Managing Term Deposit maturity and instructions

You can view the maturity instructions set for the upcoming term of your client’s Term Deposit at any time within the Maturity instructions tile in Adviser Online. This includes the requester of the instruction and submission time.

Before the maturity date of the Term Deposit, you can update your client’s maturity instructions via Adviser Online. This will tell us whether your client wants to:  

• reinvest principal and interest
• reinvest principal only, or
• close the account and withdraw funds.

If no maturity instructions are provided by the maturity date, the Term Deposit funds will be automatically reinvested for the same term.

To provide maturity instructions:

1. Log in to Adviser Online
2. Search for the account number using the search bar
3. Select the account and select Account details
4. Under the Maturity instructions tile, select Update maturity instructions
5. Make the relevant changes and select Submit.

We’ll generally process your maturity instructions within 1 business day. You’ll be notified in Adviser Online once processing is complete and your client’s Term Deposit details will be updated.

After your client’s Term Deposit has matured, there will be a grace period of 5 business days or 7 calendar days (whichever is longer) to make certain changes to the Term Deposit details or close the account and withdraw funds.

The option to reinvest principal and interest is not available during the grace period, if interest for the previous term has already been paid.

If you or your client has previously provided maturity instructions to close the Term Deposit, changes cannot be made during the grace period and the Term Deposit will be closed at maturity.

To submit instructions during the grace period:

1. Log in to Adviser Online
2. Search for the account number using the search bar
3. Select the account and select Account details
4. Under the 'Term deposits details' tile, in the Term deposit has renewed callout, select Update term details
5. Make the relevant changes and select Submit.

We’ll generally process your grace period instructions within 1 business day. You’ll be notified in Adviser Online once processing is complete and your client’s Term Deposit details will be updated.

Please note, you can submit one grace period instruction to make certain changes to your client's Term Deposit details. This does not include grace period instructions to close your client's Term Deposit and withdraw funds, which can be done at any time during the grace period.

Any subsequent grace period instructions submitted may be accepted at our discretion.

Before the term deposit is due to mature, we will provide you and your client with a notice of your upcoming maturity date. This allows time for your client to consider and change their maturity instructions.

To change the nominated bank account linked to your client’s Term Deposit, please see our Personal Help Centre article Viewing and managing Term Deposit Maturity and Instructions.

All instructions, requests and notices in relation to your client’s term deposit must be lodged before 2:30pm (AEST) to be processed on the same business day. This includes new applications to open a term deposit, maturity instructions (before or during the grace period) and notice to close a term deposit before maturity.

If you’ve requested to close your account and withdraw funds prior to maturity, you can amend or cancel this request up until 2:30pm (AEST) on the business day before the day your funds are due to be disbursed. 

Any requests which are unclear, incomplete or require additional information may not be processed on the same day. Please ensure all information is correct and up to date (including the details of your client’s nominated bank account).