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Term Deposit FAQs

Do I have to be a member to open a term deposit?

The Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore we require that you must be a member of the Credit Union to open a term deposit. Learn about the benefits of becoming a member. ^

How much do I need to deposit to open an account?

You can open an account with a minimum of $2,000. The maximum deposit accepted is $250,000.^

How Do I Make Deposits to My Account?

You can make deposits to your account by either direct deposit or transfer from your savings account. ^

How do I make withdrawals from my account?

Your funds are available at the end of your chosen term. At the end of your chosen term you can pre-arrange to withdraw your money either by cheque or by transfer to an existing account with the Credit Union or another financial institution. ^

What happens at maturity?

At maturity you can:

  • Automatically re-invest your funds for another term;
  • Add extra funds;
  • Withdraw all or part of the funds. ^

Note: you will receive written advice of the pending maturity of your account.

How often will I receive information on my account?

Statements are issued at least quarterly. Duplicate statements can be requested at any time from our office.

Account balances and statements are also available through our Internet and telephone banking services. ^

What if I want to invest longer than 12 months?

If you are in a position to invest for longer than 12 months, you may wish to consider alternative or complimentary investments that offer additional advantages. We have friendly financial planners who would be happy to discuss your long term options with you. Please contact us to arrange a meeting at your convenience. ^

More Information

Apply

Apply for a term deposit

Questions?

If you have any questions, please contact us