A term deposit is a type of investment that involves depositing a specific amount of money for a predetermined period, known as a term. During this period, your money earns a fixed interest rate which is typically higher than a regular savings account. At the end of the term, you receive your initial deposit along with the accumulated interest.

Bank of us fixed term deposits could be right for you if:

• You have a minimum of $5000 to invest
• You need a secure, guaranteed return over a set period (term)
• You don’t need to access your funds during the selected fixed term

A term deposit is not suitable if you:

• Require access to your funds during the term

On the maturity date of your term deposit, you can have access to both the principal and interest that you’ve earned. You can choose to re-invest for a further term or not.

Withdrawals may be permitted at our discretion but the amount of interest you receive will be reduced. If you need to make withdrawals, you might want to consider a savings account instead.

If you withdraw less than 7 days after investment, no interest will be paid. Check out our Summary of Accounts, Availability of Access Facilities and Transaction Limits for more details.

No. You’re not able to deposit more to the term deposit account during the term. You might wish to put additional funds into a savings account until the term deposit matures, then you can add your funds.