We’re excited that our term investment Members will soon be able to manage their own term investments online with us through our Internet Banking service. The new functionality will mean they can choose their preferred interest rate, which account the interest is paid into and their instructions for the investment when it matures.
We understand that flexibility is important so we’ve been working hard to provide you with even more digital options to you manage your money at a time that works for you.
How to guide
Once you have logged into Internet banking, you’ll see your homepage.
Simply click on “accounts” on the top menu to bring up a list of your accounts. Select “maturity instructions” – this will bring up a list of your investments.
From your investment list click on the three orange dots under the “action” heading.
Clicking on the orange dots will bring up the “setup maturity instruction” tab. Click this option to move to the next screen.
You will now be able to see all of the information for your current investment including options to reinvest. Simply click on one of the options.
You will now be able to see which option you have selected with the red box around the investment you have selected.
Under “reinvestment options” simply click on the right-hand chevron in the box to view a list of options such as “principal” or the “principal + interest” option.
Under “interest payment details” you will also need to select where you would like the future interest to be paid.
You will need to review the information agree to the terms and conditions and then select the orange “continue” button
You will now be able to see all of the reinvestment details that you have selected as part of the process. If you are happy with the information, click the orange “continue” button.
The final screen will provide you with a summary of your selections for you to confirm. If you are happy with the summary click the orange “done” button.
Frequently Asked Questions
Can I still manage my term investments in branch or through the Contact Centre?
Yes, you can, if you prefer to continue using these services, please continue to visit us in Branch or contact us to manage your term investment.
Will I still receive letters reminding me that my term investment is coming up for renewal?
Yes, you will, we will now be sending these 21 days before maturity. These letters will also be available online in Internet Banking if you manage your investment online
Will I still receive a confirmation letter when my term investment roles over?
Yes, confirmation will continue to be posted to you. These can also be accessed online in Internet Banking.
Will I still receive interest advice letters?
No, but we do have a new Interest Advice Schedule that you can request at any time and will then be made available to you online.
I don’t have online banking but can I still manage my investments online?
You will need Internet Banking & a transactional account to manage your term investments online. If you would like to register for Internet Banking simply click on the grey “Register” button at www.sbsbank.co.nz and we’ll get you up and running.
How do I manage my term investments online?
You can log into Internet Banking and manage your investment if you have a transactional account, a Term Investment already visible online, and have the authority to operate the account. If you don’t have any of these, please contact us and we can help set you up.
I’m not currently an SBS Bank customer, can I open a term investment online?
Yes, this can be accessed through the Term Investments page on our website: sbsbank.co.nz/invest. Specific account opening criteria, Term Investment Terms and Conditions apply.
Can I close my term investments online before maturity?
You can load payout instructions which are processed on the maturity date to another SBS Bank account online, but you cannot close your term investment early online – you will need to contact us directly to request this.
From what date will I be able to manage my investments online?
We are aiming to have this available from late June, we’ll confirm this on our website when it is available, and you will be able to see it in Internet Banking once you can use it.
What happens if I don’t update my preferences before renewal?
If you aren’t able to provide us maturity instructions for your term investment before maturity it will be reinvested for the same or similar term at the relevant interest rate on the day.
Will I still have a guaranteed minimum rate?
No, we will apply the relevant interest rate on the day of maturity for the rollover term selected.
Will best rate rollover still be available?
No, if we do not receive an alternative instruction from you we will roll your term investment at maturity, but for the same or similar term as your maturing investment and apply the relevant interest rate on the day.
Why are these changes being made?
We have received a lot of feedback from Members to receive notifications sooner, extending the current 7 day lead period which will give people more notice. By giving more notice we are unable to guarantee you will be able to receive the rates which apply on the date the letter is sent at the maturity of your investment. We have also received feedback that many Members do not want to receive Interest Advice Letters. By replacing this letter with an interest schedule available to Members on request means only members who require this information will receive it going forward. We are removing Best Rate Rollover as we have noticed that fewer Members are using this feature, with feedback that it is rolling investments outside of some Members preferred investment term.
What do I do if there are already reinvestment instructions in place?
You can change these by selecting ‘Delete the Instructions’ which will then enable you to add your preferred reinvestment term. Please note, all instructions must be received prior to the maturity date.