Transport Mutual Credit Union Term Deposits

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 Transport Mutual Credit Union’s term deposits.

What term deposits does Transport Mutual Credit Union offer?

At the time of writing, Transport Mutual Credit Union offers a single term deposit product. Features include:

  • Minimum deposit of $1,000.
  • No account keeping fees.
  • Statements are issued at least six monthly. Account balances and statements are also available through internet and telephone banking services.

Compare Term Deposits

What terms are available on Transport Mutual Credit Union term deposits?

According to Transport Mutual Credit Union, it offers term deposits with terms (the length of time your money is deposited) 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 Transport Mutual Credit Union term deposits?

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

  1. Every four weeks (on amounts above $5,000 for terms between one and two years)
  2. Six monthly
  3. At maturity

Transport Mutual Credit Union says that for terms over 12 months, interest must be paid at least once a year.

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 Transport Mutual Credit Union have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, funds can only be withdrawn at the end of your chosen term. Transport Mutual Credit Union says that at the end of your chosen term you can prearrange to withdraw your money either by transfer to existing accounts, over the counter at a branch, or cheque withdrawals via fax.

Does Transport Mutual Credit Union charge any other fees for term deposits?

Transport Mutual Credit Union does not charge any account keeping fees. At the time of writing, no additional fees were listed by Transport Mutual Credit Union in relation to its term deposits.

However, in order to apply for a Transport Mutual Credit Union term deposit you must be a Transport Mutual Credit Union member (i.e. a shareholder). In order to join and become a shareholder, Transport Mutual Credit Union says you will need to pay $10.

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

How to apply for a Transport Mutual Credit Union term deposit

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

Eligibility criteria

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

  • You must be a member of Transport Mutual Credit Union
  • 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 Transport Mutual Credit Union term deposit when it reaches maturity?

According to Transport Mutual Credit Union, at maturity you can:

  • Automatically re-invest your funds for another term
  • Add extra funds
  • Withdraw all or part of the funds

Transport Mutual Credit Union says you must tell it what to do with your deposit at the end of the term. If you do not give instructions, Transport Mutual Credit Union will re-invest it for another term at the rate applicable to that term of deposit at that time.

About Transport Mutual Credit Union

Transport Mutual Credit Union was established in 1964 with the purpose of supporting the financial needs of NSW Department of Main Roads staff and their families. Now, the credit union says it serves the broader transport industry as well as welcoming members from other employment backgrounds and communities.

Written by: Tamika Seeto | Last updated: April 26, 2019