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For 8 month
Term Deposits
$250K and over.

Interest at maturity.

how do you
like them


Secure our
Term Deposit
rate now!

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Our product features

Click on the product features below to find out how they’ll benefit you:

Higher rates of interest
No setup or monthly fees
Online renewal via internet banking

Our competitive rates

For term deposits $250K and over, interest at maturity. Get in quick, it’s for a limited time only.


Term deposit calculator

Select the amount you would like to deposit
$250, 000
Interest rate
2.95% p.a.
Investment term
8 months
Note: The results from this calculator should be used as an indication only*.
Total interest paid at maturity
Total at end of term

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Why open a term deposit with us?

  1. Competitive interest rate. Get a guaranteed return on your investment with our high interest rate for 8 month term deposits $250,000 and over.
  2. No monthly fees. You don’t have to pay any pesky monthly fees with our special offer Term Deposit.
  3. Invest securely. As an Authorised Deposit-Taking Institution (ADI), combined savings balances of up to $250,000 per depositor are guaranteed by the Australian Government.
  4. Timely response. Our team will be in touch within one business day to verify your details and setup your new Term Deposit, so you can start growing your investment today.

Frequently asked questions

What’s the minimum investment amount for our special offer term deposit?

Our special offer term deposit rate is available for investments $250,000 and over.
If you’d like to invest less than $250,000 get in touch with our team to find out what interest rate we can offer you.

How long is the term?

The interest rate is based on an eight (8) month term.

How do I apply for a term deposit?

You can complete the form above, call us on 13 22 49, or visit one of our four branches located in the Illawarra. You can find your nearest branch here.

How do I transfer funds into my term deposit?

It’s simple! You can:

  • Transfer the funds from your existing Illawarra Credit Union account;
  • Electronically transfer the funds from an account you have with another financial institution. Just ask us how; or
  • Deposit a cheque.

When will my interest be paid?

All interest will be paid at maturity.

How do I break my term deposit if I need to access my funds prior to maturity?

In the event you’ll need access to your funds prior to maturity, you’ll just need to get in touch with us.

Is there a fee to access my funds before the term deposit matures?

Yes, early withdrawal fees and interest penalties may apply if you withdraw funds before your term deposit matures. To find out more, review our Fees, Charges and Transaction Limits brochure brochure.

What happens when my term deposit matures?

You’ll have a couple of options when your term deposit matures.

  • Renew your term deposit – Principal and Interest. You can renew your entire term deposit upon maturity for the same or a different term.
  • Renew your term deposit – Interest only. You can renew your original term deposit amount and transfer the interest to your transaction or savings account.
  • Close your Term Deposit. You can transfer the funds into your transaction or savings account and close your term deposit.

We’ll be in touch closer to the date to verify your instructions and when your term deposit matures, we’ll action your request.

Can I change my maturity options?

Absolutely! You’ll have a seven day grace period after your term deposit matures. Just let us know your preference when we contact you.

Can I add funds during the 8 month term?

You’re unable to add funds to your term deposit during the 8 month term. However, you can top-up your investment at maturity before you re-invest your funds.

Can I invest my funds for more than 8 months?

Our special offer term deposit is available for 8 month term deposits only. However, if you get in touch with our team, we can negotiate an interest rate and term, which is better suited for you.

Get a guaranteed return on your investment

Important notes

Interest Rates current as at 03/07/2018 and are subject to change.1.Earn bonus interest if you deposit at least $100 during the month and make no withdrawals within the calendar month. No interest is paid in the month the account is closed.

* The term deposit calculator calculates the accumulated balance and interest of a term deposit on the basis of the data entered; 1. initial deposit amount; 2. interest rate (per annum); 3. investment term (months).

The Present Value provided by this calculator is displayed as the amount labelled ‘Total at end of term’.

Calculator Assumptions

Length of Month
Months are of equal length. However, given some months are longer than others interest paid will vary depending upon the month.

Rounding of Amounts of Total Accumulation and Interest Earned
Principal and interest earned are rounded to the nearest cent. In practice, the accuracy many institutions calculate interest slightly differently, hence results may vary slightly.

Interest Rate
The interest rate input in the saving detail section of the calculator is a nominal interest rate per annum. The interest applied over each deposit period has been calculated as the nominal interest rate divided by the number of deposit periods.

Timing of Interest Conversion
The calculator assumes that interest is credited to the savings account at the same frequency as the deposits are made. In practice, there may be differences between the timing of the deposits and the timing of the interest being credited to the account.

Illawarra Credit Union is a division of Community Alliance Credit Union Limited 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, Charges and Transaction Limits brochure for current details.