Macquarie Credit Union Term Deposits

macquarie credit union logo

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 Macquarie Credit Union’s term deposits.

What term deposits does Macquarie Credit Union offer?

At the time of writing, Macquarie Credit Union offers two term deposit products:

  • Term Deposit Accounts: minimum deposit of $500, terms between three months and one year, interest paid on maturity.
  • Monthly Interest Term Deposit Accounts: minimum deposit of $25,000, terms between six months and one year, interest paid monthly into savings account.

With its Term Deposit Accounts, Macquarie Credit Union says you can access higher interest rates on larger amounts.

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 Macquarie Credit Union term deposits?

According to Macquarie 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 one year.  

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 Macquarie Credit Union term deposits?

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

  1. Monthly (on its Monthly Interest Term Deposit Accounts)
  2. 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 Macquarie Credit Union have a notice period and charge an early withdrawal fee for withdrawals?

Macquarie Credit Union says early withdrawal is available on application and is at its absolute discretion. At the time of writing, Macquarie Credit Union does not specify a notice period.

Macquarie Credit Union charges an interest rate adjustment if you withdraw your money before the end of the term. According to Macquarie Credit Union, the interest rate is the lesser of 1% p.a. or half of the existing rate on the amount redeemed.  

At the time of writing, Macquarie Credit Union also charges a $15 early redemption fee for second and any subsequent redemption during the deposit term.

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

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

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

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

How to apply for a Macquarie Credit Union term deposit

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

Eligibility criteria

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

  • You must be a Macquarie Credit Union Member
  • You must be investing a minimum deposit of $500, or $25,000 for its Monthly Interest Term Deposit Accounts
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

Macquarie Credit Union says membership is open the employees and their families of:

  • Essential Energy, Any Local Government Council, any State Government Department, any Federal Government Department, Australia Post or Telstra in NSW in ACT or ACT;
  • Auscott Ltd;
  • Macquarie Credit Union Limited; and
  • Anyone who resides in the Local Government Areas of Dubbo, Narromine, Gilgandra, Warren, Cobar, Coonamble and Nyngan.

Macquarie Credit Union advises that a $10 membership share fee applies.

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

According to Macquarie Credit Union, at maturity you can:

  • Automatically reinvest your funds for another term
  • Add extra funds
  • Withdraw all or part of the funds

Macquarie Bank says it will automatically reinvest your term deposit for the same term you had originally unless you tell them otherwise.

About Macquarie Credit Union

Macquarie Credit Union was formed in 1964 by electricity workers of the Macquarie County Council. Over the years, Macquarie Credit Union has broadened its membership base to include Government workers and anyone residing in the local government areas of Dubbo, Narromine, Gilgandra, Warren, Cobar, Coonamble and Nyngan.

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