Community First Credit Union Term Deposits

Community First Credit Union

If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested in learning more about Community First Credit Union’s term deposits.

What term deposits does Community First Credit Union offer?

At the time of writing, Community First Credit Union offers one term deposit product. Features include: 

  • Terms ranging from three months to three years
  • Invest between $5,000 and $250,000
  • Different interest rates apply depending on the amount being deposited
  • No monthly or account keeping fees

Click below to compare other term deposits on our database, with terms, deposit amounts and interest paid options tailored to your preferences.

Compare Term Deposits

What terms are available on Community First Credit Union term deposits?

According to Community First Credit Union, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of three months to a maximum of three years. 

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you would have to wait longer to benefit from the higher interest rate that can come with reaching the maturity date. 

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on Community First Credit Union term deposits? 

Community First Credit Union’s term deposits offer customers the choice of receiving interest payments every 28 days, at the end of the term or at periods in between.

It’s worth remembering that the option you select may have an impact on the rate of interest you earn.

Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit. 

Does Community First Credit Union have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, Community First Credit Union may require you to provide up to 7 days notice if you wish to access your money early. 

If you withdraw your money before the end of the term, Community First Credit Union says it may pay you reduced interest on your account. For example, if you take out money after 25% but before 50% of your term has elapsed, a penalty of 2.0% p.a. may apply. 

Community First Credit Union’s website and Product Disclosure Statement (PDS) provide more information on any interest rate adjustments or other early withdrawal penalties that may apply. 

Does Community First Credit Union charge any other fees for term deposits?

At the time of writing, Community First Credit Union says there are no monthly or account keeping fees associated with its term deposits. 

For current information on fees and how they apply, please check the PDS or contact Community First Credit Union. 

How to apply for a Community First Credit Union term deposit

Before applying for a Community First Credit Union term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you. 

Compare Term Deposits

If applying, consider Community First Credit Union’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s licence, passport or Medicare card 
  • Personal details, including your residential address, phone number, email address and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.

To see if you can apply online for a Community First Credit Union term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Community First Credit Union’s website. 

Eligibility criteria

According to Community First Credit Union, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be a member of Community First Credit Union
  • You must be investing a minimum deposit of $5,000 
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

What happens to a Community First Credit Union term deposit when it reaches maturity? 

Community First Credit Union says it will send you a letter at the time of the maturity date for your term deposit. You may then nominate, within 14 days of maturity, to have the principal renewed on maturity or to have it transferred to a nominated account. 

If you do not nominate how the principal is to be repaid, Community First Credit Union says it will re-invest the principal and interest in accordance with the account. 

About Community First Credit Union 

Established in 1959, Community First Credit Union now says it is the largest community based credit union operating throughout Sydney and the Central Coast region. Community First Credit Union is a mutual organisation meaning it is member, not shareholder, owned. It currently has 68,000 members. 

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Written by: Tamika Seeto | Last updated: July 5, 2019