Community First Fixed Term Deposit

Last updated: 30 March 2020

A term deposit from Community First lets you decide if you want to add your interest earnings to your monthly income, or save them up towards a big purchase.

Serving Australia’s Central Coast Region, Community First has been providing a sound banking alternative to their members for over 50 years. Their term deposit is structured to be flexible, with a number of interest payment options for you to choose from. With a fixed rate on your term, this can guarantee you an income augment each month, or allow you to make solid plans for a future purchase.

Up to 1.15% p.a.

Interest rate

6 months interest rate

$5,000

Minimum opening deposit

$49,999

Maximum balance

Details

Product Name	Community First CU Term Deposit
3 month interest rate	1.05%
4 month interest rate	1.05%
6 month interest rate	1.15%
7 month interest rate	1.15%
9 month interest rate	1.15%
12 month interest rate	1.15%
24 month interest rate	1.15%
36 month interest rate	1.15%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	18

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children

Pros

Internet, mobile and phone banking are available
Competitive interest rate for the whole term you chose

Cons

Minimum investment of $5,000

Alison Banney

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University with a double major in journalism and public relations. She has ASIC RG146 compliance certificates for financial advice, securities and managed investments and superannuation.

Key features

Minimum investment amount

With a term deposit from Community First you must deposit at least $5,000.

Monthly account keeping fees

You will pay no fees for maintaining this account.

Length of terms.

You are able to choose terms that range from three months to three years.

Interest rates

The fixed rates for the Community First Term Deposit are competitive, and tiered to pay you more not only with larger deposit amounts but also with longer terms.

Interest payments

Interest is calculated on the balance in your account daily and Community First allows you to choose whether payments are made every four weeks, when the terms end, or monthly. Interest paid at maturity only is only available when you choose a term of less than one year.

Early withdrawal

Community First requires at least seven days notice if you are going to make a withdrawal on your term deposit before maturity. You will be penalised with a reduced interest rate, which will be determined by the percentage of time you kept the term deposit active.

Term deposit maturity

A letter of certificate of investment will be sent to you just before your term deposit is close to the end of its term. Within 14 days of maturity you have the option of making a withdrawal or renewing your term deposit structured the same, or with different terms. If no notice is given by you, Community Bank will re-invest the interest and principal according to the instructions you gave when the account was opened.

Managing the term deposit

You can use internet, mobile or phone banking to access your term deposit as well as with over the counter transactions at a Community First financial service store.

Membership

In order to benefit from a term deposit with Community First you must first become a member of the credit union.

How to apply

Eligibility

If you like the way in which the Fixed Term Deposit from Community First is structured, you can apply for the account over the phone or at one of their ten facilities in Sydney and the surrounding Central Coast region. You do need to become a member first, which can be done by applying online. Before starting, check to ensure that you are able to meet their eligibility requirements:

Minimum age. There are no age requirements set forth to become a member of Community First, and the Fixed Term Deposit is available to anyone who has already become a member.
Residency requirements. Account holders must be Australian residents with a residential address inside of the country.

Depository requirements. You will be asked for a payment of $2 when you apply to become a member, and when activating the term deposit will be required to make an opening deposit of at least $5,000.

Documentation needed

You will also need to provide details from the following documentation as you fill out your application:

Tax file number. You are not obligated by law to provide your tax file number (TFN) but if you don't, Community First is required to deduct tax at the highest marginal rate from your interest earnings.
Identification. Applicants over the age of 18 can use their driver's licence, passport or Medicare card to provide proof of identity when applying for membership online.

What happens after I submit my application?

Once your membership with Community First has been confirmed, you can set up a transaction account or savings account online as well. When activated, either call or visit Community First so that you can open your term deposit as well, and have it linked to your existing account.

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