You can cancel or withdraw your funds anytime.

Firstly you have a grace period. The grace period is up to the bank but generally it is:

14 days

7 days

5 days

2 days

During your grace period you can cancel and withdraw without notice or penalties.

They might have a fee but it's best to read the terms and conditions for the bank or contacting the bank for more information.

If it is after the grace period then most banks will need a notice prior to allowing you to cancel or withdraw your funds early.

The timeframe for notice being sent to them is different for all banks.

The timeframes are usually:

31 days notice

14 days notice

7 days notice

No notice needed

Most banks also have what is called an interest rate adjustment and might have a processing or administration fee for early access to your funds.

For information on early withdrawals it is best you contact the bank or read the terms and conditions which outlines the penalties, fee's, notices, grace period and interest rate adjustments.

Can I cancel a term deposit early and is there fee's?

Other term deposit FAQs

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