Term deposits

Our term deposits offer a fixed rate of interest, for a fixed term, payable on a fixed amount. You know that your money is safe and you don't have to worry about falls in your investment, as in the share market.

The interest rate applicable to a term deposit depends on:

• Amount deposited
• Term selected

Interest can be paid either:

• Quarterly
• Six monthly
• Annually
• At maturity.

The availability of interest frequencies varies with the term of the deposit.

Once a term deposit has matured, the customer has the opportunity to reinvest the deposit for a further term. The customer can reinvest either:

• The principal and interest earned
• The principal only, or
• Part of the principal.

New funds can also be added to the existing deposit at maturity.

Term deposits can be used as security for advances or overdrafts, or in support of bank guarantees.

The deposit can only be terminated before maturity with the consent of both the bank and the customer.