If you’re looking for a competitive interest rate and the security of a term deposit, a MOVE Term Deposit is well worth a look. MOVE term deposits are available with terms ranging from 3 to 24 months, and you can invest as little as $5,000 and then sit back and watch your money grow. The interest rate available varies depending on the length of the term, and customers with high term deposit portfolio balances in excess of $200,000 can negotiate their interest rate with the credit union.
At the end of the term, you can either withdraw your money or opt to roll the balance over into a new term deposit account.
What are the features of the MOVE Term Deposit
Before you open a MOVE Term Deposit, make sure to consider the following features this account offers:
Competitive interest rates
A MOVE Term Deposit allows you to fix a competitive rate for a pre-arranged period of time. The fixed interest rate means you get the security of a guaranteed return on your investment.
Negotiate your rate
If you have a total term deposit portfolio valued at $200,000 or more, you can negotiate your interest rate with MOVE. If you’ve seen a better rate elsewhere, you can negotiate for a better deal on your term deposit account.
If you want to open a MOVE Term Deposit, you’ll need to have at least $5,000 to deposit.
Choose your term
MOVE Term Deposits are available with the following terms: 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 to 14, 15 to 24 and 12 to 14 months. The interest rate you receive varies depending on the term you choose, so check with MOVE for up-to-date interest rate figures.
Interest payment options
Interest on a MOVE Term Deposit is calculated daily and paid monthly or at maturity. For deposits with a term of more than 12 months, interest is paid at 12 months and then at maturity.
End of term
Once the investment term ends, you have two choices of what to do with your money: you can rollover into a new term deposit or you can withdraw your money to spend or invest elsewhere.
Early redemption fee
If you decide to redeem your term deposit balance before it reaches maturity, you’ll be charged an interest deduction of 2%.
- Competitive interest rate
- Minimum opening balance $5,000
What you’ll need to know before applying
You’ll simply need to provide your name, phone number, email address, the topic you want to discuss and your preferred callback time.
Alternatively, you can start your application for a MOVE Term Deposit online immediately.
Documentation for your online application
The application process takes about five minutes and you will need to supply:
- Your full name
- Your MOVE member number (optional)
- Your phone number
- Your email address
- Your preferred callback time
- Your message or any questions you may have
What happens after I submit the application?
Once you’ve submitted the form, a MOVE representative will contact you as soon as possible to discuss your account needs and check whether you are eligible to open an account.
A MOVE Term Deposit offers a long list of benefits to anyone looking for a secure and convenient way to invest their money. However, it’s essential that you compare the interest rates and features of a MOVE Term Deposit with those from other financial institutions before choosing a term deposit account.