1.1 Interest rates
A fixed interest rate will apply to your Digital Term Deposit. The interest rate that you will receive will be the interest rate available for your chosen Investment Amount and Investment Term at the time that we process your application.
Your interest rate will be confirmed when your Digital Term Deposit is opened, and this confirmation will form part of these Terms and Conditions. You can also find your interest rate online using Digital Banking.
The interest rate that you receive will usually be the interest rate displayed to you during your application. However, in some limited circumstances you may receive a different interest rate, for example, if we change our interest rates during the time that you apply for a Digital Term Deposit.
We may apply a different interest rate where we determine, acting reasonably, that your use of the Digital Term Deposit is not in good faith or involves gaming or otherwise taking excessive advantage of our account offering in a manner we consider is inconsistent with the intent of our account offering. For example, if you open multiple Digital Term Deposits with similar Investment Terms within a short period, this may indicate circumvention of account limits to take advantage of more favourable interest rates, and we may apply the lower rate across the total balance of your Digital Term Deposits.
1.2 Interest calculation and crediting
If interest is payable on your Digital Term Deposit, it is calculated daily using the following formula:
[Daily Closing Balance x interest rate applicable to your Digital Term Deposit / 365 (even in leap years)]
Where:
the Daily Closing Balance is the balance of your Digital Term Deposit at the end of a day (Sydney time).
The Investment Term will commence, and interest will be earned, from the Day that your Digital Term Deposit is funded.
Interest is paid at maturity only and other payment frequencies (monthly, quarterly, or half-yearly) are not available. The following table sets out how interest will be accrued and credited to you:
If you:
| Interest accrues up to and including: | Investment Amount and interest is credited to your Linked Account on: |
Access funds at maturity
| The Day before the Maturity Date | The Maturity Date
|
| Provide an Early Withdrawal Instruction to access funds before maturity | The Day before we accept your Early Withdrawal Instruction | The Day your Digital Term Deposit is closed |
| Provide a hardship request that is approved | The Day before we advise you that your request is approved | The Day we advise you that your request is approved |
| Provide a hardship request that is declined | The Day before we advise you that your request is declined | The Day your Digital Term Deposit is closed |
1.3 Early withdrawal
This section sets out the requirements for early withdrawal (except in cases of hardship).
To access your funds before the Maturity Date, you must close your Digital Term Deposit by giving us at least 31 days’ notice (Early Withdrawal Instruction). If you have provided an Early Withdrawal Instruction, no additional interest will be earned during the notice period.
If you have less than 31 days remaining until the end of your Investment Term, we will not be able to accept your Early Withdrawal Instruction and the earliest you can access your funds is on the Maturity Date.
If you think you may need to access your funds before the Maturity Date, you should consider whether other deposit products may be more suitable for your needs.
1.4 Hardship
If you’re experiencing hardship and need access to your funds, you will need to submit a hardship application and provide reasonable supporting documentation. In some cases, we may require additional information from you to assess your application.
If your hardship request is approved, your Digital Term Deposit will be closed on the Day after we advise you that your hardship request has been approved.
If your hardship request is declined or you have not provided us with the requested information within 48 hours, and:
- you have more than 31 days remaining until the end of your Investment Term, your request will become an Early Withdrawal Instruction in accordance with section 1.3. The 31 days’ notice period will commence from the Day that we advise you that your hardship request has been declined, and no additional interest will be earned during this notice period.
- you have less than 31 days remaining until the end of your Investment Term, the earliest you can access your funds is on the Maturity Date.
1.5 Fees and charges
If we incur any government tax, duty or other charge imposed by law in respect of your Digital Term Deposit or its operation, you must pay us an amount equal to the charge. You authorise us to debit any such amount from your Digital Term Deposit.
