Product details
If you’ve got a balance over $100,000, a term deposit by Community First could be a good way to make your money work harder for you. You’ll benefit from a competitive, fixed interest rate for the duration of your term, with terms from just three months to three years. Read on to learn about the features of the Community First Term Deposit account.
If you don’t have a balance of $100,000, Community First also offers term deposits for balances starting from just $5,000 instead.”
- Product Name
- Community First CU Term Deposit $100,000+
- 3 month interest rate
- 2.25%
- 4 month interest rate
- 2.25%
- 6 month interest rate
- 2.35%
- 9 month interest rate
- 2.35%
- 12 month interest rate
- 2.50%
- 24 month interest rate
- 2.65%
- 36 month interest rate
- 2.75%
- Min Deposit
- $100,000
- Minimum Age Requirement
- No Minimum Age
SPECIAL TERM DEPOSIT OFFERS
2.55% p.a. for 5 months or 2.75% p.a. for 11 monthsCustomers who open a 5 or 11 month term deposit before 30 April 2019 will enjoy a special fixed interest rate on their deposit. You'll earn the special interest rate of 2.55% p.a. on 5 month terms, and 2.75% p.a. on 11 month terms when you invest a minimum of $50,000. These special rates are available to both new and existing members. T&Cs apply.
Features
Take a look at the features of this term deposit, and see how it compares to others in the market.
Minimum investment of $100,000
To access the interest rates featured in the table above, you need a minimum investment of $100,000. This account also has a maximum investment of $249,999.
Term length up to three years
You can choose how long you’d like to lock your funds away, from as little as three months to three years. Generally, the longer the term the high interest rate you’ll receive.
No account-keeping fees
You won’t pay any monthly account-keeping fees for this account, or any setup fees.
Competitive, fixed interest rate up to 2.75% p.a.
Interest rates for this account vary for different term lengths, as you can see in the table above. If you lock your funds away for three years you’ll benefit from a fixed interest rate of 2.75% p.a.
Interest calculated daily
Interest is calculated daily and you can choose to receive interest payments every four weeks, monthly or when the term reaches maturity. However if you opt for a term of less than one year, your interest will automatically be paid at maturity.
Early funds withdrawal.
You need to give at least seven days notice to make a withdrawal from your term deposit before it reaches maturity, and you may be penalised with a reduced interest rate.
Term deposit maturity.
Within 14 days of maturity you have the option of making a withdrawal or renewing your term deposit. Unless you give different instructions, Community First will re-invest the interest and principal according to the instructions you provided upon opening the account.
Pros
- Terms from three months to three years
- Competitive, fixed interest rate
- Choose how to receive interest payments
Cons
- Large minimum deposit of $100,000
How to apply
You can apply online, over the phone or at one of Community First’s financial services stores. You need to become a member first before you can apply for an account, which can be done online.
Eligibility requirements:
- Minimum age. There is no minimum age requirement for this account.
- Residency requirements. Account holders must be Australian residents with an Australian address.
- Deposit requirements. You will be asked for a payment of $2 when you apply to become a member, and when activating the term deposit an opening deposit of at least $100,000 is required.
Documentation needed
- 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 No Minimum Age 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.
