How to Manage Your Term Deposit
Did you know you can manage your Term Deposit online?
You can provide us with instructions via Internet Banking on what to do when your Term Deposit matures, so you don't have to go into a branch or post us instructions. Simply log on and select 'Open a New Account/Loan' and follow the steps.
Internet Banking Login
Do you need help with managing your Term Deposit via Internet Banking? Our Existing Term Deposit Customers section has an easy how to guide.
Finishing up a Term Deposit
About three weeks before your Term Deposit maturity date, we'll send you a letter notifying you that your Term Deposit is about to finish. We will send you a form and a pre-paid envelope and ask you to provide us with instructions on what you would like us to do with your funds when your Term Deposit matures. You can provide your instructions either by post, visit your nearest branch, or provide instructions online via Internet Banking.
You can choose to:
- Reinvest your original amount and interest earned once your Term Deposit has ended.
- Reinvest your original amount and interest plus extra money to earn more money in interest.
- Reinvest a portion of your original Term Deposit into a new, smaller Term Deposit.
What if I don't provide instructions for finishing my Term Deposit?
If you do nothing, then when your Term Deposit period ends, the original amount you invested and the interest you’ve earned will be paid into your chosen account. If you provided us with consent to automatically renew your Term Deposit, it will automatically roll over for the same term and we will send you a statement notifying you of the new interest rate applicable to your reinvested Term Deposit.
If you have negotiated a special Term Deposit rate, your money will be automatically returned to your chosen account, plus the interest you’ve earned. It will be available the same day as your term ends.
Can I access my Term Deposit funds earlier than my maturity date?
You can apply for access to your Term Deposit funds before the scheduled end date; however, unless grounds of hardship exist, your funds will not be made available to you until 31 days has expired from the date you apply for access. Partial withdrawals of the amount invested are not allowed - the whole deposit amount must be withdrawn to be paid into your nominated Suncorp Bank transaction or savings account.
If we agree to end your Term Deposit before the maturity date:
- You will need to wait for 31 days from the date of your request to access you funds
- You will lose a portion of the interest earned on your investment - calculated up to the date your Term Deposit is broken. The amount of interest you'll lose will depend on how early in the investment term you withdraw your funds, as shown in the table below.
- You will be charged a $30 Early Withdrawal Administration Fee.
|Proportion of Term Completed||Interest Adjustment|
|0-25%||80% of interest earned up to the date we allow you to withdraw your deposit|
|26-50%||60% of interest earned up to the date we allow you to withdraw your deposit|
|51-75%||40% of interest earned up to the date we allow you to withdraw your deposit|
|76-100%||20% of interest earned up to the date we allow you to withdraw your deposit|
Read our Product Information Document for more information.
Things you need to know:
Fixed Term Deposits issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No: 229882 (“Suncorp Bank”). Advertised rates not available for alternative Interest Payment frequencies. An interest adjustment will apply to early withdrawals. Other Fees and charges may apply.
Minimum deposits and withdrawals may apply. Please read the Product Information Document before making any decision regarding this product. For a paper copy visit your local branch or contact us on 13 11 75.
^The Financial Claims Scheme (FCS) under the Banking Act 1959 applies to the deposit accounts you have with us. You may be entitled to a payment under the Financial Claims Scheme in some circumstances. Payments under the Financial Claims Scheme are subject to a limit for each customer. Information about the Financial Claim Scheme can be obtained from the FCS website at www.fcs.gov.au