With a 0.60% p.a. fixed interest rate for a 9 month term, a range of flexible term options and no account fees, the Term Deposit account from People’s Choice Credit Union could be the very thing that gets you to your personal savings goals.
The People’s Choice Credit Union Term Deposit hits the ground running with term options ranging from as little as 2 months, right up to 5 years. With a fixed rate of 0.15% p.a. for a 2-month term, up to a fixed rate of 0.70% p.a. for a 12 month term.
For terms shorter than 1 year, interest is paid after the account reaches maturity, however, for terms longer than 1 year, interest is paid either yearly, half-yearly, quarterly, monthly, or every 28 days. If you decide to keep your account after it matures, you can choose to have your account roll over automatically. Just make sure to double-check that your new deal is still competitive before rolling it over.
Plus, you’ll find keeping track of your term deposit account to be a total breeze with the help of the People’s Choice mobile app or via Internet Banking.
If you’re lacking in the self-control department and find yourself dipping into your savings despite good intentions, then perhaps locking your money in a People’s Choice Credit Union Term Deposit is the answer to your saving blunders.
To open a People’s Choice Credit Union Term Deposit, you must be at least 13-years old, making this a great first term deposit account for teens with a part-time job who want to start saving for the future.
As with most term deposits, if you need to access your funds before your account reaches maturity, you’ll need to give at least 31 days notice, and you might be faced with an Early Redemption fee.
Different interest rates apply to different amounts or different interest payment frequencies.
Trustworthy, competitive rates, great service.Read full review
Trustworthy, competitive rates, great service.
When the interest rates fall, they contact the Treasury to try and get a higher interest rate on your term deposits.Read full review
When the interest rates fall, they contact the Treasury to try and get a higher interest rate on your term deposits.
It's an easy account to have - just make sure you deposit at least $50 per month and watch it grow.Read full review
It's an easy account to have - just make sure you deposit at least $50 per month and watch it grow.
The only dislike is that they have to be guided by the Treasury to lower rates each time the Reserve Bank cuts their rates.Read full review
The only dislike is that they have to be guided by the Treasury to lower rates each time the Reserve Bank cuts their rates.