These Terms and Conditions apply to the Macquarie Term Deposit.
These Terms and Conditions must be read together with the Macquarie Banking Terms and Conditions.
These Terms and Conditions apply to the Macquarie Term Deposit.
These Terms and Conditions must be read together with the Macquarie Banking Terms and Conditions.
You can find interest rate information on our website, in Digital Banking, or through your Financial Services Professional or Relationship Manager (if applicable).
A fixed interest rate will apply to your Term Deposit for your Investment Term.
If you have opened a Term Deposit:
If your Term Deposit is being Rolled Over:
You will be advised of the interest rate applicable to your Term Deposit after account opening or after your Term Deposit is Rolled Over. The current interest rate applicable to your Term Deposit is set out within:
We may apply a different interest rate where we determine, acting reasonably, that your use of the 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 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 Term Deposits.
If interest is payable on your Term Deposit, it is calculated daily using the following formula:
[Daily Closing Balance x interest rate applicable to your Term Deposit / 365]
Where:
the Daily Closing Balance is the balance of your Term Deposit at the end of a day. It includes cleared and uncleared funds that have been deposited to your Term Deposit within that day, but it excludes:
Interest accrues up to and including the day before interest is credited or paid to you. Interest is credited to your Term Deposit or another bank account nominated by you according to your selected Interest Frequency. That amount will be credited on the last day of that Interest Frequency period or, if that day is not a State Business Day, the next State Business Day. If we credit interest to your Term Deposit, you will not be entitled to withdraw that interest until the Maturity Date or the day your Term Deposit is closed.
If you close your Term Deposit, we will pay you any interest accrued up to the day before your Term Deposit is closed (excluding any interest that has already been credited to another bank account nominated by you).
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.
If we incur any government tax, duty or other charge imposed by law in respect of your 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 Term Deposit.
Would you like further information about your Term Deposit, including any fees and charges applicable? Log into Digital Banking or visit our website.
Term Deposit statements are made available half-yearly (if you have an Investment Term of 6 months or greater) through Digital Banking.
You should:
Any requests and instructions provided in relation to your Term Deposit are subject to lodgement times available on our website. Any requests and instructions received after these times may be accepted at our discretion and we reserve the right to refuse these.
You must make an initial deposit at account opening to fund your Term Deposit. We may close your Term Deposit if we do not receive your initial deposit and your Term Deposit is not funded within a reasonable period after account opening.
Once your Term Deposit has been opened, you can’t change your Investment Amount during your Investment Term.
You may request that a person or persons be appointed as an Authorised User to operate or access your Term Deposit on your behalf. We may, acting reasonably:
Any Authorised User is appointed as your agent and their actions are binding on you and could cause you to be in breach of these Terms and Conditions or the Macquarie Banking Terms and Conditions.
Consider carefully who you appoint as an Authorised User on your Term Deposit and what level of authority you give them, as we will follow their instructions as if they were yours.
We are not required to make any enquiries in relation to any instructions received from an Authorised User.
You may revoke the authority of an Authorised User at any time by contacting us.
The types of authority that you can grant to an Authorised User are set out below:
Authority type | What the Authorised User can do | Available for |
View (also known as Enquiry Authority) |
| All Term Deposits |
Create |
| Business Banking Term Deposits |
Download |
| Business Banking Term Deposits |
Approve (also known as Sole/Dual Authorisation) |
| Business Banking Term Deposits |
Validate |
| Business Banking Term Deposits |
Authorised Signatory |
Only available for guardianship, power of attorney and court order arrangements on the account. | All Term Deposits (except for Business Banking Term Deposits) |
| Business Banking Term Deposits |
For Approve and Authorised Signatory authority types on Business Banking Term Deposits, you can choose between ‘Sole Authorisation’, where a single person can perform the above actions, or ‘Dual Authorisation’, where the person can only do so jointly with another person.
Where you give authority to a Financial Services Company (FSC):
An Office Holder may, acting alone, give any instructions or take any action, including to open or close a Term Deposit or share data in relation to it, unless:
If you think you may need to access your funds before the Maturity Date, other deposit products may be more suitable.
To access your funds before the Maturity Date, you must close your Term Deposit by giving us at least 31 days’ notice, except where we agree otherwise on the grounds of hardship. We have the discretion to delay access to your funds until the end of the notice period, but not beyond the Maturity Date.
If you have less than 31 days remaining of your term (or if you have a one-month Investment Term), the earliest you can access your funds is the Maturity Date.
Before the Maturity Date, you can provide Maturity Instructions to:
If we do not receive Maturity Instructions from you in accordance with section 5.1, your Term Deposit will be automatically reinvested for the same Investment Term. If the same Investment Term is not available, we will select a similar (but not longer) Investment Term.
Once your Term Deposit has Rolled Over, you will have a Grace Period to:
Any subsequent Grace Instructions may be accepted at our discretion, and we reserve the right to refuse these.
On the Maturity Date, we will repay or reinvest your Term Deposit in accordance with your Maturity Instructions.
Upon closure of your Term Deposit, all funds and interest accrued will be returned to your Nominated Account (if applicable) or disbursed in accordance with your instructions, unless section 6.2 applies.
If you hold a Business Banking Term Deposit and you have provided instructions to convert your Term Deposit to a Business Banking At Call Investment Account:
We may enter commercial arrangements with FSCs to integrate our products with their services. Where you:
we may make payments to them. Where permitted by law, these payments may be up-front and/or ongoing and may be percentage based.
Such payments are made by us and not you, and do not affect the interest rate, Term Deposit balance, fees or charges which apply to your Term Deposit.
If you apply for a Term Deposit through a wrap, superannuation or managed account platform, your investment may be pooled with the funds of other investors who wish to invest for the same term as you.
As such, some of the features described in these Terms and Conditions may differ or may not be available to you. For example, platforms that offer our Term Deposit on their investment menu may:
You should contact your Financial Services Professional or relevant wrap platform provider to find out more.
Any defined terms used in these Terms and Conditions which are not listed below have the meaning given to them in the Macquarie Banking Terms and Conditions.
Business Banking Term Deposit means a Term Deposit that can be accessed through Macquarie Business Online.
Confirmation means the notice provided to you after you open a new Term Deposit or after your Term Deposit has Rolled Over that confirms the details of your Term Deposit, including the applicable interest rate.
Grace Instruction means, where your Term Deposit has Rolled Over, any instruction that you provide during the Grace Period.
Grace Period means, where the Term Deposit has Rolled Over, the longer period of 7 days or 5 Business Days from the Term Deposit’s previous Maturity Date.
Interest Frequency means how often you choose to receive interest payments on your Term Deposit when you open a Term Deposit or when your Term Deposit is Rolled Over.
Investment Amount means the initial amount deposited by you when you open a Term Deposit or the amount that has been reinvested when your Term Deposit is Rolled Over.
Investment Term means the period that you choose to invest your funds when you open a Term Deposit or when your Term Deposit is Rolled Over.
Macquarie Business Online means our online business banking platform known as “Macquarie Business Online”. This is an Online Banking platform for the purposes of the Macquarie Banking Terms and Conditions.
Maturity Date means the last day of the Investment Term but, if this day is not a State Business Day, it will be the next State Business Day.
Maturity Instructions means any instructions that you provide before the Maturity Date.
Nominated Account means, unless you open a Business Banking Term Deposit, the bank account that you nominate at account opening and authorise us to debit funds from to fund your Term Deposit.
Rolled Over means where your Term Deposit is reinvested into a renewed Term Deposit in accordance with section 5.1 or automatically reinvested in accordance with section 5.2.
Term Deposit means an account issued by us which provides for a fixed amount to be invested by you at a fixed interest rate for a fixed term, as set out in these Terms and Conditions. This is a deposit account under the Banking Act 1959.
we, us, our or Macquarie means Macquarie Bank Limited ABN 46 008 583 542, AFSL 237502.
you means the holder of a Term Deposit and, in the case of joint holders, each of you.