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.
What are the features of the Community First Fixed Term Deposit?
Throughout the five decades that Community First has been providing financial services, they have added accounts and features that are comparable to Australian Banks’ products. Take a look at the features of their term deposit, and see how they stack up against what the banks provide:
- 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.
- Internet, mobile and phone banking are available
- Competitive interest rate for the whole term you chose
- Minimum investment of $5,000
How do I apply for the Community First Fixed Term Deposit?
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.
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.
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.