A term deposit is a safe, high interest bearing account which allows you to invest your money in short or long fixed terms. It generally pays higher interest than a savings account because the funds are fixed for the term you nominate (3, 6, 9, 12, 24 & 36 months).
Interest for 3, 6, and 9 month term deposits is paid upon maturity, whereas interest for 12, 24 & 36 month term deposits is paid every 6 months. Your interest can be paid to you by cheque, deposited into your account or compounded and reinvested upon maturity.
A notice of maturity will be sent to you to let you know your deposit is nearing its maturity date. Unless you advise us otherwise, your term deposit will automatically be reinvested on maturity.
- Various terms available for deposit
- High interest bearing account
- No monthly account keeping fees
- Investments starting at just $500
How to apply
To open a Term Deposit account is simple. Once you are a member of Orange Credit Union, and you have an S1 All Purpose Savings or S2 Prestige account, just download an application or come into the branch. Please note, minimum open balance is $500.00.
To see the many ways in which you can access your account, please refer to our Summary of Accounts Guide.
Terms, conditions, fees and charges may apply. Before using any of Orange Credit Union's products or services you should read our Financial Services Guide. For a copy of our Terms & Conditions please contact our office.
Remember, a term deposit account is locked for a fixed amount of time, so that you can gain the best interest on your deposit. The Board reserves the right to accept deposits over $100,000.