Term Deposit maturity and instructions

Term deposit maturity refers to the date at which your investment ends. The maturity date of your term deposit is selected when you open the account.

Before the maturity date of your Term Deposit, you can provide maturity instructions via Macquarie Online Banking or Macquarie Mobile Banking app. This will tell us whether you want to:  

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

If you don't provide maturity instructions by the maturity date, your Term Deposit funds will be automatically reinvested for the same term.

If you have provided maturity instructions to close your account and withdraw funds at maturity, all funds and interest accrued will be paid to your nominated bank account upon closure of your Term Deposit.

If no maturity instructions are received by the maturity date, your Term Deposit will automatically roll over for the same term. However, you will have a grace period of 5 business days or 7 calendar days (whichever is longer) from that maturity date to close your account and withdraw funds without incurring a break fee.

After your Term Deposit has matured, you will have a grace period of 5 business days or 7 calendar days (whichever is longer) to make certain changes to your Term Deposit details or close your account and withdraw funds.

Please note, if you previously provided maturity instructions to close your Term Deposit, you cannot make changes during the grace period and your Term Deposit will be closed at maturity.

To submit instructions during the grace period, please contact us via live chat or contact your financial adviser.

All instructions, requests and notices in relation to your Term Deposit must be lodged before 2:30pm (Sydney time) to be processed on the same business day. This includes new applications to open a Term Deposit, maturity instructions (before or during the grace period) and notice to close your Term Deposit before maturity.

If you’ve requested to close your account and withdraw funds prior to maturity, you can amend or cancel this request up until 2:30pm (Sydney time) on the business day before the day your funds are due to be disbursed.

Any requests which are unclear, incomplete or require additional information may not be processed on the same day. So please ensure all information is correct and up to date (including the details of your nominated bank account).

If you need to change the nominated bank account linked to your term deposit, please complete the Macquarie Account Nomination form. Please note, your new nominated bank account must be in the same account name and structure as your existing nominated bank account and your Term Deposit. Otherwise, we may not be able to process the account change.

You will need to provide the following additional documents along with your form:

• A copy of the account holder’s ID showing their signature
• copies of bank statements (no more than 6 months old) for both the existing and new nominated bank account. Please ensure the BSB, account number and name of the account are all visible on the statements provided.

Please ensure you provide us with all required information, and that any information provided is correct and up to date (including the details of your nominated bank accounts). Otherwise, we may not be able to process the account change.