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Summary

Earn up to 4.7% on a 1 year term deposit with Community First.

You can earn a fixed rate of 4.7% for 12 months, with a minimum deposit of $5,000.

Alternatively, if you're looking for other terms, outside of the 12 months. Then the minimum deposit requirement is $5,000. All terms do have a maximum balance of $1,000,000.

Pros

Large range of term lengths
No fees
Easy online application

Cons

No term lengths over 3 years

Details

Key details

Product Name	Community First Bank Term Deposit
3 month interest rate	4.30%
4 month interest rate	4.30%
6 month interest rate	4.45%
7 month interest rate	4.45%
9 month interest rate	4.45%
12 month interest rate	4.70%
24 month interest rate	4.75%
36 month interest rate	4.75%
Minimum Opening Deposit	$5,000
Government guarantee	Yes

Eligibility

Joint account availability	Yes
Min Deposit	$5,000
Available to children	No minimum age

Key features

Choice of term lengths

You have a choice of term lengths between 3 months up to 3 years. Your interest rate is fixed during the life of your term. As you can see in the table above, you’ll get a higher rate for longer term lengths.

Deposits for 3 months to 3 years

The deposit requirements for all terms, ranging from 3 months to 3 years , have a minimum deposit of $5,000.

No fees

There are no setup fees or account keeping fees to pay with a Community First term deposit.

Interest payments

The above table shows the interest rate that applies when your interest is paid at maturity of the term length. You can select to have your interest paid monthly instead, however a slightly lower interest rate will apply.

Covered by the Australian bank guarantee scheme

Your deposit up to $250,000 in a Community First account is protected by the Australian government's bank guarantee scheme.

How to apply

You can apply for a Community First term deposit online. You’ll need to become a member of the credit union first, which will be done at the same time as your online application.

Minimum age. There are no age requirements.
Residency requirements. Account holders must be Australian residents with a residential address inside of the country.

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

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. You can use your driver's license, passport or Medicare card to provide proof of identity when applying for membership online.

Go to site More info

Compare other term deposit accounts

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Name	3 Mths p.a.	4 Mths p.a.	5 Mths p.a.	6 Mths p.a.	7 Mths p.a.	12 Mths p.a.	24 Mths p.a.
Judo Bank Term Deposit Finder Award$1,000 min. deposit	3 Mths p.a. 5.00%	4 Mths p.a. -	5 Mths p.a. -	6 Mths p.a. 5.25%	7 Mths p.a. -	12 Mths p.a. 5.25%	24 Mths p.a. 5.20%	Go to site More Info Compare
BCU Term Deposit $1,000 min. deposit$999,999 max. deposit	3 Mths p.a. 4.60%	4 Mths p.a. 3.70%	5 Mths p.a. 3.40%	6 Mths p.a. 4.70%	7 Mths p.a. 4.00%	12 Mths p.a. 4.50%	24 Mths p.a. 4.40%	Go to site More Info Compare
ING Term Deposit $10,000 min. deposit	3 Mths p.a. 4.75%	4 Mths p.a. 4.75%	5 Mths p.a. -	6 Mths p.a. 4.85%	7 Mths p.a. 4.65%	12 Mths p.a. 4.90%	24 Mths p.a. 4.50%	Go to site More Info Compare
MyState Bank Online Term Deposit $5,000 min. deposit$50,000,000 max. deposit	3 Mths p.a. 2.50%	4 Mths p.a. 4.20%	5 Mths p.a. 4.40%	6 Mths p.a. 4.60%	7 Mths p.a. 3.50%	12 Mths p.a. 5.00%	24 Mths p.a. 3.95%	Go to site More Info Compare
Newcastle Permanent Term Deposit $1,000 min. deposit	3 Mths p.a. 3.50%	4 Mths p.a. 3.50%	5 Mths p.a. 3.50%	6 Mths p.a. 4.60%	7 Mths p.a. 3.80%	12 Mths p.a. 4.50%	24 Mths p.a. 4.00%	Go to site More Info Compare
Community First Bank Term Deposit $5,000 min. deposit$99,999 max. deposit	3 Mths p.a. 4.30%	4 Mths p.a. 4.30%	5 Mths p.a. 4.30%	6 Mths p.a. 4.45%	7 Mths p.a. 4.45%	12 Mths p.a. 4.70%	24 Mths p.a. 4.75%	Go to site More Info Compare
Bankwest Term Deposit $1,000 min. deposit$10,000,000 max. deposit	3 Mths p.a. 3.75%	4 Mths p.a. 3.00%	5 Mths p.a. 3.00%	6 Mths p.a. 4.25%	7 Mths p.a. 4.00%	12 Mths p.a. 4.75%	24 Mths p.a. 4.40%	Go to site More Info Compare
Community First Bank Term Deposit - $100,000+ $100,000 min. deposit$1,000,000 max. deposit	3 Mths p.a. 4.35%	4 Mths p.a. 4.35%	5 Mths p.a. 4.35%	6 Mths p.a. 4.50%	7 Mths p.a. 4.50%	12 Mths p.a. 4.75%	24 Mths p.a. 4.80%	Go to site More Info Compare

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Alison Finder

Editor

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Ravendra

August 26, 2023

You pay monthly interest to other institutions where is your branch near liverpool

Alison Banney Finder

September 08, 2023

Hi, you’ve reached Finder, not Community First Bank. You can see branch locations for this bank here: https://communityfirst.com.au/locations

Tomako

March 06, 2023

With reference to the answer regarding not able to accept transfer of deposit over a timeframe of 1 week, how are we able to overcome the issue if we want to setup a term deposit of $100,000 but maximum bank transfer per day is $20,000. Does Community First have a branch in WA where we can walk in to deposit the total cash of $100,000 in 1 go?

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Alison Banney Finder

March 07, 2023

Hi Tomako,

You can speak to your bank about increasing your transfer limit temporarily for the day you’d like to make a transfer of that amount. You just need to give them a call and verify yourself for the request to go through.

If you have any other issues with this we suggest you speak with your bank and Community First directly – at Finder, we aren’t affiliated in any way with any bank and can only offer you general advice.

Hope this helps. Thanks,

Alison

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J K

February 28, 2023

Hi Alison, in regards to this statement

“Interest payments

The above table shows the interest rate that applies when your interest is paid at maturity of the term length. You can select to have your interest paid monthly instead, however a slightly lower interest rate will apply.”

If we opt for interest paid monthly, does it go to a separate account or it goes into the term deposit account and compounded? I’d like to learn more about compound interest and how it works.

Thank you.

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Alison Banney Finder

March 02, 2023

Hi,

Your interest payments with a term deposit go into a separate bank account, they’re not added back into the term deposit. Term deposits don’t usually offer compound interest.

Savings account do offer compound interest – meaning you can earn interest on your interest.

Thanks,

Alison

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Wasfy Latif

February 22, 2023

Hi,

Does these rates apply to SMSF entities or just personal accounts?

Raj Lal Finder

March 17, 2023

Hi Wasfy,

Thanks for contacting Finder.

The Community First Term Deposit ($50k+) is for personal accounts.

For SMSF term deposits, have a look at our SMSF term deposits page.

Thanks

Raj

David D

February 17, 2023

Can a State Registered Incorporated Charity Association become a member?

Alison Banney Finder

February 21, 2023

Hi David,

Community First does offer term deposit accounts to different types of business customers. They recommend you get in touch with them directly to discuss your particular organisation and what type of account you’re looking for.

Thanks,

Alison

Community First Term Deposit

Pros

Cons

Key features

Choice of term lengths

Deposits for 3 months to 3 years

No fees

Interest payments

Covered by the Australian bank guarantee scheme

How to apply

Documentation needed

Compare other term deposit accounts

Sources

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