FAQs - Deposits
- Transaction and Savings Accounts
- Can the Essentials Account be used for business purposes?
- How is interest on my Essentials eSaver calculated?
- What is the current cut off time for making deposits and withdrawals?
- How do I reverse an online transaction?
- How do I name my account?
- How can I order a deposit book for my account?
- Can I get a cheque book for my transaction account?
- How do I set up a joint account?
- Term Deposits
- How do I apply for a Term Deposit?
- Can I withdraw from my Term Deposit?
- What interest rate do I get if I redeem my Term Deposit early?
- If changes to interest rates are made, will they apply to my Term Deposit?
- What options are available to me at the maturity of my Term Deposit?
- Can I add extra money to my Term Deposit?
Transaction and Savings Accounts
Can the Essentials Account be used for business purposes?
No. The Essentials Account cannot be opened or operated by a business, trade, superannuation or trust.
If you wish to use an account for these purposes, please apply for the Essentials Business account.
How is interest on my Essentials eSaver calculated?
Interest is calculated daily on the closing balance. Interest is paid to your account at the end of each calendar month.
What is the current cut off time for making deposits and withdrawals?
When transferring funds between your own TIO accounts there is no cut off time. For example if you need to transfer funds to your TIO credit card, this is actioned immediately when you use the "Transfer TIO Account".
Step 1: Select Transfer TIO Acc.
Step 2: Select the account you are withdrawing from then at option 3 (at Other Account) type in the account you are depositing to.
When transferring funds to other Australian financial institutions your transfers will be processed overnight. As long as the transfer is completed before the cut-off time of 2:00 pm Australian Eastern Standard Time on a business day, funds at the other institution will usually be available the next business day (depending on the institution).
For direct debit requests, they will be held for three business days from the date of receipt provided they are received before the cut-off time on a business day. You will not be able to draw on these funds until three business days have elapsed. This time allows for TIO to receive confirmation from the paying financial institution that the funds are available.
How do I reverse an online transaction?
To stop or suspend an electronic transfer, you must contact us on 1300 301 833 before the cutoff time for that day (currently 2:00 pm Australian Eastern Standard Time). Fees apply.
How do I name my account?
If you wish to name your account e.g. "Holiday" or "Dream Home", simply select the 'other' button then select 'customise', from here you click on 'to personalise your Account Names'.
How can I order a deposit book for my account?
If you would like a deposit book for your account, please call 1300 301 833 during business hours to request one.
Can I get a cheque book for my transaction account?
We do not provide cheque book facilities for all accounts. To see if your account qualifies please read the fact sheet for your account.
How do I set up a joint account?
To apply online for a joint account follow the instructions to open an account and select 'joint'.
During the application process, you will be asked to enter your personal details and you will also be asked to enter the joint account holder's details.
When you hear back from us the primary applicant (the first name registered) will be provided with a Customer Number and the secondary applicant will be provided with their own customer Number. Access Codes to Online Banking are activated once the account is opened.
Prior to activating the account (allowing withdrawals) we require all applicants to sign the paper application form posted in the mail and provide the required ID.
Term Deposits
How do I apply for a Term Deposit?
You can apply:
- via Online Banking - logon with your customer number and password and choose the option from the Accounts drop down menu
- by phoning us on 1300 301 833
- by visiting a TIO branch.
If you do not hold any other accounts with Banking, complete the Online Application.
If you already have Savings or Transaction account and cannot access Online Banking simply complete the following Online Term Deposit Transfer Form and we will process your deposit. Complete the form in full and submit.
We strongly advise you to read the terms and conditions so you can decide whether this product is appropriate for your personal financial circumstances. You will need to accept the terms and conditions prior to opening a Term Deposit account.
Can I withdraw from my Term Deposit?
You can withdraw funds from your Term Deposit during the term, however fees and charges will apply. Please refer to the Guide to Fees and Charges for further details.
What interest rate do I get if I redeem my Term Deposit early?
If you need to redeem a portion or the entire balance of your Term Deposit prior to the maturity date, an administration fee and an interest rate penalty of 50% of the original interest rate will be applied.
If changes to interest rates are made, will they apply to my Term Deposit?
No. If you have already opened your Term Deposit, the interest rate will remain fixed for the duration of the term. The interest rate that applies to your Term Deposit is the interest rate that is current on the date the Term Deposit is opened and funds deposited to the account.
What options are available to me at the maturity of my Term Deposit?
When your Term Deposit matures you have the following options:
Reinvest your deposit for the same term or a different term
Redeem your deposit and transfer funds to a TIO transaction account, or an account at another financial institution, have a cheque posted to you.
If you are reinvesting your funds, you are also able to add additional funds at the time you are rolling over your deposit.
Can I add extra money to my Term Deposit?
You are not permitted to deposit extra funds to your Term Deposit during the term. However, additional funds can be added at time of reinvestment once your Term Deposit has matured. If funds are held in another TIO account, you can nominate the amount in your maturity instructions and we will transfer the funds to your deposit at maturity.