The Mac Term Deposits
What term deposits does The Mac offer?
At the time of writing, The Mac offers one term deposit product. Features include:
- Minimum deposit amount of $2,000
- Automatic rollover at maturity
- Ability to track your term deposit online, over the phone or from The Mac App
- Higher interest rates and a greater variety of terms on offer for deposit amounts over $5,000
What terms are available on The Mac term deposits?
According to The Mac, 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 The Mac’s term deposits?
The Mac’s term deposits offer customers the choice of receiving interest payments at the following frequencies:
- Six monthly
- 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 The Mac have a notice period and charge an early withdrawal fee for withdrawals?
At the time of writing, The Mac requires you to provide notice of 31 days if you wish to access your money early.
The Mac charges an interest rate adjustment if you withdraw your money before the end of the term. At the time of writing, The Mac says it will reduce the agreed interest rate by 2% or by the full interest rate, whichever is the lesser amount.
The Mac’s website and Product Disclosure Statement (PDS) provide more information on any interest adjustments or other early withdrawal penalties that may apply.
Does The Mac charge any other fees for term deposits?
At the time of writing, no additional fees were listed by The Mac in relation to its term deposits.
For current information on fees and how they apply, please check the PDS or contact The Mac.
How to apply for a The Mac term deposit
Before applying for a The Mac term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.
If applying, consider The Mac’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 The Mac term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit The Mac’s website.
According to The Mac, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be investing a minimum deposit of $2,000
- You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)
What happens to a The Mac term deposit when it reaches maturity?
According to The Mac, when a term deposit reaches the end of its term, you can:
- Automatically re-invest your funds for another term;
- Add extra funds;
- Withdraw all or part of the funds.
If you do not provide instructions prior to the maturity date, The Mac says it will automatically reinvest your term deposit for the same term as you originally chose.
About The Mac
The Mac was established in 1971 by a group of local miners and truck drivers. Originally the Clutha Employees Credit Union, it says it was created to provide financial services and products to local employees of the Clutha coal mines in Camden. Now, it has expanded to serve the needs of the wider community and has branches in Camden, Narellan, Picton and Tahmoor.