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.

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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

 

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 4.90% p.a. N/A
4 month 4.50% p.a. N/A
5 month 4.50% 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 4.95% 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.

 

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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.

FAQs about Australian term deposit rates

A term deposit is an account where you can deposit your money for a fixed period. During that time, you can’t take out the money. When the fixed period ends, you can access your initial deposit plus the interest you earned over the period.

Some of the advantages of investing in term deposits include:

  • Guaranteed returns: You know exactly how much interest you will earn by the end of the term.
  • Choice of terms: You can choose the term length that suits your financial goals, ranging from one month to twelve months, or longer upon enquiry.
  • Passive investment: Once you’ve set up the deposit, you can sit back and watch your money grow.

Fixed terms: Once you’ve invested in a term deposit, your money is locked in for the agreed-upon period. Withdrawing the funds before the term ends may result in early withdrawal fees and interest penalties. You must provide at least 30 days’ notice of withdrawal. Please refer to our fees and charges for additional information.

When a term deposit matures, we will notify you before maturity. Upon maturity you have 7 business days to vary your deposit including the term, and amount or make a full withdrawal. If you take no action, we may automatically renew the deposit for the same duration on the current advertised rates when your deposit matures2.

An automatic rollover or renewal will automatically renew your term deposit for the same fixed period upon maturity. The length of the term will stay the same, while the interest rate will be the current standard advertised rate for your term at the time of maturity. 

Yes, you need to be at least 18 years of age and are:

  • A resident of Australia or be a permanent resident or have a valid visa.
  • Able to pay the minimum deposit requirement

All term deposits require a minimum lump sum investment of $1000 to open. We may sometimes offer special rates on term deposits with a higher minimum balance.

For your convenience, you can apply for a personal or business term deposit account online with us. This is especially convenient if you’re not near our Wollongong branch.

If you’re a new customer, you can set up your account with us in as little as five minutes. Need some assistance? Our contact centre is open Monday-Friday 9 am-5 pm (UTC/GMT +10 hours Sydney/Melbourne/Canberra). You can call us on 1300 132 249 or contact us here.

We typically pay interest on a term deposit at the end of the agreed-upon term. The interest is calculated based on the deposit amount and the agreed-upon interest rate for the specified duration of the term deposit. At the end of the term, the interest earned is added to the deposit amount.

To open a term deposit account with us, you’re required to have an Everyday transaction account for us to pay interest into. You may be charged an account keeping fee on your everyday account as per our fees and charges2. You may be able to avoid paying the monthly account-keeping fee on your transaction account by:

  • Depositing $2,000 or more into your account each month
  • Having a membership value* of $50,000 or more (Including loans & deposit products)

*Membership value is calculated by simply taking the daily balance of each Savings, Term Deposits and Loan account for membership and averaging them, providing a daily average for the month. Please refer to our fees and charges for more information.

It is not mandatory to provide your TFN. Failure to provide your TFN will result in the Credit Union charging Tax Withholding which you may be entitled to claim back as a tax credit at the end of the financial year from the Australian Tax Office.

Term deposits held at the Credit Union are “protected accounts” under the Australian Government’s Financial Claims Scheme (FCS). Payments under the FCS are subject to a $250,000 limit for each depositor. See the FCS website for more information at www.fcs.gov.au/.

Absolutely! You can have more than one term deposit if you want. It’s all about finding what works best for you.

We’re sad to see you go! Simply contact us and let us know if you want to close your term deposit account. Our friendly team will guide you through all the necessary steps, including confirming your identity, reviewing any fees for closing your term deposit account before its maturity date (if applicable), and choosing your transfer method.

You can contact us at 1300 132 249. Our contact center is open Monday-Friday 9 am-5 pm (UTC/GMT +10 hours Sydney/Melbourne/Canberra).

If funds are coming in externally, you’ll need to send them to your Illawarra Credit Union Everyday account.

Then, access your online banking account on the Illawarra Credit Union website using your login credentials. Once logged in, navigate to your Accounts menu. Locate your term deposit account from the list of accounts. Click on it, and then add your funds.

If you break a term deposit account, you withdraw your money before the agreed-upon term is completed. Breaking a term deposit account may result in an early withdrawal fee and interest penalties being charged. For additional information please refer to our fees and charges.

Finding a term deposit that aligns with your financial situation and provides a rewarding investment option is simple. To compare term deposits, follow these steps:

  • Interest rates: Check the interest rates different banks and financial institutions offer.
  • Term lengths: Compare the available term lengths, such as one month, six months, twelve months. Consider what suits your objectives, financial situation and needs.
  • Fees and penalties: Consider the notice periods for early withdrawal and any subsequent fees, charges and interest penalties2
  • Terms and conditions: Read the fine print of each term deposit to understand the terms and conditions of the product.

We're here for you.

Sometimes you just need to reach out to find what's the best fit for you. No worries! We're here to support you with whatever you need.

Our opening hours

Our contact centre is open Monday-Friday 9am-5pm (AEDT)

Give us a call

Ways to bank

Looking for ways you can bank with the Illawarra Credit Union?

Ways to bank

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 more

Important 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.

2Illawarra 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.

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Already a customer?

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New customer?

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