Lock in a special rate & see your savings soar

Minimum deposit of $10,000. New money only. Limited time offer. T&Cs apply*.

5.30%p.a.for 6 months^

5.20%p.a.for 12 months^

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Why open a term deposit with Illawarra Credit Union?

Your money, your way

Lock in this 6 or 12 month term deposit special offer and see your savings grow. Calculate your interest.

Government Guarantee

Deposits up to $250,000 per account holder are secured by the Government’s Financial Claims Scheme1. Learn more.

Manage online

Your term deposit can be conveniently opened and managed all online.

We're 100% local

We're a customer-owned Credit Union, and have been serving customers since 1972.

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We're here to help.

Here are some common questions about our term deposits:

A savings account allows you to deposit and withdraw money — our bonus saver product will pay you interest if you deposit at least $100 in the month and make no withdrawals. It is suitable for individuals who need easy access to their funds should they need it and want to maintain financial flexibility.

On the other hand, a term deposit requires you to deposit a specific amount for a fixed period, which can range from a few months to 12 months. During this term, you cannot withdraw the funds without incurring penalties. In return for this commitment, term deposits offer higher interest rates than savings accounts, making them ideal for individuals willing to lock in their money for a set duration to earn better returns.

The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, including Illawarra Credit Union, of up to $250,000 AUD.

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.

When a term deposit matures, we will notify you before maturity. At maturity, you can renew the deposit with the earned interest, withdraw the entire amount, or make a partial withdrawal while renewing the rest within 7 days of the maturity date. If you take no action, we may automatically renew the deposit for the same duration at prevailing rates.

To open a term deposit account with us, you’re required to have an Everyday transaction account for us to pay interest into. 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)

Plus if you’re under 23, with an Everyday Student account, the account-keeping fee will be waived.

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 info.

If you wish to withdraw your deposit prior to the maturity date you must provide at least 31 days notice, this may result in penalties, loss of interest, or a lower interest rate. Please refer to our fees and charges.

Your earned interest payments will be sent to a linked Everyday Account upon maturity.

It’s easy! If you’re a new customer, you can set up your account with us in as little as five minutes. Simply complete the online membership form and you’ll then be sent your membership information including information on how to log in to internet banking. Once you’re set up, you can open your term deposit and transfer funds all via internet banking.

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.

If you’re an existing customer and are looking to transfer new funds not currently held with the Illawarra Credit Union, this special offer is available by logging into internet banking and completing the application form.

Always here for you.

We're here to support you with whatever you need.

Our opening hours

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

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Ways to bank

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Get to know us

We've been serving customers since 1972. Our team are here for you, every step of the way.

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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.

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 the Fees and Charges brochure for current details.

*The special offer is effective from 15 July 2024 and may be withdrawn or changed at any time. New money applies to funds not currently held at the Illawarra Credit Union. Fees and charges, terms and conditions available here.

^Effective 12 July 2024, our current standard rate for a 6-month term deposit is 5.0% and our current standard rate for a 12-month term deposit is 5.10%. Upon the end of the 6-month special or 12-month special term deposit rate, you will be converted onto our standard advertised rate at time your deposit matures.

 

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