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Our Interest First Term Deposit is unlike a traditional Term Deposit.
It pays you interest on the day you open the account, rather than the last day of your fixed term, allowing you to use the money for something special straightaway.
It’s just another way we’re putting our customers first.
The Details
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Interest is paid into your Bank First transaction account.
Interest is paid the day your Interest First Term Deposit is accepted
Penalties apply to early full balance withdrawals
Term Deposit balance increases are not permitted during the fixed term
Frequently asked questions
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How does it work?
Interest is paid in advance at the acceptance of the Term Deposit. We will calculate the interest earned (as if it were invested for the full length of the term) and credit the interest on the day we accept the Term Deposit.
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How long can I invest for?
The Interest First Term Deposit is only available for a 5-month term (150 days). Once the term is finished, you have the option to reinvest your money again.
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Who can apply for this product?
This Term Deposit is only available for retail customers. Currently this is not available for businesses or schools.
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What account is the interest paid to?
The interest will be paid into your Bank First transactional account.
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Can I withdraw my funds early from this Term Deposit?
Only full withdrawals are permitted. Partial withdrawals are not allowed. As interest is paid in advance on acceptance of the term, the reduction on interest paid will be recovered from the principal amount as an interest adjustment. Your interest summary will be automatically updated to reflect this change.
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Where can I open this account?
This product can be opened over the phone, in our Branches, or through an online application form. It cannot be opened via Internet Banking.
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Can I add funds to this Term Deposit?
Deposits can only be made once the fixed term has finished. All deposits must be transferred electronically and cheques are not accepted.
1. Subject to our Terms and Conditions, a Term Deposit interest rate reduction applies on early withdrawals, with interest paid at the reduced rate from the date of deposit to the day prior to withdrawal. Part withdrawals are not permitted on the Interest First Term Deposit product.