CBS Living Style Savings Plan

This is a medium to longer term savings account, ideally suitable for retirement savings or those longer term goals but with the flexibility of being able to withdraw subject to meeting the criteria.

How does it operate?

• It is a “self managed” deposit savings account with the contributions completely self managed by the account owner.
• It is totally flexible allowing you to increase, decrease or stop regular payments, or just make lump sum contributions.

Earnings

• Your savings will earn a competitive interest rate set calendar quarterly in advance.
• The interest rate is calculated daily and credited to your account quarterly. This is a significant advantage over many other savings account in the market which are often calculated on a minimum monthly balance.
• Bonus interest equivalent to an extra 25% of the base interest rate is paid for each month that either of the following criteria is met.
• For any day the account balance is maintained above $5,000.
• For any month where a deposit(s) totaling $40 or more are made.

Withdrawals

• Funds may be withdrawn at any time with no minimum withdrawal amount, subject to the following criteria.
• Where the account holder is aged 55 years or over and gives one month’s notice to withdraw, then no withdrawal fee will apply.
• Where the account holder is less than 55 years of age and gives three month’s notice to withdraw, then no withdrawal fee will apply.
• Where the minimum notice to withdraw is not given, then a fee of $30 will apply.

Additional Benefits

• There are no entry fees, and no annual charges.
• A full range of statement options are available, or you can view your account on-line.
• Funds may be transferred to a mortgage loan with CBS Canterbury without penalty of notice.

See our current Living Style Savings Plan interest rate (including bonus rate).