Personal Term Deposits.
Illawarra Credit Union Term Deposits are a great way to invest and, with a great guaranteed interest rate for a fixed period, you’ll always know exactly what your investment is worth.
Features & Benefits.
Government Guarantee
Deposits up to $250,000 per account holder are secured by the Government’s Financial Claims Scheme1. Learn more.
Choose your term
You can choose to lock in your term deposit for one month to one year. Longer term options are available upon request.
Flexible interest options
The flexibility to choose your interest frequency, receive it monthly or on maturity.
Lock it in
Higher rates of interest when you lock your money away. Plus, you can avoid the temptation of accessing your savings.
Manage your account anywhere at anytime
Keep track of your Term deposit within internet banking or our moneytree app.
Rates & fees.
Personal Term Deposit
1 month1.75% p.a.N/A
| Term | Interest Annually ($1,000+) | Interest Monthly ($1,000+) |
| 1 month | 1.75% p.a. | N/A |
| 2 month | 1.75% p.a. | N/A |
| 3 month | 4.20% p.a. | N/A |
| 4 month | 4.30% p.a. | N/A |
| 5 month | 4.30% p.a. | N/A |
| 6 month | 5.00% p.a. | N/A |
| 7 month | 4.50% p.a. | N/A |
| 8 month | 4.50% p.a. | N/A |
| 9 month | 4.50% p.a. | N/A |
| 10 month | 4.50% p.a. | N/A |
| 11 month | 4.50% p.a. | N/A |
| 12 month | 4.90% p.a. | 4.90% p.a. |
Interest & Fees
Interest rates are subject to term deposit principal and term of investment. Interest is calculated daily on closing credit balance, and will be paid either monthly or at maturity. Fixed interest rate for the term of the investment.
For longer term periods, please contact us directly on 1300 132 249.
Early withdrawal fees and interest penalties may apply.
For additional information on our fees, refer to our Fees and Charges.
You’ll need to have an Everyday, Everyday Student or Everyday Plus account to be eligible for a Term Deposit. Your Everyday account may have different fees and charges please refer to our Fees and Charges.
Monthly interest to be paid into an Everyday, Everyday Student or Everyday Plus account.
It’s easy to apply online.
- Be at least 18 years of age or older
- Be an Australian citizen, permanent resident, or have a valid visa
- Have your membership number if you already bank with us
What you’ll need .
- An email address and contact number
- Member number (If you’re already a member)
- Australian driver’s licence, Medicare or passport details
Maturity options .
You don’t need to visit us at our branch or call us to let us know what you’d like to do when your Term Deposit matures. Simply select your preferred option when you open your term deposit. Of course, you can always change your maturity instructions when your term deposit is coming up for renewal.
There are two options available:
Renewal
Proactively renew your Term Deposit for another term to immediately lock in a new interest rate. You can also top it up with additional funds or withdraw a portion of your Term Deposit.
Full withdrawal
Withdraw all of your investment including the interest you’ve earned. Transfer it directly to your transaction account.
Apply now
Government Guarantee.
The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, including Illawarra Credit Union, of up to $A250,000.
The Financial Claims Scheme (FCS) is an Australian Government scheme that was established during the 2008 global financial crisis to provide financial protection for consumers in the unlikely event of a failure of a bank, credit union, building society or general insurer.
The FCS provides protection for depositors of banks, credit unions and building societies that are incorporated in Australia (also known as authorised deposit-taking institutions or ADIs), for deposits up to $250,000 per account holder per ADI. The scheme aims to return deposits to account holders within seven days of activation of the FCS.
The FCS can be activated by the Australian Government in the unlikely event that an ADI or general insurer fails.
Once activated, the FCS will be administered by APRA.
The objectives of the FCS are to:
- protect depositors of ADIs, and claimants of general insurers, from potential loss in the unlikely event of the failure of these institutions;
- provide depositors with prompt access to their deposits that are protected under the FCS; and
- support the stability of the Australian financial system.
Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au.
We're here for you .
Are you a First Home Buyer?
With as little as 5% deposit, eligible first home buyers have the opportunity to purchase a property through the First Home Guarantee (FHBG).
Find out moreImportant notes
1A Illawarra Credit Union Term Deposit is a “protected account” under the Australian Government’s Financial Claims Scheme (FCS). Payments under the FCS are subject to a limit for each depositor.
Illawarra Credit Union Limited is the product issuer of the deposit and payment products. Any advice given is of a general nature only and does not take into consideration your objectives, financial situation or needs. Please consider the appropriateness of the advice before acting. Refer to the Account and Access Facility Conditions of Use and our Fees and Charges for current details.
