Term Deposits

1. Log in to Macquarie Business Online
2. In your account list or dashboard, select the Term Deposit you want to withdraw funds from
3. Navigate to the Details tab, where you can see Term Deposit details (including interest rate and maturity instructions)
4. In the Details tab, there are two ways to initiate a partial withdrawal request. You can either:
   • Select Request partial withdrawal from the Account actions dropdown under the account name and BSB, or
   • Select the Pen icon in the Term Deposit tile that reads: Partial withdrawal at maturity
5. Review the beneficiary details for the account (this screen includes their tax status). If the beneficiary details are correct, you can select Next
   • If you need to change the details of an existing beneficiary, including adding tax details, simply select the Pen icon to edit their details
   • If you need to add another beneficiary, you can do that by selecting Add another beneficiary. You’ll need to provide their name, address, and tax information. Be ready to provide a valid ABN, TFN or a reason for tax exemption
6. Once you’ve saved any changes to the beneficiaries and selected Next, you’ll be asked to provide withdrawal and maturity instructions. It’s important to note:
   • Withdrawal instructions: You need to make sure you have at least $5,000 remaining in your Term Deposit account after you’ve entered the withdrawal instructions
   • Maturity instructions: To finalise this request, you’ll also need to let us know the maturity instructions for the remaining balance of your Term Deposit. We’ll default the instruction to “Use existing”, so if you’d like to update it, make sure you select “Update instructions” and let us know whether you’ll:
     • Reinvest for the same term,
     • Reinvest for a new term, or
     • Move to at-call.
7. Once you’ve saved your withdrawal and maturity instructions, select Next
8. On the summary screen you’ll confirm that all the details of the partial withdrawal are correct. Once you’re happy, select to either Submit for approval or Approve. 

A user with authorise level access on the account will need to have their mobile device close by so they can complete the approval using the Macquarie Authenticator app.

The Macquarie Authenticator app sends users with authoriser level access push notifications so it’s easy to approve the Term Deposit partial withdrawal in real-time.

In the app, you’ll need to click on the blue link to view details of the partial withdrawal before you can approve it. 

Learn more about Macquarie Authenticator.  

During a partial withdrawal, if you update the tax details of a beneficiary then these details will be saved in our system regardless of whether you complete or exit your partial withdrawal request. A record of this update will be captured in the history tab in Task Centre.

Once your partial withdrawal request has been submitted for approval, you can track the progress of the request in Task Centre. Once approved, it'll stay in the In Progress tab until the request has been processed, then it'll move into the History tab.

It’s important to note that if you have any existing, unapproved partial withdrawal requests at the time you submit a new one, the original partial withdrawal request will be cancelled. If your request is cancelled, you’ll see this in the History tab.

Your withdrawal can be made as a one-off bank transfer, Domestic Telegraphic Transfer (DTT) or bank cheque. For any partial withdrawal request, you can provide up to 10 different withdrawal instructions using a combination of these three payment types.

• For bank transfer or DTT: provide the BSB, account number and amount.
• For bank cheque: provide the name of the payee and amount to withdraw. You’ll also need to provide the delivery option for the cheque (either delivery address, or collection time and location).

We’re making some important changes to our cash and cheque services across all our banking products, between January 2024 and November 2024.

From 20 May 2024:

• Cash and cheque services (deposits and withdrawals) will no longer be available at Macquarie branches. This includes ordering a cheque book on your account from this date.

From 1 November 2024:

• Cash and cheque services (deposits and withdrawals) will no longer be available at National Australia Bank (NAB). Access to a cheque facility and other cheque services such as bank cheques, courier services, and Encashment Negotiation Authority (ENA) will also no longer be available from this date.

If you have any questions about our move to digital payments, please visit our article cheque and cash changes.

We process partial withdrawals on the maturity date of the Term Deposit. If your Term Deposit is in its grace period, and fully approved before 3pm (Sydney time), the partial withdrawal will be processed on the same day.  If the request is approved after 3pm (Sydney time) or on a non-business day, the request will be processed on the next business day.

Please note, the grace period is either seven (7) days or five (5) business days, whichever is longer, from the term deposit account's previous maturity date.

If partial withdrawal is unavailable, it’s likely you already have an approved partial withdrawal pending for that account, or someone has submitted a closure request for the account. Check the To Do or In Progress tabs on Task Centre to find out more.

Alternatively, your Term Deposit may be open, but it hasn’t been funded yet so you can’t initiate a partial withdrawal. 

You’ll need to close the Term Deposit online or update the maturity instructions and roll the funds to “at call” so you can process the withdrawal yourself.

If you don’t provide any withdrawal instructions by the maturity date, we’ll automatically roll over your Term Deposit for the same term at the applicable interest rate offered on that maturity date (subject to the grace period).

Under our Product Disclosure Statement, our Term Deposits have a grace period of seven (7) days or five (5) business days, whichever is longer, after maturity where instructions can be provided when none have previously been provided for the maturity period.

If you want to withdraw funds prior to maturity, you must usually provide us with 31 days’ notice. If there are fewer than 31 days remaining of your term, the earliest you can access your funds is at maturity. However, in cases of financial hardship, we may waive the notice period.

Please note, if you close your account prior to maturity, we’ll apply an interest adjustment.

For more information about accessing your Term Deposit before maturity or financial hardship, please contact your relationship manager or call us on 1800 620 673 (+61 2 8550 5603 if calling from overseas).