With competitive interest rates available on deposits over $50,000, the Police Credit Union’s Term Deposit might be worth considering for anyone looking to lock away a slightly larger sum of money. As little as $5,000 to as much as $2.5 million can be stashed away for anywhere between two months and four years with interest rates reaching up to 4.90%.
If you’re after the security that comes with locking in your rate, then you may be interested in checking out the Police Credit Union Term Deposit. This term deposit comes with a range of terms to choose from and a number of competitive rates to match.
Of course, with that in mind, these more competitive rates are only available on balances over $50,000 with interest paid out at maturity. Rates with this term deposit include:
11 months - 4.90% p.a.
1 year - 4.80% p.a. (3.80% p.a. for balances between $5,000 and $49,999)
Plus, if you’re a Master Club Member (special package for members aged 60 and over), then you may even be eligible to receive an extra 0.05% on top of the standard rate (excludes special offers).
Finally, if you have a term between two and twelve months, your little nest egg will be paid out to you at maturity. However, if you have a longer-term - between twelve months and four years, you can opt to have your interest paid to you monthly, quarterly, yearly or on maturity. That said, your interest rate could be reduced by as much as 0.10% p.a, depending on whether you choose to have monthly or quarterly interest payments and how you choose to have your interest paid to you. Interest is paid via direct debit or cheque, although the latter may see your interest rate go down considerably.
This particular term deposit may be more suited to someone looking to lock away a large amount of money, who already has an account with the Police Credit Union or is willing to get one.
Interest rates can vary greatly depending on how often you choose to have your interest paid to you, whether you have a Police Credit Union transaction account to pay it in to, or if you opt to receive it via cheque.
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2.90% p.a. ($5,000 to $49,999) 3.90% p.a. ($50,000 to $1,000,000) |
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3.25% p.a. ($5,000 to $49,999) 4.25% p.a. ($50,000 to $1,000,000) |
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3.50% p.a. ($5,000 to $49,999) 4.50% p.a. ($50,000 to $1,000,000) |
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4.90% p.a. ($50,000 to $1,000,000) |
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3.80% p.a. ($5,000 to $49,999) 4.80% p.a. ($50,000 to $1,000,000) |
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3.00% p.a. ($5,000 to $49,999) 4.00% p.a. ($50,000 to $1,000,000) |
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3.00% p.a. ($5,000 to $49,999) 4.00% p.a. ($50,000 to $1,000,000) |
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3.00% p.a. ($5,000 to $49,999) 4.00% p.a. ($50,000 to $1,000,000) |
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$5,000.00 |
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$1,000,000.00 |
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no |
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yes |
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none |
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none |
Different interest rates apply to different amounts or different interest payment frequencies.
I have been with this Credit Union for over thirty years and they have always been truthful and upfront with their help and information, even although they have apparently not given the best available interest rates at the time. Unfortunately, all other financial institutions that I have dealt have not been truthful for the duration of the deposit. Police Credit Union are the most honest to deal with.
Read full reviewI have been with this Credit Union for over thirty years and they have always been truthful and upfront with their help and information, even although they have apparently not given the best available interest rates at the time. Unfortunately, all other financial institutions that I have dealt have not been truthful for the duration of the deposit. Police Credit Union are the most honest to deal with.
