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TD 31 day notice

Can the break request be cancelled or amended during the 31 Day Notice period?


You can only cancel your break request by 3pm on the same day you make the request. All requests to break a Term Deposit must be made by calling us directly on 1800 445 445 from 10:30am to 3pm Monday to Friday (Sydney time).

How will I know when my grace period expires?


We will notify you prior to maturity advising you of the start and end dates of your grace period. Please ensure your contact details are current so that you will receive these notifications.

How will the grace period operate?


Each time your Term Deposit auto rolls you will benefit from a 7 day grace period that starts from the day after maturity. During the grace period you will be entitled to withdraw or transfer your Term Deposit without incurring a fee or reduction in your interest rate.

Is my current Term Deposit affected?


No. If you have a term deposit that is set to mature and was opened prior to 18th August 2015, you don't need to provide 31 days' notice to withdraw of transfer funds. Your funds will be credited into your Online Savings funding account on the day you request the break of Term Deposit. Please note that an early termination fee may apply for early withdrawals (see below).

Is the grace period 7 business days or calendar days?


The grace period is 7 calendar days. If the 7th day falls on a weekend or a national public holiday, you will have until the following business day to be covered under the grace period.

Is the notice period 31 business days or calendar days?


The notice period is 31 calendar days. If the 31st day falls on a weekend or a public holiday, your funds will be deposited into your Online Savings funding account on the next business day.

I want more information?


If you require clarification or any further information please call one of our Sydney-based team on 1800 445 445 or email us on from 8am to 7pm Monday to Friday.

What are the early termination fees?


The early termination fee is equal to the Rabobank Term Deposit break fee determined based on a number of factors, plus a processing fee of $25. Break costs increase with increases in the following: interest rates, the amount withdrawn and the market margin. The early termination fee may be deducted from the principal or the interest in the Term Deposit payable at the termination date.

What happens if I have less than 31 days remaining on my Term Deposit and I want the funds before maturity.


Unfortunately you can't break the Term Deposit, except in the case of financial hardship.

What happens once the notice is provided?


Once the 31 days' advance notice has been provided and served, the Term Deposit principal and all accrued interest up to the date of payment (minus early termination fees) will be automatically returned to your Online Savings funding account.

What interest rate do I earn on my Term Deposit when I request a break?


Your interest rate will not change and you will continue earning the same rate for the next 31 days.

What is deemed as financial hardship?


Financial hardship comes in many forms such as unforeseen changes such as the loss of income, employment or illness - which impact your ability to meet your current financial obligations.

Financial hardship is assessed on a case by case basis.

If you wish to request early release of your funds on the grounds of financial hardship, you will need to complete this statutory declaration

What will these changes mean to me?


Any new Term Deposit that is opened or rolled over from 18th August 2015 will be covered by the new terms and conditions. If you require your funds before maturity you will now be required to provide RaboDirect with 31 days' advance notice unless financial hardship is being experienced.

Any Term Deposits that are automatically renewed from 18th August 2015 will also benefit from a 7 day grace period, during which you will be entitled to withdraw or transfer your Term Deposit without incurring a fee or reduction in your interest rate. This feature will provide you with more flexibility.

When will the Term Deposit changes take effect?


Changes to Term Deposits will take effect from 18th August 2015. These changes will apply to any new Term Deposit that is opened from the 18th August 2015 and any existing Term Deposit that is automatically renewed from that date.

Why are you making these changes?


These changes are part of a broader banking industry initiative, designed to improve the stability of Australia's financial system. Rabobank (previously RaboDirect) is making these changes to Term Deposits in response to these new reforms.