The Early Release Term Deposit is structured differently than most, allowing you to withdraw your funds whenever you need to without penalty and without losing interest earnings. This is a high interest savings account product with a minimum deposit requirement and an investment term of one year.
What are the features of the Bankwest Early Release Term Deposit?
The Early Release Term Deposit has unique features that are structured to meet the needs of investors looking for a safe haven for their excess money. Compare its features with similar term deposits and investment accounts from other banks to see if this one is able to meet your investing style:
- Minimum deposit. With the Early Release Term Deposit you must be able to maintain a balance of at least $10,000 at all times. There is no maximum balance cap for this account.
- Terms. You only have the choice of a one year term when you choose this account. Yet, after the first month you may make full or partial withdrawals without being charged a fee and without any interest adjustments so long as the balance remains above $10,000.
- Monthly account keeping fees. There are no fees or charges for this account.
- Interest rates. The interest paid to you is at a fixed competitive rate for the entire term.
- Renewal. If you choose to renew your term after the maturity date, a new interest rate may apply.
- Interest payment. Interest is paid to you when the account matures or when you request an early withdrawal, either partial or in full.
- Early withdrawal. In order to make an early withdrawal you must give Bankwest 31 days notice of your intent and the amount that you are requesting. This can only be done after the account has been active for one month. After giving your 31 day notice, the funds will automatically be deposited into your nominated account on the 32nd day or the first subsequent business day.
- Account security. Your deposits of up to $250,000 are protected through the Australian Government Financial Claims Scheme.
How do I apply for the Bankwest Early Release Term Deposit?
In order to apply for a term deposit with Bankwest you will either have to call them or visit your local branch. Before making the trip, check the following eligibility requirements to ensure that you are able to open this Early Release Term Deposit:
- Minimum age. Bankwest makes no stipulation for how old you must be in order to open an Early Release Term Deposit. When speaking with a representative, they will advise you on the best term deposit available that fits in with your circumstances.
- Residency requirements. Australian residents with a residential address in the country are eligible to apply for this term deposit.
- Depository requirements. With the Early Release Term Deposit you must be able to invest at least $10,000 and maintain that amount for the entire term.
If you do meet the eligibility requirements, it is recommended that you bring with you the following documentation so that your account may be activated as quickly as possible:
- Tax file number. Your tax file number (TFN) is requested if by providing it you will be exempt from having to pay withholding taxes on your earned interest.
- Identification. New Bankwest customers will need to bring one form of primary identification such as a passport or driver’s licence. If not available you can bring two forms of non-photo identification or one non-photo primary identification document such as a birth certificate and one secondary form of identification like a utility bill.
- Nominated account. With the Early Release Term Deposit you will need to nominate one of your other banking accounts to transfer your term deposit into when it reaches maturity.
If you meet the eligibility requirements and are able to provide all of the required documentation, your Early Release Term Deposit can be activated once you deposit your initial investment. You can than track its progress through Bankwest’s online banking platform.