Firstmac Term Deposit

Firstmac Term Deposit

Min. Opening Deposit


Account Keeping Fee

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

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

Product details

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.

Product Name
Firstmac Term Deposit
1 month interest rate
3 month interest rate
6 month interest rate
9 month interest rate
12 month interest rate
24 month interest rate
Min Deposit
Minimum Age Requirement
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the Firstmac Term Deposit?

Term deposit accounts are savings products that typically offer a higher rate of interest for locking your money into an investment for a fixed period of time and at a fixed interest rate. Banks will have various features to meet different saving goals, making it important that you compare these until you find the one that matches yours:

  • 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. With the other available term lengths you can choose to be paid monthly or at maturity. Monthly payments will result in a slightly reduced interest rate.
  • 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.


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


  • Large minimum investment amount

How do I apply for a Firstmac Term Deposit?

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.

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.

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.

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