Firstmac Term Deposit

Even with a financial goal in the very near future the Firstmac Term Deposit’s competitive rates could make sure you meet it.

Firstmac offers its members a flexible term deposit where even with its shorter terms you are still earning a high interest rate. The interest rate is fixed, and you are given options for receiving payments, making it easy to plan for a future expense. If you like the idea of getting long term rates for a short term investment, than add this term deposit to your list of those worth considering.

Shirley Liu

Last Updated Dec 31, 2020

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Details

Product Name	Firstmac Term Deposit
3 month interest rate	0.60%
6 month interest rate	0.70%
12 month interest rate	0.90%
24 month interest rate	0.90%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	12

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Minimum Age Requirement	12
Joint account availability	No
Min Deposit	$5,000
Available to children	Not available for children under 12 years of age

Pros

Government Guarantee
Competitive interest rate
Terms ranging from 30 days to 24 months
Interest paid monthly or at maturity

Cons

Large minimum investment amount

Key features

Minimum investment amount

With Firstmac you can open a term deposit with $5,000 or more.

Special provision for minors

A term deposit may be initiated for a minor under the age of 18 with a minimum deposit amount of $500.

Term length

You can choose 30, 60 or 90 day terms as well as six, nine, 12 or 24 months.

Interest rates

The fixed rates are competitive, growing in value when you choose longer terms.

Interest payments

With the 30, 60 and 90 day terms, interest is paid into the account at maturity.

Early withdrawal

It will be at the discretion of Firstmac whether you may terminate your term deposit before the agreed upon maturity date. If they do agree the interest rate will be reduced to 1.5% and will be applied to the daily balance for the length of time you held the account. If you terminate your account before it concludes the first month no interest will be paid to you.

Maturity options

When the account does reach maturity you can choose to reinvest the principal and interest earned, reinvest the principal only and have the interest transferred to a linked bank account or close the term deposit completely. You are permitted to choose different terms before making a reinvestment.

Term deposit maturity

Firstmac will not notify you when your deposit is approaching maturity. If no instruction has been given by you when the account does mature, your deposit and earned interest will automatically be invested into a new term deposit of the same length but at the prevailing interest rate. You will have seven days following the maturity date to make any adjustments to the new account without it being considered an early withdrawal.

How to apply

Eligibility

With Firstmac you can apply for its Term Deposit online in just a few minutes. Before you begin your online application you should check to ensure that you are able to meet the eligibility requirements:

Minimum age. Account holders are required to be at least 18 years of age, although there are special concessions made for younger Australians who wish to open a term deposit with Firstmac.
Residency requirements. You must be an Australian resident with a residential address in order to be considered for a term deposit account.

Depository requirements. There is a minimum deposit of $5,000 required in order for your account to be activated. You will have three days from the day that Firstmac approves your application to make that deposit. If not, the interest rate may differ from what you originally agreed upon.

Documentation needed

Having the following documentation close by will also be helpful when filling in your online application:

Tax file number. In order to avoid have tax withheld on your interest earnings at the highest marginal rate, it is recommended that you provide your tax file number (TFN) or exemption code.
Identification. An Australian passport, driver's licence or Medicare card contains information that can be used to confirm your identity.

What happens after I submit my application?

After your application has been submitted and approved, and your initial deposit made, Firstmac will issue you a Certificate of Investment. This form details your account, including your ID number, account number and the chosen terms and maturity date.

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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14 Comments

rosy
July 1, 2019

Who is Firstmac?

finder Customer Care

Jhez
July 1, 2019

Hi Rosy,

Thank you for your comment.

Firstmac is a privately-owned company that has been in business for nearly 40 years. The products that they provide are straightforward home loans and car loans for everyday Australians who are looking for an alternative to the major banks.

For more details about Firstmac, kindly visit their website.

Regards,
Jhezelyn

Andy
May 28, 2019

Hi there,
If I had $1.2M of spare business cash, were should I look to park it in order to gain a maximum return? The cash may be required for a purchase such as property so may need access within 6 months.

finder Customer Care

Jeni
May 30, 2019

Hi Andy,

Thank you for getting in touch with Finder.

Since there’s no maximum amount listed on this Firstmac term deposit review page, you may invest your money with them for 6 months and you’ll earn 2.45% p.a. which will be paid to your account monthly.

If you’re looking around, you may check our list of 6-month term deposits. You can use our comparison table to help you find the account that suits you. When you are ready, press the ‘Go to site’ button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the term deposit account to help consider whether the product is right for you.

I hope this helps.

Thank you and have a wonderful day!

Cheers,
Jeni

Kerry
May 27, 2019

Where is Firstmac based

Bella
May 27, 2019

Hi Kerry,

Thanks for your inquiry.

Firstmac is based in Riverside Centre in Brisbane, Queensland.

I hope this helps.

Kind regards,
Bella

Denzil
May 24, 2019

hi Shirley,
I am interested in Investing $5000 in Firstmac 6 month term deposit and tried to use the calculator at the top right hand of the page, but I did’nt find any calculator to suit what I was interested in . Please let me know what I am doing wrong?
Denzil

Nikki
May 25, 2019

Hi Denzil,

Thanks for getting in touch with Finder!

You may refer to our term deposit calculator. Due to the structure of a term deposit account, the calculated amount showing should be fairly accurate, although there may be other factors not taken into consideration that could affect the amount of interest paid to you.

There are other variables to consider with a typical high-interest savings account that is not needed with the term deposit calculator. If you are interested in comparing the interest-earning benefits of both types of accounts, you can also access our savings account calculator.

Let me know if you have other questions, I’d be happy to help.

Best,
Nikki

colin
May 18, 2019

Are investment funds in Firstmac guaranteed by the Australian government up to $250k?

finder Customer Care

Mai
May 19, 2019

Hi Colin,

Thank you for reaching out.

Yes, it is covered. As per Firstmac;s term deposit terms and conditions, the Firstmac deposit products are covered by the Australian Government Guarantee. The Australian Government automatically guarantees deposits which are placed with an Authorised Deposit-taking Institution (ADI), up to the balance of $250,000. Firstmac deposits are issued by Goldfields Money Limited, a registered ADI under the Financial Claims Scheme. The sum of all balances held by you in Firstmac and Goldfields Money deposit accounts are covered by the Australian Government guarantee, up to the balance of $250,000.

Hope this helps! 😊

Kind Regards,
Mai

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