FirstNet Adviser help

Why are my client’s FirstRate Term Deposit maturity dates different?

Each FirstRate Term Deposit that your client has established has its own interest rate and maturity date. If multiple term deposits are opened for the same term on the same date, they will have the same maturity date.

What are the different maturity instructions?

Your client can choose to:

• Renew at the same term or select a new term

• Invest into Future investment selection

• Invest into FirstRate Saver

How do I change maturity instructions?

Click the Update hyperlink next to the relevant FirstRate Term Deposit. If this hyperlink is not available this may mean that you do not have the appropriate level of access. Call 13 18 36 to confirm or update your level of access.

What happens if I don't select a maturity instruction?

If you do not select a maturity instruction for a FirstRate Term Deposit it will automatically be renewed for the same term at the interest rate that is current at the time of maturity.

What are the current interest rates on FirstRate Term Deposit?

The current interest rates and fee are available at cfs.com.au/firstrate-td

How is the interest at maturity calculated?

Interest at maturity is calculated at commencement of the term. Maturity interest will be calculated on daily accrual using a simple interest formula. For example:

    A $10,000 term deposit at an interest rate of 6% pa being held for 6 months is calculated as follows
    Interest = Deposit Amount x Interest rate pa x (Term in days/365)

"Term in days” is calculated from the term deposit start date and exclusive of the maturity day.

The amount of interest you receive may be less then this if you have withdrawn early from your term deposit.

How is the administration fee calculated?

The administration fee calculation that will apply to your FirstRate Term Deposit option will be based on the initial principal invested and charged at the published administration fee rate at the date of investment. The fee will be charged at maturity, annually or at early/full withdrawal.

FirstRate Term Deposit options for terms up to 12 months fees will be charged at maturity. For FirstRate Term Deposit options greater than 12 months fees will be charged annually.

The administration fee is calculated daily using the formula: Term Deposit administration fee = Initial principal invested × Administration fee (p.a.) × (Term in days/365)

‘Term in days’ is calculated including the date you start your investment and exclusive of the maturity day.

How does my client receive their interest?

For FirstChoice Investments / FirstChoice Wholesale Investments, FirstRate Term Deposit interest will be paid in-line with your client’s instructions for distribution and interest payments - either paid to a nominated bank account or re-invested (capitalised) in the term deposit. For FirstChoice Superannuation and Pension products, the interest is always capitalised to the term deposit balance and paid with your client’s maturity instructions.

The Future investment selection sets the allocations for additional investments including direct credit, BPAY deposits and withdrawals on the account. Your client may choose to use this allocation as the instruction for their term deposits at maturity. For any transaction, your client can choose to either follow the Future investment selection or use a different allocation.

You can view your client’s Future investment selection by selecting 'Future Investment Selection' on the left hand menu.

Your client can have multiple term deposits for different terms or the same term.

The best way of doing this is to select 'Invest into Future investment selection '. You can view and change these investment options by selecting 'Future investment selection' on the left hand menu.