Illawarra Credit Union Term Deposit Rates

Illawarra CUIf you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested to learn more about Illawarra Credit Union’s term deposits.

What terms are available on Illawarra Credit Union term deposits?

According to Illawarra Credit Union, 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 three 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 Illawarra Credit Union term deposits?

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

  1. Monthly
  2. Semi-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 Illawarra Credit Union have a notice period and charge an early withdrawal fee for withdrawals?

Illawarra Credit Union requires you to provide notice of 31 days if you need to access your money early.

At the time of writing, Illawarra Credit Union charges an early withdrawal fee of $10 and applies an interest rate adjustment if you withdraw your money before the end of the term.

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

Does Illawarra Credit Union charge any other fees for term deposits?

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

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

How to apply for a Illawarra Credit Union term deposit

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

Eligibility criteria

According to Illawarra Credit Union, 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 $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 Illawarra Credit Union term deposit when it reaches maturity?

According to Illawarra Credit Union, when a term deposit reaches the end of its term, the money will be reinvested under the same term, unless instruction has been given otherwise.

About Illawarra Credit Union

Established in 1972, Illawarra Credit Union is a member-owned provider of various financial and insurance products.

Written by: Maddie Clarey | Last updated: November 8, 2018