Offering higher competitive interest rates than their standard term deposit, the Advance Notice Term Deposit is a versatile savings product with a fixed rate over the investment term.
The only other major difference is that you get more flexibility by being able to break your terms when necessary by providing the bank with a 31 day notice.
SPECIAL OFFER: 2.40% p.a. fixed rate term deposit for 4 months
Open a 4 month ANZ Advance Notice term deposit before 25 February and receive a fixed special interest rate of 2.40% p.a for balances between $5,000 and $5,000,000. Offer available to personal customers and for new term deposits only, with interest paid at maturity. Full terms and conditions are available on ANZ's site.
What are the features of the ANZ Advance Notice Term Deposit?
The structure of a term deposit account makes it an ideal product to secure your savings. With the Advance Notice Term Deposit there are special features added that you should take into consideration when shopping around for an account that offers you a guarantee on your return:
With ANZ’s Advance Notice Term Deposit there are no set-up, service, or monthly management fees.
Chose your term length
You are given the choice of terms ranging from 1 month to five years.
$5,000 minimum deposit
You are required to make a minimum deposit of $5,000 with this savings product.
Tiered interest rates
The fixed interest rates are competitive, and grow higher when you choose longer terms for your investment. This is the bank's way of thanking you for lending them your money for a longer period of time.
Chose your interest payment frequency
Depending on the length of terms you choose, you can set up your account to receive interest payments monthly, quarterly, half yearly, annually or only at maturity . In some instances you will note a slight reduction in the interest rate if you choose to receive your payments more frequently.
Interest will not be compounded
All payments made to you from this account, both principal and interest, will be by cheque or credit to another ANZ account. The interest is calculated on the daily closing balance but will not be compounded.
Account maturity options
You will be asked upon applying whether you intend to reinvest your term deposit at maturity or withdraw the funds. These instructions can be changed at any time up to seven days after your new terms have taken affect. If you do reinvest, the interest rate may change to reflect the prevailing rate at that time.
Early withdrawal option available
With this account you are permitted to make a whole or partial withdrawal before maturity so long as you provide ANZ with at least 31 days notice. The interest rate will be adjusted according to the percentage of the term that was fulfilled, while any funds left in the account will still continue to earn interest at the same fixed rate. You may only make a partial withdrawal if that leaves the principal balance at $5,000 or more. You are also charged a $30 administration fee for an early withdrawal.
- Lock in your money with the certainty of a fixed rate
- Wide range of investment terms
- No monthly fees
- Large minimum investment amount
- 31 days notice required if you'd like to access it early
How do I apply for the ANZ Advance Notice Term Deposit?
If you are not already an ANZ customer you will need to visit a branch or call them direct in order to apply for this account. Existing ANZ customers can apply online. This should take about ten minutes to complete, but before beginning check to make sure that you meet the below eligibility requirements and have the following documentation handy. If you don't think this account is right for you, take a look at the alternative accounts offered by ANZ for one that meets your needs.
- Minimum age. Applications are accepted from individuals aged 12 or older.
- Residency requirements. In order to open an Advance Notice Term Deposit you must be an Australian resident with a residential address.
- Depository requirements. You must be able to make a minimum opening deposit of at least $5,000.
- Tax file number. Your tax file number (TFN) or exemption is asked for with interest earning accounts so that the bank is able to apply the correct withholding tax rate to your earnings. It is not obligatory to offer this information, but if you don’t you could find that you are being taxed at the highest marginal rate.
- Identification. In order to confirm your identity you will be asked for information from your driver’s licence, passport or Medicare card.
- Account information. The account name and number for another ANZ banking product is required in order for you to transfer your deposit and receive your interest payments.
What happens next?
The Advance Notice Term Deposit is activated once the opening funds have cleared into the account. You will then begin to receive your interest payments as you set forth in your account opening instructions.