Holiday Coast Credit Union Term Deposits

holiday coast cu

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 Holiday Coast Credit Union’s term deposits.

What term deposits does Holiday Coast Credit Union offer?

Holiday Coast Credit Union offer a fixed interest term deposit with flexible term options available and a minimum deposit of $1,000. Higher interest rates apply to larger deposit amounts and to longer terms, according to Holiday Coast Credit Union.

This provider also offer a special ‘junior savers’ fixed term deposit for members under 21 years old with a reduced minimum opening deposit of $500.

Holiday Coast Credit Union says it offers higher interest rates for Great Day Retirement Account Members. This account is available for members receiving an eligible pension or who are self-funded retirees over the age of 55. At the time of writing, Holiday Coast Credit Union offers a bonus rate of interest on term deposits lodged for terms of 12 months or more.

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What terms are available on Holiday Coast Credit Union term deposits?

According to Holiday Coast 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 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 Holiday Coast Credit Union term deposits?

Holiday Coast Credit Union’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Fortnightly
  2. Monthly
  3. Quarterly
  4. Annually
  5. At maturity

Interest will be paid to your nominated Holiday Coast Credit Union or external account.

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 Holiday Coast Credit Union have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, funds may be withdrawn from a Holiday Coast Credit Union term deposit prior to maturity. However, an interest adjustment and administration fee will apply.  

If you choose to withdraw your funds early, the interest is reduced by 50% of the existing rate on the amount withdrawn and there will be an administration fee of $15.00, at the time of writing.

Holiday Coast Credit Union says it may allow penalty-free withdrawals in special circumstances relating to the death or funeral expenses of a member.

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

Does Holiday Coast Credit Union charge any other fees for term deposits?

At the time of writing, Holiday Coast Credit Union says it charges no ongoing account keeping fees or transaction fees on its term deposit product.

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

How to apply for a Holiday Coast Credit Union term deposit

Before applying for a Holiday Coast 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.

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If applying, consider Holiday Coast 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 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 Holiday Coast Credit Union term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Holiday Coast Credit Union’s website.

Eligibility criteria

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

  • You must be a member of the Holiday Coast Credit Union. To become a member Holiday Coast Credit Union says you must buy a $10 share.
  • You must be investing a minimum deposit of $1,000 (or $500 for junior savers)
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above).

What happens to a Holiday Coast Credit Union term deposit when it reaches maturity?

Holiday Coast Credit Union says it will contact you prior to your term deposit’s maturity outlining redemption or roll over options. If you don’t provide instructions,  Holiday Coast Credit Union says it will automatically reinvest the principal for a similar term at the then current rate. Interest will be paid in a similar manner as the initial investment arrangement.

About Holiday Coast Credit Union

Holiday Coast Credit Union is a customer-owned  banking institution that says its purpose is to ‘make its customers successful’.

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