Product details
You'll know ahead of time what the return on your investment will be with a fixed-rate term deposit from CUA, helping you plan and meet future savings goals. The terms of the account are also really flexible; you can choose a term length from one month to five years, and you can get started from just $5,000.
Your savings will benefit from a fixed interest rate until maturity, and you can choose the terms that suit your lifestyle. This is a low risk way to reach your goals and start securing your financial future.
- Product Name
- CUA Term Deposit Account
- 1 month interest rate
- 1.00%
- 3 month interest rate
- 1.75%
- 4 month interest rate
- 1.80%
- 6 month interest rate
- 1.75%
- 9 month interest rate
- 1.75%
- 12 month interest rate
- 1.70%
- 24 month interest rate
- 1.65%
- 36 month interest rate
- 1.65%
- 48 month interest rate
- 1.65%
- 60 month interest rate
- 1.65%
- Min Deposit
- $5,000
- Minimum Age Requirement
- 18
What are the features of the CUA Term Deposit Account?
Before you choose the right term deposit to invest your money in, look at the features of the CUA Term Deposit.
No monthly account keeping fees.
No account keeping fees will be deducted from your balance.
Terms from one month to five years.
This account offers a huge range of term lengths to choose between, from just one month to five years.
Minimum deposit of $5,000.
In order to invest in a term deposit with CUA you must make a minimum deposit of $5,000.
Competitive interest rates.
The fixed competitive rates are tiered to give you the highest rate of return when you choose longer terms.
Interest paid monthly, annually or at maturity.
You have the option of having interest paid to you monthly, annually or at maturity. However if you do choose monthly interest payments the fixed interest rate will be decreased. All interest payments with the exception of those made at maturity will be paid into a separate account nominated by you.
Platinum Plus Club members.
Customers over the age of 55 can see a higher rate of return on their term deposit of one to three years.
Term maturity.
You will be notified when your term is about to reach maturity and asked for instructions on how to proceed with your account. If you don't provide CUA with further instruction your terms will be rolled over into a new one for the same length of time but at the current interest rate. You are given a 14 day grace period where you can contact CUA and make changes or additional deposits to the new account.
Pros
- $0 monthly service fees
- $0 application fee required
- Terms from one month to five years in length
- Competitive interest rates for longer terms
Cons
- Minimum deposit of $5000 needed
How do I apply for the CUA Term Deposit Account?
If you've compared your options and believe the CUA Term Deposit is right for you, you can open an account online in less than 15 minutes. If you're not a CUA customer you'll need to become a member before you can open an account. But don't worry, this will be done for you when you submit your application for this product.
Before you begin the application, make sure you meet the following eligibility requirements and have the necessary documents ready.
Eligibility
- Minimum age. Only applicants aged 18 or older will be allowed to open a term deposit.
- Residency requirements. This account is only available for permanent Australian residents.
- Depository requirements. A minimum deposit of $5,000 is required. Your account will be activated immediately if you have that amount ready for transfer in an existing CUA bank account.
Documentation needed
- Tax file number. With interest earning accounts, CUA is obligated to withhold tax on the earnings. To ensure that this is done at the correct rate, they will ask for your tax file number (TFN) or exemption code. You are under no obligation to provide this information, but if you don’t, tax will be applied at the highest marginal rate.
- Identification. Information from your passport, driver’s licence or Medicare card will be used to verify your identity.
- Account details. If you are planning on using an account that is not held by CUA to make deposit transfers out of and interest payments into, you will need to provide the account number, BSB and account name in order for that money to be transferred.
As soon as CUA receives the initial deposit for your account, it will be activated and begin earning interest. You will also be issued a certificate that outlines the terms and conditions of your term deposit.
Hi interested in term deposit for 12 months for 200,000. Can you tell me if you have to set up an everyday account Eg with conditions to spend x amount a monthetc to invest this money with CUA
Hi Michelle,
Thanks for leaving an inquiry about CUA Term Deposit on our page. When you open a CUA Term Deposit, you don’t need to set up an everyday transaction with no monthly account keeping fees or an application fee, your savings won’t be reduced by unnecessary costs.
As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying. You may also contact the bank should you have any questions about their product.
Best,
Nikki
Is CUA government guaranteed?
Hi Therese,
Thank you for getting in touch with Finder.
Yes, Credit Union Australia (CUA) is included in the Australian Government Guarantee Scheme.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Can I take part of my fixed term deposit before maturaty for financial reasons
Hi Bill,
Thanks for your inquiry
The page above states that for term deposits of two years or less, an early withdrawal will only be allowed at the discretion of CUA. If approved, adjustments will be made in the interest rate to reflect the change in terms. For term deposits greater than two years, your funds are available to you when needed with no penalty or interest reduction.
Hope this information helps
Cheers,
Arnold
Just renewed $250,000 term deposit for 12 months at a rate of @.70%. According to the above the rate is 2.60% for 12 months. However, being a platinum member with an investment for 12 months the rate should be 2.75%. Is this correct?
Hello Bob!
Thanks for the inquiry! :)
For Platinum Plus Members (55+), 1 year Rate with interest on maturity / annually is 2.70%. You can visit their website and look for CUA Term Deposit Rates.
Hope this clarifies.
Cheers,
Jonathan
Hi , if I re invest my a term deposit with CUA and I am over 55 years of age can I still get the bonus .15% interest ?
Hi Peter,
Thanks for your inquiry.
Yes, you are eligible for the bonus interest rate. As a matter of fact, Customers over the age of 55 can see a higher rate of return on their term deposit of one to three years. Please click here to see the details.
Hope this information helped.
Cheers,
Arnold
If you choose interest paid monthly, what date is the interest paid? Eg. Is it the last day of the month, anniversary of deposit, or every 30 days?
Hi Peter,
Thanks for your question.
If you opt to have your interest paid monthly, it may be paid on the same day each calendar month or on a 30 day cycle, depending on whether the term you selected for your account is specified as a whole number of months or in days.
Cheers,
Anndy
Hi. Just wondering about your Platinum Plus product. Your brochure says interest is calculated daily. Does this mean interest is compounded over the term or just paid out at maturity? Thanks
Hi Barbara,
Thanks for your question.
For the Platinum Plus, interest is paid 30 Jun and 31 Dec. Please note, we are a comparison website and provide general advice only. If you would like to discuss your situation in further detail, please contact CUA direct.
Regards,
Clarizza
what is the interest rate on a term deposit for an over 55 year old 60.ooo for 2 years and how much will it ear?
Hi Rose,
Thanks for your question.
If you would like your interest paid at maturity or annually, the interest rate is 3.05% p.a. Please note this doesn’t represent a quote.
The actual amount you earn will depend on your initial deposit. You can use our term deposit calculator help you figure this out.
short term interest rates for $800000.00 deposit
Hi Warren,
Thanks for your comment.
Interest on your deposit will depend on the term you choose. You can choose between terms that range from one month to three years. Please refer to our table above to see the relevant rates.
Hope this helps.
Clarizza