Closing your Term Deposit before maturity

If you wish to withdraw funds from your Term Deposit prior to maturity, you must provide us with at least 31 days’ notice and a break fee may apply. If you have less than 31 days remaining of your term, the earliest you can access your funds is at maturity.

We may waive the notice period and/or break fee if you are experiencing hardship.

For more information about accessing your funds before maturity, please contact your financial adviser, or get in touch with a Macquarie consultant using chat.

You’ll need to get in touch with us to close your account and withdraw funds before maturity. The easiest way to do this is via chat in Macquarie Online Banking or the Macquarie Mobile Banking app.

To close your account and withdraw funds before maturity in Macquarie Online Banking:

1. Hover on your Term Deposit account in the account list
2. Select I want to
3. Select Close account
4. Select Close account before maturity
5. Select Start Chat to get in touch with a Macquarie consultant.

To close your account and withdraw funds before maturity in the Macquarie Mobile Banking app:

1. Select your Term Deposit account from the account list
2. Select I want to
3. Select Close account
4. Select Close account before maturity
5. Select Start Chat to get in touch with a Macquarie consultant.

If you close your Term Deposit before the Maturity Date, we may apply a break fee.

The break fee equals 25% of interest accrued on your Term Deposit as at the date of closure and will be deducted from the total interest payable to you. Where the amount of the break fee exceeds the amount of interest payable on your Term Deposit, we may recover the break fee by deducting the amount from the principal balance of your Term Deposit.

You can get an estimated break fee by contacting us using chat.

A notice to close your Term Deposit before maturity must be lodged before 2:30pm (Sydney time) to be processed on the same business day.

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 (Sydney time) 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. So please ensure all information is correct and up to date (including the details of your nominated bank account). 

Please note:

• If you previously provided maturity instructions to close your Term Deposit, you can’t make changes during the grace period and your Term Deposit will be closed at maturity.
• During the grace period, you will be able to close your term deposit or change the term to which you are rolling only. You are unable to amend instructions (for your previous term) to reinvest principal only, or principal and interest during the grace period.

• If you’ve provided maturity instructions to withdraw and close your account, the payment to your nominated account will be processed on the maturity date. Funds will usually reach your nominated account within 1-2 business days. If you don't provide maturity instructions, there's a grace period of 5 business days or 7 calendar days (whichever is longer) from that maturity date to close your account and withdraw funds without incurring a break fee. If you provide grace period instructions to close your account, this will usually be processed within 1-2 business days.
• If you’ve requested to close your Term Deposit before maturity, you'll need to give us at least 31 days' notice, and a break fee may apply. If you have less than 31 days left in your term, the earliest you can access your funds is on the maturity date.