![]() Imagine you’ve got $100,000 in a 12 month term deposit that's offering an interest rate of 0.70% p.a. For example, a reduction structure might look something like this: When withdrawal is made The administration fee for breaking a term deposit early is usually a flat fee of around $30.Īlong with that, there will be an adjustment to the amount of interest you can expect to receive. Early withdrawal penalty / administration fee.Lodging your money with a bank for a pre-specified amount of time allows them to finance things like home loans, credit cards and personal loans, so they generally don’t want customers drawing from term deposits prematurely.īacking out inconveniences them in a pretty big way, so you’ll likely be slapped with a few penalties.
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