Product details
Community Sector Banking’s Term Deposit Accounts offer a safe and secure place for you to invest your money. With fixed interest rates of up to 1.25% p.a. providing guaranteed returns, Community Sector Banking offers accounts with terms ranging from 1 to 60 months.
The minimum investment required is $1,000 while there are no set-up or ongoing account-keeping fees that eat away at your balance.
- Product Name
- Community Sector Banking Term Deposit Accounts
- 1 month interest rate
- 0.50%
- 3 month interest rate
- 0.50%
- 4 month interest rate
- 0.75%
- 6 month interest rate
- 1.00%
- 9 month interest rate
- 1.00%
- 12 month interest rate
- 1.25%
- 24 month interest rate
- 1.50%
- Min Deposit
- $1,000
What are the features of Community Sector Banking Term Deposit Accounts?
Fixed interest of up to 1.25% p.a.
Community Sector Banking Term Deposits feature fixed interest rates of up to 1.25% p.a. For investment amounts below $500,000, Community Sector Banking follows the interest rates set by its joint owner Bendigo Bank.
Interest calculated daily
Interest on your Term Deposit is calculated daily and credited to your account at a time that suits you. This allows you to choose a payment frequency that matches your financial needs and budget.
$0 set-up fees
There are no establishment fees payable when you set up a Term Deposit with Community Sector Banking.
$0 ongoing fees
There are also no account-keeping fees attached to your Term Deposit, which means you don’t have to worry about hidden charges eating away at your savings balance.
Terms from 1 to 60 months
Community Sector Banking offers a choice of the following terms: 1 month, 2 months, 3 months, 4 months, 5 months, 6 months, 7 months, 8 months, 9 months, 10 months, 11 months, 12 months, 15 months, 24 months, 48 months and 60 months, with 90- and 100-day terms also available.
$1,000 minimum investment
You will need to deposit at least $1,000 to open a Term Deposit with Community Sector Banking.
Special interest rates for deposits of over $500,000
If you have more than $500,000 to deposit, a Community Sector Banking Business Manager will help you negotiate a rate.
Add additional payments
Community Sector Banking offers the flexibility to add additional payments at maturity and further boost your investment balance.
Automatic renewal
Unless you provide written instructions to the contrary, when your deposit matures, Community Sector Banking will automatically renew your investment for the same term.
Pros
- $0 account keeping fees
- Flexible terms 1 months to 5 years
- Low minimum investment of $1,000
- Automatic renewal facility
What you’ll need to know before applying
If you’d like to apply for a Community Sector Banking Term Deposit, click one of the “Apply now” links on this page. You will be securely redirected to the Community Sector Banking website where you can find a Term Deposit application form. Once completed, this form can be returned to the bank by post.
Information and documentation needed
You will need to provide the following information when filling out an application form:
- Organisation details. You will need to enter the name, ABN/ACN and contact details of your business, as well as its industry.
- Authorised signatories. Next, provide the names of everyone who will be an authorised signatory on the account, including specifying their account access level.
- Deposit details. You will need to specify your chosen term, deposit amount, interest payment method and maturity instructions.
New customers will need to provide a range of additional information, including details regarding your company or business structure and information relevant to the US Foreign Accounts Tax Compliance Act (FATCA).
Proof of ID is also required for new customers, such as a driver’s licence, passport or proof-of-age card. Other forms of ID are also acceptable, so check the fine print on the application form for full details.
Eligibility criteria
You will need to satisfy the following eligibility criteria if you want to open a Community Sector Banking Term Deposit:
- Organisation requirements. The following organisations are eligible to open an account: Australian and foreign companies, government bodies, partnerships, incorporated associations, unincorporated associations, co-operatives, trusts, super funds and sole traders.
- Investment requirements. You will need to deposit a minimum of $1,000 to open an account.
Community Sector Banking Term Deposits offer a secure investment opportunity and guaranteed returns. Compare the interest rates and terms with the features of a wide range of term deposits from other financial institutions to find the best place to invest your money.
