Illawarra Credit Union logo
Mini meca 2021

Illawarra Credit Union Term Deposit

Advertiser disclosure
Best rate (up to 1 year)
0.60% p.a.11 months
Minimum deposit
$1,000.00
Interest paid to another bank?
yes

Mozo editorial review Illawarra Credit Union Term Deposit - last updated: 19 August 2021

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What's hot
  • Apply for a term deposit within minutes through internet banking
  • Flexible investment term periods
  • Privilege Plus members avoid penalties on 1 early release (conditions apply)
What's not
  • Lower rates for shorter terms
Mozo snapshot

If you’re saving for a big event or a big purchase in 3 months, 6 months or even a year, a term deposit poses a fairly low risk way to stash funds away for a fixed period of time and earn interest. With Illawarra Credit Union’s term deposit you can even keep as little as $1,000 under lock and key for 9 months and earn 0.55% p.a. interest. Or if you’re looking for a longer term deposit, you can stash upwards of $100,000 away for 24 months and earn 1.00% interest with ICU's special offer.

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Key features

The main attraction of a term deposit is the ability to hide away a certain amount of funds for a fixed period of time with a fixed interest rate. So the main questions when investing in one will most likely be: what are the interest rates and how long can money be locked away?

If you’re looking to stow funds away for a shorter period of time (1-8 months), Illawarra Credit Union has rates of up to 0.25% interest. For slightly longer terms (9-12 months), the highest rate currently on offer is 0.60% for an 11 month term. 

Applying for a term deposit shorter than 12 months should only take you about 10 minutes to do online (granted you’ll have to apply to become a member of the Illawarra Credit Union first, if you aren’t already one). 

There's also a bumper interest rate of 1.00% available with the 2-year term deposit special. Just remember to access this rate you'll need to be locking away at least $100,000, so you should be prepared with other savings for your day-to-day needs and bills that may crop up in the 24-month term.

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Who is it good for

Illawarra Credit Union’s term deposit could be a good fit for you if you constantly find yourself dipping into your savings and you want to take away the temptation of spending those hard earned, extra dollars.

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Any catches

Releasing funds before the fixed term of the term deposit is up will incur a fee and you may not receive as much interest as you would if you waited for the term to end. You will also have to give 7 days notice to withdraw funds early. If you’re a Privilege Plus member you can avoid the $10 early withdrawal fee on the first early release of funds, but only when withdrawing up to 25% of the balance of your term deposit.

Details

Rates and fees information correct as at 25 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

0.10% p.a. ($1,000+)

0.25% p.a. ($1,000+)

0.25% p.a. ($1,000+)

0.25% p.a. ($1,000+)

0.25% p.a. ($1,000+)

0.25% p.a. ($1,000+)

0.25% p.a. ($1,000+)

0.25% p.a. ($1,000+)

0.55% p.a. ($1,000+)

0.25% p.a. ($1,000+)

0.60% p.a. ($1,000+)

0.25% p.a. ($1,000+)

1.00% p.a. ($100,000+)

Other financial bits

$1,000.00

none

Features

yes

yes

none

none

Different interest rates apply to different amounts or different interest payment frequencies.

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About Illawarra Credit Union