty. ‍ What happens if I want to change or cancel my term deposit after opening? You can learn more about the key differences between term deposits and other savings accounts here. They are also a low maintenance option so they are more 'set and forget' than savings accounts, which are more flexible with withdrawals but require meeting bonus conditions in order to get the bonus rate. savings account: How are they different?įixed term deposits offer a guaranteed rate of return on your money for the life of an investment. Please note that we do not accept Osko or PayID payments into term deposits. You can transfer funds via cash in branch, or electronic funds transfer. ‍ What payment methods do you accept for Term Deposits? But if you withdraw some or all of the deposit before the agreed term finishes, you may incur a penalty that is deducted from the accrued interest. It can be an attractive option because the interest rate is usually higher than regular savings account rates. A term deposit is a fixed term savings account that offers a safe, guaranteed rate of return on your money for the life of an investment.

Fixed term deposit rates us banks