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.
Up to 0.5% p.a.
12 months interest rate
Minimum opening deposit
Account keeping fee
We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder.
|Product Name||Firstmac Term Deposit|
|3 month interest rate||0.30%|
|6 month interest rate||0.35%|
|12 month interest rate||0.50%|
|24 month interest rate||0.50%|
|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 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.
You can choose 30, 60 or 90 day terms as well as six, nine, 12 or 24 months.
The fixed rates are competitive, growing in value when you choose longer terms.
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.
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.
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
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.
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.