Term investment FAQs.

When you’re investing your savings it’s natural to
have questions. If you can’t find what you’re looking
for here, give us a call and we’ll be able to help.

Contact us

Are your term investments the same as term deposits?

They work just like a term deposit, but they’re a little bit
different. You invest your money at a fixed rate and a fixed term,
and we pay you the agreed interest.

Because we’re a building society as well as a registered bank,
our term investments are a little different behind the scenes.
Through your share term investment you’re actually buying
shares in SBS Bank. Your interest is the dividend on those
shares.

These aren’t like public shares though. They don’t go up or
down in value, and your dividend doesn’t change. Your return
will be the amount we agreed.

Are your term investments guaranteed?

No, they are not guaranteed. Under current legislation no
bank’s deposits are guaranteed. However, we’re still growing
after over 150 years, so we’re confident in our track record.

Can I add more money to my term investment?

No, sorry. A term investment is locked in.

If you wanted to add more than $1000, you can simply start
a new term investment. There are no fees, and if you call us
we can even set the same maturity date as your existing term
investment, so you can merge them together then.

If you have less than $1000, we have a range of savings
accounts with very competitive interest rates.

Can I access my money before the maturity date?

If you need urgent access to your funds we may be able to
end your term investment early. It can be difficult, as we match
investments with lending on residential homes.

You can apply for the return of all or some of your money by
calling us on 0800 727 2265.

If approved, we’ll transfer your funds back to your account.

You earn interest on the full value of your investment up until the
date you withdraw your funds.

We charge a 1.5% per annum fee on the amount you withdraw
on a pro rata basis for the investment period to date. We’ll
calculate the fee when you apply for your funds.

If you’re only withdrawing some of your funds, you’ll continue
earning the original interest rate on your remaining balance, until
the end of your term investment.

Can I change my term investment’s end date?

No, sorry. You can ask to break your term investment early, and
then reinvest it at the new term. However, if successful you won’t
receive as much interest.

Can I open a term
investment if I’m not
currently with SBS Bank?

Yes, you can. You can apply online or visit your nearest
branch. We can even verify your identity with the SBS Verify app.
You’ll need your New Zealand driver licence or a New Zealand
or Australian passport and a utility bill.

We’ll set up a fee-free SBS Bank account for you too. You can
use it to transfer your investment funds in and out of SBS Bank.

Can I change my
reinvestment instructions?

Yes, you can update your maturity instructions up to the day
before your term investment matures. The easiest way is
through online banking, or our mobile app. You can also call us
during our normal contact hours.

What happens if I
haven’t set reinvestment
instructions?

We’ll automatically reinvest for you. If you haven’t set
any instructions, or if you deleted your instructions, we’ll
automatically reinvest your money for the same term at the
prevailing rate.

Is there a cooling off period
for term investments?

We don’t have an official cooling off period. However, if you tell
us in the first 30 days that you need your money back we’ll see
what we can do. There won’t be any fees, but we won’t be able
to pay you any interest, either.

Important information about term investments.

Specific account opening criteria and our Terms and Conditions apply. This information relates to Redeemable Share Term Investments.