Hunter United Term Deposits

Hunter United 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 Hunter United’s term deposits.

What term deposits does Hunter United offer? 

At the time of writing, Hunter United offers one term deposit product called the Fixed Term Deposit Account. Features include:

  • Terms available between three months and two years
  • Interested paid monthly, quarterly or on maturity (depending on balance)
  • No monthly administration fee
  • Hunted United says you can earn higher interest on amounts over $2,000

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 Hunter United term deposits?

According to Hunter United, 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 two 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 Hunter United term deposits?

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

  1. Monthly ($5,000 minimum)
  2. Quarterly ($5,000 minimum)
  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 Hunter United have a notice period and charge an early withdrawal fee for withdrawals?

Hunter United says funds may be withdrawn at any time by written request. At the time of writing, Hunter United does not specify a notice period.

Hunter United says a reduced interest rate applies if you withdraw your money before the end of the term. This will be the On-Call Account rate current at the time of withdrawal.

Hunter United’s website and Product Disclosure Statement (PDS) provide more information on any interest adjustments or other early withdrawal penalties that may apply. Contact Hunter United for early withdrawal values and further details.

Does Hunter United charge any fees for its term deposits?

At the time of writing, Hunter United says there are no account keeping fees on its Fixed Term Deposit Accounts.

For current information on fees and how they apply, please check the PDS or contact Hunter United.

How to apply for a Hunter United term deposit

Before applying for a Hunter United 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 Hunter United 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 Hunter United term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Hunted United’s website.

Compare Term Deposits

Eligibility criteria

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

  • You must have a linked transaction account from any financial institution.
  • You must be investing a minimum deposit of $2,000 (for six-month to one-year terms) or $5,000 (for three-month to two-year terms)
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

What happens to a Hunter United term deposit when it reaches maturity?

Generally, when a term deposit reaches the end of its term you can either withdraw the funds or reinvest the funds into a new term deposit.

Unless contrary instructions are received prior to the maturity date, Hunted United says it will automatically renew your term deposit under the same or comparable terms and conditions. Hunter United says it will send you a reminder 14 days prior to the maturity date of your term deposit.

About Hunter United

Hunter United is based in Newcastle but says it serves customers from all over Australia. Hunter United is a mutual bank meaning it is owned by customers, not shareholders. Hunted United encourages its customers to go green, offering customers exclusive discounts on solar providers and home loan discounts if your home already has sustainable features.

Written by: Tamika Seeto | Last updated: May 9, 2019