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SBSBank@sbsbank.co.nz
29 October 2025
Dear Member
RE: Closure and migration of Deposit Call account
| Account Name |
Account Number |
| Mr & Mrs Smith |
12-3456-7810111-00 |
We are writing to let you know about changes to the Deposit Call account you have with SBS Bank.
As part of our commitment to simplifying our products and services to better meet our Members’ needs, we’ve made the decision to close the Deposit Call product in November 2025. In its place, we’ll be moving your balance to our SBS i-Save account - a simple, flexible savings option designed for Members who want to save separately from their everyday account.
Our i-Save product is an online savings account with no withdrawal restrictions or account fees when you bank via internet banking or the mobile app, and interest is calculated daily and paid monthly. You can check our website for the current interest rate. For full details on our accounts, fees, and charges, please visit: sbsbank.co.nz/fees.
What does this mean for you?
Your Deposit Call account will be automatically migrated to a new i-Save account in November 2025. Your balance, any interest earned, and any payees or automatic payments will be transferred for you. To get the most out of your new account, we encourage you to sign up for Internet Banking, it’s the easiest way to manage your savings anytime, anywhere. Details on how to get started are covered in the final section of this letter.
Here’s what’s changing:
- i-Save currently offers an interest rate 0.05% higher than your Deposit Call account.
- Interest will be paid monthly, rather than quarterly.
- Monthly paper statements will stop. You can access your account history via Internet Banking.
- While the Deposit Call Account is one security notch higher than redeemable products like the i-Save, your balance is fully covered up to $100,000 under the Depositor Compensation Scheme (DCS).
Summary of changes
- The Deposit Call product will be discontinued.
- Your account will be migrated to an SBS i-Save.
- You’ll receive a higher interest rate, paid monthly.
- Paper statements will cease, but you can see your account history via Internet Banking.
If you have any questions at all about this change, or you would like to get set up with Internet Banking for easier access to your account, please go to our website and search "Call account migration" or call us on 0800 727 2265.
Kind regards,
SBS Bank
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