What happens at the end of term?

At the end of the term the closing balance will automatically rollover to a new term of the same length unless you notify us differently via the dashboard. We will notify you when your Election Due Date is coming up. The Election Due Date is also visible on your account window in the dashboard. You can withdraw all or part of the closing balance by no later than the Election Due Date as noted on the Account dashboard.

Your election due date will fall as follows:

For example, if the Maturity date of your Term Account is between 1 July and 30 September:

Withdrawal proceeds are payable at the end of term. We aim to pay funds within 5 days of the end of term, but can take up to 21 days after to complete the payment.

You will be notified by email when the Election Due Date is coming up. The Election Due Date is also visible on the account window in the dashboard where the election can be made.

If the option for a 'partial withdrawal' is selected, the remaining balance will be rolled over into your newly elected term. There is no requirement to keep a minimum amount in the account if this method is chosen.

Withdrawal payments will be made only to the same bank account on file. No payments will be made to other bank accounts.

Withdrawal prior to end of term is generally not permitted as TermPlus is to be treated as a fixed term investment.

How to make your end of term election:

1. From the dashboard select the relevant account and click “Open full view” or select the relevant account under the “Accounts” bar on the left hand side.
2. Under “END OF TERM ELECTION” on the top banner select “Edit”.
3. A pop-up window will appear to select “Rollover” or “Withdraw”.

• To Rollover:
  1. Select Rollover.
  2. Choose option for income – “Reinvest my income” or “Pay to my bank monthly”.
  3. Choose the length of the term for rollover and click “Submit”.
• To Withdraw:
  1. Select Withdraw.
  2. Full Withdrawal select the toggle on the right and click “Update” to complete election.
  3. For partial withdrawal enter the amount to withdraw.
  4. Choose option for income for the remaining amount – “Reinvest my income” or “Pay to my bank monthly”.
  5. Choose the length of the term for rollover and click “Submit”.