Term Deposits

A term deposit allows you to grow your existing savings by locking them away for a set period of time and at a set interest rate.

Your term can be anything from 1 month to 5 years, however, it’s worth keeping in mind that you are unable to make additional deposits after the initial grace period ends. You’ll also earn a lower rate if you need to access your money before the end of your term.

In contrast, a savings account allows you to make unlimited deposits and withdrawals. However, the interest rate is typically lower. Savings accounts can be helpful if you’re just starting out and want to deposit money on a regular basis while a term deposit is useful for earning interest on top of savings you already have.

With the recent rises in interest rates, a term deposit can be a clever way to grow your existing savings. Plus, your return on investment won’t be affected if interest rates fall.

If you’re part-way through saving for a home, putting some of your savings into a term deposit account could help you save smarter. Some of the benefits include:

• Higher interest rate than a regular savings account.
• Guaranteed rate of return.
• Choose to have your interest paid monthly, annually or at maturity.
• You won’t be tempted to spend your hard-saved cash as it’s locked away for a term.

Wondering how much interest you can earn? Our term deposit calculator can help you find out.

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

• Withdraw your money and the interest earned.
• Re-invest all or part of your savings for another term.
• Add extra funds to your term deposit and re-invest for another term.

Depending on your notification preferences, you will receive an email or text message reminder when your term deposit is approaching maturity.

A notice period of 31 days is required to withdraw part or all of your funds before your term deposit matures unless you are in your 14-day grace period or experiencing financial hardship. Please also be aware that doing so will incur a cost in the form of an interest adjustment. This is outlined in our terms and conditions.

Partial withdrawals must be at least $1,000 and  leave a remaining balance of $5,000 or more.

If you wish to provide us with 31 days’ notice to withdraw your funds, or you’re experiencing financial hardship and need them sooner, please call us on 133 282 or visit your local branch.

Yes, you can easily renew and manage your term deposit in online banking without having to call us or visit a branch.

How to manage your term deposit

1. Log in to online banking
2. Select the three dots ‘Actions’ menu for the term deposit you want to manage
3. Select one of the following options:

Edit Maturity Instructions

• You can edit the term deposit maturity instructions at any point during your term (except the day before and day of maturity) and we’ll automatically follow these instructions when your term deposit matures. If you choose to renew your term deposit, the applicable interest rate for the renewed term will be the rate which applies on the day of the maturity.

To help get you started, we’ve created a simple step-by-step guide on how to edit your maturity instructions.

Edit Term Deposit

• When you open a term deposit account, you have 14 consecutive days in which you can adjust your term length and add or withdraw funds if your needs change.
• From the day your term deposit matures, you have 14 consecutive days in which you can make changes to your term deposit. You’ll have the choice to inform us whether you wish to reinvest some or all your funds, close the account, or even consider adding extra funds for reinvestment.
• If you don’t provide any instructions within the 14-day period, we’ll automatically reinvest the term deposit for the same term at the interest rate applicable on the date of maturity.

To help get you started, we’ve created a simple step-by-step guide on how to edit your term deposit during the grace period.

Request Early Release

• If you wish to withdraw money from your term deposit before the end of its term, you’ll need to give us 31 days’ notice. Accessing your funds before maturity will incur a cost in the form of an interest adjustment, which is outlined in our terms and conditions.
• You can withdraw all or part of your funds after you have given 31 days’ notice. If you make a partial withdrawal, your balance must not fall below $5,000.

If you’re experiencing financial difficulty and need your funds earlier, please call us on 133 282 or visit your local branch.

Remember you can see and manage your term deposit in online banking at any time, so you never lose track of your term deposit’s status.

Yes. Money placed in a term deposit account with a bank, building society or credit union is protected by the Australian Government’s Financial Claims Scheme (FCS).

The scheme protects deposits up to $250,000 per person, per financial institution. In the unlikely event that a financial institution closes you’ll have the peace-of-mind that your money is safe.

Learn more about the FCS.

If you have a Fixed Rate Home Loan and have maxed out your extra repayment cap, a term deposit can help you get a head start on extra repayments once your fixed period ends.

Simply add your extra savings into a term deposit with the same or similar timeframe as your remaining fixed rate period. Then sit back and relax while your funds earn interest. Once your fixed rate period ends and your term deposit matures, the funds can be added to your home loan in online banking.

Absolutely, in fact, it’s the fastest way to get started. Read on to find out how.

• If you’re new to Great Southern Bank;
  You can apply for a new term deposit via our website. All you need is 5 minutes and your ID. Once you pass our online verification checks, we will open the term deposit account straight away to lock in your rate and term.
• If you’re an existing customer;
  You can open a term deposit in less than a minute by logging into online banking and clicking “Open or Apply”.

Once your account is open, you’ll have a 14-day grace period to arrange the transfer of your funds. If the funds you want to invest are not in your Great Southern Bank savings or transaction account, we can arrange this for you via direct debit or you can send the funds yourself using a telegraphic transfer.

If you change your mind or want to change the length of your term, you can do this within the 14-day grace period without incurring a penalty.