Nexus Mutual Term Deposits

Nexus Mutual

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 Nexus Mutual’s term deposits.

What term deposits does Nexus Mutual offer?

At the time of writing, Nexus Mutual offers three term deposit products:

  • Classic Term Deposit: minimum deposit of $1,000, a term of three months to two years, and with interest paid on maturity or once a year.
  • Regular Income Term Deposit: minimum deposit of $25,000, a term of six months, one year or two years, and with interest paid monthly.
  • Self Managed Super Funds & Family Trusts: minimum deposit of $100,000 and choice between a Classic or Regular Income term deposit with a bonus interest rate.

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 Nexus Mutual term deposits?

According to Nexus Mutual, 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 Nexus Mutual term deposits?

Depending on the term deposit you choose, Nexus Mutual’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Monthly
  2. 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 Nexus Mutual have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, Nexus Mutual does not specify a notice period if you wish to access your money early.

Nexus Mutual charges an interest rate penalty if you withdraw your money before the end of the term. For example, according to Nexus Mutual, interest will be calculated at 0.05% p.a. on the amount withdrawn. Nexus Mutual says any funds not redeemed will remain in the account until the final expiry of the term and will attract the full rate of interest.

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

Does Nexus Mutual charge any other fees for term deposits?

At the time of writing, Nexus Mutual does not list any additional fees for its term deposits.

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

How to apply for a Nexus Mutual term deposit

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

Eligibility criteria

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

  • You must be a Nexus Mutual member. Membership is open to any employee or long-term contractor to companies in the ExxonMobil Group and their family members, or associated business entities.
  • You must be investing a minimum deposit of $1,000 (Classic Term Deposit), $25,000 (Regular Income Term Deposit) or $100,000 (SMSF & Trust Classic Term Deposit).
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above).

What happens to a Nexus Mutual 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.

At the time of writing, Nexus Mutual does not specify what happens to your funds if you give no instructions. Contact Nexus Mutual for details.

About Nexus Mutual

Nexus Mutual was established in 1969 in Sydney as the Esso Employees Credit Union. In 2017, it changed its name to Nexus Mutual to reflect its “core values of prosperity, cooperation and community”. Today, Nexus Mutual has over 6,000 members across Australia and beyond.

Written by: Tamika Seeto | Last updated: May 8, 2019