Close a Term Deposit for your client

Funds may be withdrawn on maturity of the term deposit and will be electronically paid to the nominated bank account

For more information on maintaining your term deposit, please see:

• Withdraw or deposit money into your term deposit
• Term deposit maturity and instructions.

You can request to break a term deposit by emailing your client’s term deposit details to us, specifically requesting that the term deposit be broken, at adviser@macquarie.com.

Generally, the funds will be paid out 31 days from the day the request is submitted to the term deposit issuer. The interest adjustment is 25% of interest earned. For more information, please see the ‘Making changes to a term deposit’ section in the Product Information Statement.

If less than 31 days remain on the term, the earliest you can access funds is the day after the maturity date. You can’t partially withdraw funds before closing a term deposit.

In cases of financial hardship, you may not need to provide us with 31 days’ notice and no interest adjustment will be applied to the interest earned for early withdrawal.

You can request to break a wrap term deposit by submitting a request form. Please speak to us using live chat in Adviser Online to request a copy of the relevant form.

We process requests to break wrap term deposits every Tuesday morning. We then submit the requests to the term deposit issuer the following Thursday, who will proceed with breaking the term deposit. You must submit your request to break a term deposit by Monday close of business (Sydney time) to be processed on the Tuesday in the same week.

Generally, the funds will be paid out 31 days from the day the request is submitted to the term deposit issuer; however, some term deposit issuers require a shorter notice period. Please refer to the PDS issued by the term deposit issuer for further information on break notice periods and payout processes.

If you close your account before its maturity, we'll apply an interest adjustment, except in the case of hardship. The interest adjustment is dependent on the issuer of the term deposit and can be viewed in the relevant issuer PDS.