Transfer of funds

Initial Deposit

Where possible we will instruct the bank you have selected to direct debit your Linked Bank Account for the initial deposit. If the bank you have selected does not do direct debits you will need to arrange for the initial deposit to be transferred to the selected bank. We will provide you with the bank account details to transfer the funds to.

When you input a transaction via your portal you will be advised if the bank you select does direct debits.

Note: If you have chosen to use your Linked Bank Account also as a Clearing Account, meaning that we are able to transact on it, we will transfer the funds to the selected bank on your behalf if they do not do direct debits.

At Maturity

Where you have a Clearing Account

Principal and interest payments are made to your Clearing Account if they are not being reinvested with the same bank.

If you are reinvesting with a different bank we will instruct the bank to direct debit the funds from your Clearing Account. If the bank does not do direct debits we will transfer the funds to the selected bank on your behalf.

Either way, you do not have to be involved in the transfer of funds. If you are redeeming the funds we will transfer them from your Clearing Account to your Linked Bank Account.

If you have chosen to use your Clearing Account also as your Linked Bank Account the funds will remain in the Clearing Account.

Where you do not have a Clearing Account

Principal and interest payments are made to your Linked Bank Account if they are not being reinvested with the same bank.

If you are reinvesting with a different bank we will instruct the bank to direct debit the funds from your Linked Bank Account. If the bank does not do direct debits you will need to arrange for the funds to be transferred to the selected bank. We will provide you with the bank account details to transfer the funds to.

When you input a transaction via your portal you will be advised if the bank you select does direct debits.

Whether you have a Clearing Account or not, ALL transfers are bank to bank in your name.

Testimonials

We have been working closely with Term Deposit Shop now for over two years and have found them to be efficient, professional and always happy to offer good advice on all our investments. In particular we have been so impressed with the speed in which they answer our questions and the ease with which we […]

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Amanda & David Wood

Direct Client

I have been using the services of The Term Deposit Shop for some years now as I have found the services provided to be the most efficient way to spread the cash holdings of our various family entities over several banks in amounts under the government guarantee limit of $250,000. Time and effort is saved […]

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Paul Lodge

Direct Client

We have been using the Term Deposit Shop for our clients’ cash holdings for many years now. We can’t speak highly enough of the benefits it provides us and our clients. With a single application, no further paperwork if we change banks, and the ability to source the best rates for our clients, everything about […]

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Bruce Brammall

Bruce Brammall Financial