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Making an early withdrawal from your term investment

You can ask to withdraw all or part of your term deposit or term PIE prior to the maturity date by either telling us 31 days before you want to withdraw or if you are experiencing hardship (as reasonably determined by us). 

If an early withdrawal request is made within the first seven days of the term deposit being opened, then neither 31 days’ notice nor exceptional circumstance approval are required.

You can ask us by sending a secure message in Internet Banking, calling 0800 275 269 or +64 4 931 8209 from overseas, or visiting a store.

If we agree to an early withdrawal for either of the above reasons, fees and/or changes may apply.

Fees and charges

Term deposits

You may receive a reduction in the interest paid to you. The interest rate that will be applied to the broken amount will be the advertised rate at the time the term deposit was opened, for the length of time the money was invested, minus 2%.

For example, if a term deposit was originally one year, but was broken after six months, the interest rate that would be applied would be the six-month rate at the time the term deposit was opened, minus 2%.

Term PIEs

A break fee may apply. You will be advised of the approximate amount of the break fee (if any) when you ask about making an early withdrawal request from your Term PIE.

Calculation of break fee

Break fee = dollar amount requested to be withdrawn x (days invested/365) x (actual investment rate^ – break rate^)

If the break fee is calculated to be negative or zero, no break fee will be charged.