a+ a-

Term Deposit FAQs

Attention: open in a new window. Print

Do I have to be a member to open a term deposit?

The Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore we require that you must be a member of the Credit Union to open a term deposit.  Learn about the benefits of becoming a member. ^

How much do I need to deposit to open an account?

You can open a fixed term deposit account with a minimum of $500 or a minimum of $5,000 for a regular income account. ^

How do I make withdrawals from my account?

Your funds are available at the end of your chosen term. At the end of your chosen term you can pre-arrange to withdraw your money either by cheque or by transfer to an existing account with FCCS or another financial institution. ^

What happens at maturity?

At maturity you can:

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

How often will I receive information on my account?

You are provided with a passbook when you open an Investment Account, this passbook shows the balance of the investment, the date the funds were deposited and withdrawn, the maturity date and the interest rate.  We will also provide you with a statement of transactions at least six monthly.  More frequent or duplicate statements can be requested at any time from our branches, however a fee may apply for duplicate statements.

Account balances and statements are also available through our Internet and phone banking services. ^

What if I want to invest longer than 12 months?

If you are in a position to invest for longer than12 months, you may wish to consider alternative or complimentary investments that offer additional advantages. We have friendly financial planners who would be happy to discuss your long term options with you. Please contact us to arrange a meeting at your convenience. ^

More Information

Apply

Apply for a term deposit

Questions?

If you have any questions, please contact us