CUA Term Deposit Rates

cua home loans canstarIf 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 CUA’s term deposits.

What term deposits does CUA offer?

CUA has a range of term deposits listed on Canstar’s database. Click below to compare term deposits on our database, tailored to your preferences.

Compare Term Deposits

What terms are available on CUA term deposits?

According to CUA, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of five years.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to access the maximum 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 CUA term deposits?

CUA’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Monthly
  2. Annually
  3. At maturity

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 CUA have a notice period and charge an early withdrawal fee for withdrawals?

CUA does not require a notice period for withdrawals – some providers require 31 days of notice. CUA does however charge an interest rate reduction.

CUA’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does CUA charge any other fees for term deposits?

At the time of writing, no additional fees were listed by CUA in relation to its term deposits. 

For current information on fees and how they apply, please check the Product Disclosure Statement or contact CUA.

How to apply for a CUA term deposit

Before applying for a CUA 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 CUA’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 license or passport
  • Personal details, including your residential address, contact information 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 CUA term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit CUA’s website.

Eligibility criteria

According to CUA, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be at least 18 years old
  • You must be an Australian resident
  • 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)

If you’re 55 or over, you can qualify for CUA’s Platinum Plus CLub, which may enable you to get a higher interest rate.

What happens to a CUA term deposit when it reaches maturity?

According to CUA, when a term deposit reaches the end of its term, the principal and any interest earned will be reinvested at the same term, unless instructions are given otherwise.

About CUA

CUA stands for Credit Union Australia and it was founded in 1946 by Jack Harvey, as a merger between three small Queensland-based credit unions.

Today it is Australia’s largest customer-owned financial institution. According to its website at the time of writing, a new member joins CUA every 10 minutes, every working day.

Written by: Maddie Clarey | Last updated: September 13, 2018