Product details
Know ahead of time what the return on your investment will be with a fixed rate term deposit from CUA. Choose the terms that meet your lifestyle and your savings will benefit from a high interest rate until maturity. 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
- 1.50%
- 3 month interest rate
- 2.10%
- 4 month interest rate
- 2.30%
- 6 month interest rate
- 2.50%
- 9 month interest rate
- 2.50%
- 12 month interest rate
- 2.50%
- 24 month interest rate
- 2.65%
- 36 month interest rate
- 2.70%
- 48 month interest rate
- 2.80%
- 60 month interest rate
- 2.80%
- Min Deposit
- $5,000
- Joint Application
- Yes
- Minimum Age Requirement
- 18
- Covered by Government Guarantee
- Yes (Up to $250,000 per person, per institution)
What are the features of the CUA Term Deposit Account?
The structure, options and interest rates are all features that make them vary as you compare different bank’s term deposit accounts. Before you choose the right one to invest your money in, look at the features provided by CUA:
- Monthly account keeping fees. No account keeping fees will be deducted from your balance.
- Length of terms. You are allowed to choose between terms that range from one month to three years.
- Minimum deposit. In order to invest in a term deposit with CUA you must make a minimum deposit of $5,000.
- Interest rates. The fixed competitive rates are tiered to give you the highest rate of return when you choose longer terms.
- Interest payments. You have the option of having interest paid to you monthly, annually or at maturity. 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 break. 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.
- 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. The final interest payment will be made into the account. If you do not 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 to pay for monthly service fee
- No application fee required
- Interest is calculated Daily
Cons
- Minimum deposit of $5000
- Fees apply for other banking transactions
How do I apply for the CUA Term Deposit Account?
If the features of the CUA Term Deposit Account are in line with your savings goals existing customers can apply through their online banking platform. New customers can visit CUA website in order to begin an online application. There are eligibility requirements to meet that you should familiarise yourself with first before proceeding:
- 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.
Sections of the application will call for information that can be found on the following documentation:
- 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.
Can I take a part payment from term deposit before maturity?
You can take a part payment from the term deposit but hefty penalties will apply, which could offset the interest that you gain. Term deposits are designed in a way that you lock away your money for a certain amount of time and are not usually opened before maturity.
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