G&C Mutual Bank Term Deposits

G&C mutual bank

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 G&C Mutual Bank’s term deposits.

What term deposits does G&C Mutual Bank offer?

At the time of writing, G&C Mutual Bank offer a term deposit with fixed rates and flexible interest payment options available. You can invest a substantial amount, or as little as $1,000 with terms ranging from 30 days up to five years.

Interest rates on G&C Mutual Bank term deposits may vary depending on different factors including the term you invest for and the frequency of the interest payments. For example, at the time of writing, a higher interest rate applies to deposits where the interest is paid at maturity or annually than on deposits where the interest is paid monthly.

G&C Mutual Bank says it welcomes term deposit investments from self-managed super funds.

Compare Term Deposits

 

What terms are available on G&C Mutual Bank term deposits?

According to G&C Mutual Bank, it offers term deposits with terms (the length of time your money is deposited) ranging from a minimum of 30 days 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 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 G&C Mutual Bank term deposits?

G&C Mutual Bank’s term deposits offer customers two options when receiving interest payments. For terms of 12 months or less, interest can be paid monthly or at maturity. For terms of more than 12 months, interest can be paid monthly, annually and at maturity.

G&C Mutual Bank also provides that interest payments will be paid via direct credit to a nominated G&C Mutual Bank Limited account, however, payments by cheque are not available.

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 G&C Mutual Bank have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, G&C Mutual Bank says that for terms of 24 months or less, they may allow early withdrawals at their absolute discretion if you wish to access your money early.

For terms greater than 24 months, early withdrawal will be allowed at the discretion of the depositor provided that you give 31 days notice. G&C Mutual Bank says it may reduce the interest rate on early withdrawal of any term deposit.

G&C Mutual Bank’s website and Product Disclosure Statement (PDS) provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does G&C Mutual Bank charge any other fees for term deposits?

At the time of writing, no additional fees were listed by G&C Mutual Bank in relation to its term deposits.

For current information on fees and how they apply, please check the PDS or contact G&C Mutual Bank.

How to apply for a G&C Mutual Bank term deposit

Before applying for a G&C Mutual Bank 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 G&C Mutual Bank’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 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 also be slightly different.

Eligibility criteria

According to G&C Mutual Bank, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be a member of G&C Mutual Bank
  • You must be investing a minimum deposit of at least $1,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

What happens to a G&C Mutual Bank term deposit when it reaches maturity?

According to G&C Mutual Bank, when a term deposit reaches the end of its term, you may choose to automatically roll over your existing term deposit at the rate of interest relevant to the new term of your choice.

If you do not nominate how the principal and interest is to be paid at maturity, G&C Mutual Bank will re-invest the principal and interest in accordance with the account instructions they received from you when the term deposit was established.

If the deposit is re-invested by G&C Mutual Bank, the interest rate and other conditions will be those applicable to any other G&C Mutual Bank term deposit of the same type, made on that day for the same amount and term.

About G&C Mutual Bank

G&C Mutual Bank is a customer-owned banking institution which was established in 1959 as the Public Works Department Staff Cooperative.

Written by: Eliza Parry-Okeden | Last updated: May 31, 2019