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Short Access to Term Deposits

           

Investors will need to provide the bank with 31 days notice if you access the funds in your term deposit before the maturity date.

Investors in term deposits will often be confused by the excessive detail provided (often after the deposit is made).  The bank will go to great length to explain how difficult it will be to redeem the deposit only.  Only rarely will this matter.

If you have less than 31 days remaining on your term deposit, the earliest you can access funds is at maturity.

If you don’t provide the bank with alternative instructions, on maturity, your term deposit will automatically roll over for the same term at the applicable interest rate offered on the maturity date.  This is often where the bank wins (and you lose).  The rate you chose on first investment will often be less than the rate for a different term.  So be alert and prepared to continually change the term of investment (as well as bank).

Exceptions are if you are experiencing hardship.

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