You'll earn a fixed interest rate of 3.15% p.a. when you choose a 1 year term and invest at least $25,000. Interest will be paid at maturity.
Earn 3.6% p.a. on a 2 year term deposit
You'll earn a fixed interest rate of 3.6% p.a. when you choose a 2 year term and invest at least $25,000. Interest will be paid annually.
No account fees
There are no set-up fees or ongoing account-keeping fees to worry about.
Must have an Illawarra Credit Union transaction account
You'll need to have an Illawarra Credit Union Everyday, Everyday Student or Everyday Plus account to be eligible for a Term Deposit.
Receive interest payments at account maturity
You'll receive your interest payments at maturity, which will be paid to your nominated Illawarra Credit Union bank account.
Limited time offer
These 1 and 2 year term deposit rates are only available for a limited time with Illawarra Credit Union.
Deposits up to $250,000 are guaranteed by the Australian government
Your deposit up to $250,000 with Illawarra Credit Union is covered by the Financial Claims Scheme. This means that in the unlikely event that something were to happen to the credit union, your deposit up to this amount is protected.
How to apply
You can apply for a term deposit with Illawarra Credit Union online in a few minutes. Before you start the application, make sure you meet the eligibility requirements and have the following documents ready.
Age. You must be over 18 years old to open this account.
Residency. You're an Australian resident with an Australian residential address.
Documentation needed
Identification. To prove your identity, you'll need to provide your driver's license, Medicare or passport details.
Bank account details. The details of your Australian bank account where you want your interest to be paid.
Tax file number. This is to make sure you're taxed at the appropriate rate.
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for over 8 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including Greater Bank, bcu and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.
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