Guide to term deposits

After submitting your application, if you’ve selected the online method your clients will receive an email with the relevant offer documents to review the terms and conditions. They’ll need their email address and date of birth, as well as the PIN found in the email. 

If you’ve selected the print, sign and email option, once you’ve filled out all the required fields, you can now print the application.  

Term deposit account opening is generally completed within 1 day. 

Processing times begin only when we’ve received all necessary requirements for a request. To avoid delays, please ensure you’ve completed all forms and uploaded all supporting documents before submitting.  

Note: The interest rate applicable on your term deposit is set upon the opening of the account after all account opening conditions have been satisfied.  

For further information, please see Requirements to open an account. 

Your clients can provide you with third party authority using the Macquarie Third Party Authority form below:

• Macquarie Third Party Authority form – Individual - this form is for appointing or removing an individual and a third party authority.
• Macquarie Third Party Authority form – Financial Services Company or Professional - this form is for appointing or removing a financial services professional or a financial services company as a third party authority.

To edit the details for an application which the primary applicant has not yet approved: 

1. Log in to Adviser Online 
2. Select Applications and then Pending applications 
3. Locate the pending application using the keyword search field. You can search by application name or application ID. Select the application name 
4. A new window will appear. Select Edit to update details of the application. 

You can view the maturity instructions set for the upcoming term of your client’s term deposit at any time within the Maturity instructions tile in Adviser Online. This Includes the requester of the instruction and submission time.

Before the maturity date of the term deposit, you can update your client’s maturity instructions via Adviser Online. This will tell us whether your client wants to:  

• reinvest principal and interest
• reinvest principal only, or
• close the account and withdraw funds.

If no maturity instructions are provided by the maturity date, the term deposit funds will be automatically reinvested for the same term.

To provide maturity instructions:

1. Log in to Adviser Online
2. Search for the account number using the search bar
3. Select the account and select Account details
4. Under the Maturity instructions tile, select Update maturity instructions
5. Make the relevant changes and select Submit.

We’ll generally process your maturity instructions within 1 business day. You’ll be notified in Adviser Online once processing is complete and your client’s term deposit details will be updated.

After your client’s term deposit has matured, there will be a grace period of 5 business days or 7 calendar days (whichever is longer) to make certain changes to the term deposit details or close the account and withdraw funds.

The option to reinvest principal and interest is not available during the grace period, if interest for the previous term has already been paid.

If you or your client has previously provided maturity instructions to close the term deposit, changes cannot be made during the grace period and the term deposit will be closed at maturity.

To submit instructions during the grace period:

1. Log in to Adviser Online
2. Search for the account number using the search bar
3. Select the account and select Account details
4. Under term deposit details tile, in the Term deposit has renewed callout, select Update term details
5. Make the relevant changes and select Submit.

We’ll generally process your grace period instructions within 1 business day. You’ll be notified in Adviser Online once processing is complete and your client’s term deposit details will be updated.

Please note, you can submit one grace period instruction to make certain changes to your term deposit details. This does not include grace period instructions to close your term deposit and withdraw funds, which can be done at any time during the grace period.

Any subsequent grace period instructions submitted may be accepted at our discretion.
 

Before the term deposit is due to mature, we will provide you and your client with a notice of your upcoming maturity date. This allows time for your client to consider and change their maturity instructions.

To change the nominated bank account linked to your client’s term deposit, please see change your nominated bank account.

We may waive the notice period and/or break fee if your client is experiencing hardship.

Examples of circumstances which constitute hardship:

• Financial hardship
• Medical emergencies.

Examples of circumstances which don’t constitute hardship:

• Property settlement, unless further hardship can be evidenced due to property not settling
• Tax/ATO bill, unless further hardship can be evidenced due to the tax bill.

For more information about accessing your funds before maturity, you can get in touch with a Macquarie consultant using live chat in Adviser Online.

If your client is experiencing hardship, learn more about our approach to financial assistance.