Woolworths Employees’ Credit Union Term Deposit Rates

wecu woolworths employees credit union

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 Woolworths Employees’ Credit Union term deposits.

What term deposits does Woolworths Employees’ Credit Union offer?

At the time of writing, Woolworths Employees’ Credit Union offers one term deposit product. Features include:

  • Funds withdrawable at maturity
  • Minimum deposit of $2,000
  • Interest calculated daily, paid annually and on maturity
  • Early access available on application and subject to early withdrawal restrictions
  • Higher interest rates available for larger deposit amounts

 

Compare Term Deposits

What terms are available on Woolworths Employees’ Credit Union term deposits?

According to Woolworths Employees’ 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 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 Woolworths Employees’ Credit Union term deposits?

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

  1. Annually
  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 Woolworths Employees’ Credit Union have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, Woolworths Employees’ Credit Union requires you to apply if you wish to access your money early. There is no set notice period stated.

Woolworths Employees’ Credit Union says withdrawal is subject to certain restrictions. For three, six and nine month terms, the total deposit must be redeemed in full and the interest will be calculated at the at-call interest rate. For terms of 12 months and over, an early withdrawal of 20% of the initial deposit may be made without penalty. For the remaining deposit, the same early withdrawal conditions as those applied to the three, six and nine month terms will apply.

Woolworths Employees’ Credit Union’s website provides more information on any interest adjustments or other early withdrawal penalties that may apply.

Does Woolworths Employees’ Credit Union charge any other fees for term deposits?

At the time of writing, no additional fees were listed by Woolworths Employees’ 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 Woolworths Employees’ Credit Union.

How to apply for a Woolworths Employees’ Credit Union term deposit

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

Eligibility criteria

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

  • You must be a member of Woolworths Employees’ Credit Union. To join, you must be an employee or retired employee of the Woolworths group of companies or a family member.
  • 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 Woolworths Employees’ Credit Union 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. Woolworths Employees’ Credit Union does not state what action it will take if you give no instructions. Contact Woolworths Employees’ Credit Union for further details.

About Woolworths Employees’ Credit Union

Established in 1971, Woolworths Employees’ Credit Union is exclusively available to employees or retired employees of the Woolworths (Aust) Limited group of companies and their immediate families. As a credit union, Woolworths Employees’ Credit Union funnels profits back to members through improved products and services.

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