What happens to my interest if I close or convert my deposit account?
- Closing your account mid-month:
Interest-earning requirements will be checked. If you meet the eligibility criteria, interest will be paid for the days the account was open. - Converting your account to another type:
When converting from one savings account to another, interest will only be paid at month end if the new account’s interest-earning requirements are met for that month.
Example:
When converting from an Online Savings Account to a Smart Saver Account on the 15th of the month, interest will accrue at the Online Savings Account rate up to the 14th. From the 15th onwards, interest will accrue at the Smart Saver Account rate. However, interest will only be paid at month end if the Smart Saver Account interest earning requirements are met for the entire month. E.g. Grow your balance and make no more than 2 withdrawals in the month.
- Smart Saver Accounts (including Under 25 accounts):
If you close or convert your Smart Saver Account during the month, no bonus interest will be paid for that month, only the standard rate. - Offset accounts:
An interest offset benefit will not apply in any month where there is a closure, or change in the linkage, of your loan or offset account. Refer to the Relevant Product Schedule for more information, available here.