Offering competitive interest rates across terms from as little as three months up to five years, G&C Mutual Bank’s Term Deposit could be an option worth looking at for anyone with a long-term savings goal who’s happy to temporarily lock their money away.
Available to savers with deposits ranging from as little as $1,000 all the way up to $2,000,000, G&C Mutual Bank’s Term Deposit offers a number of different terms to choose from: three months, six months, nine months, one year, two years, three years, four years or five years.
The good news is that the interest rates on offer with the Term Deposit are currently pretty competitive across the board, with savers able to earn up to 5.05% p.a. on a 1 year term.
G&C Mutual Bank also gives Term Deposit customers the option of having their interest paid out either monthly, annually or at maturity - though if you choose the monthly option your interest rate will be slightly lower. And on the topic of interest, it can’t be paid to another bank.
Thinking about locking away a considerable sum of money? Well if you’re after a bit of a peace of mind, just remember that all deposits up to $250,000 per customer are guaranteed by the Australian Government under the Financial Claims Scheme.
Be aware that this account comes with a $6 monthly account fee (unless you maintain a min. balance $5000 at all times, under 18 years or have held membership for less than 3 months).
G&C Mutual Bank’s Term Deposit could provide a solid option for anyone looking to secure a guaranteed interest rate on their savings for a few months or years.
Just remember, you’ll need a minimum deposit of $1,000 to be eligible for the Term Deposit. And at the end of your term your balance will be rolled over automatically, so it’s worth checking in on the competitiveness of your rate before that occurs by comparing it to other term deposits.
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4.70% p.a. ($1,000 to $1,000,000) |
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4.85% p.a. ($1,000 to $2,000,000) |
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5.00% p.a. ($1,000 to $1,000,000) |
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5.05% p.a. ($1,000 to $2,000,000) |
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4.85% p.a. ($1,000 to $1,000,000) |
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4.85% p.a. ($1,000 to $1,000,000) |
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4.25% p.a. ($1,000 to $1,000,000) |
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4.25% p.a. ($1,000 to $1,000,000) |
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$1,000.00 |
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$2,000,000.00 |
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yes |
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yes |
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$6 Monthly Account Fee unless you maintain a min. balance $5000 at all times, under 18 years or have held membership for less than 3 months. |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
I have been with this credit union since its inception 40+ years ago. I have never had any problems with them. They have always been prepared to go the extra mile for me, and now that we have paid off our house and are morgage free, I have a little extra cash to work for me in a term deposit. SGE Credit Union will match any other interest rate, and infact are able to better it. However it's not only about the money, SGE has looked after me and I feel safe with them looking after my money.
Read full reviewI have been with this credit union since its inception 40+ years ago. I have never had any problems with them. They have always been prepared to go the extra mile for me, and now that we have paid off our house and are morgage free, I have a little extra cash to work for me in a term deposit. SGE Credit Union will match any other interest rate, and infact are able to better it. However it's not only about the money, SGE has looked after me and I feel safe with them looking after my money.
