Fixed Term Deposits                                     
 

Home
About Us
Savings Accounts
Fixed Term Deposits
Loans
Net Banking
Member Services
Community
Information
Disclosure Statements
Search
Contact Us

Fixed Term Deposit Account

                             

Goldfields Credit Union offers Fixed Term Deposit Accounts to personal and business members.

                               

Goldfields Credit Union accepts the lodgement of money for a Fixed Term Deposit of a fixed amount for a fixed term at a fixed rate of interest.

             

GCU's minimum Fixed Term Deposit amount is $5,000 and the minimum deposit term is one month.

                 

We accept a FTD in the name of a child under the age of 18 years. In this case the minimum balance of the deposit account is $500.

                  

Fixed Term Deposit Forms

Fixed Term Deposit Interest Rates

Click here 

Fixed Term Deposit Redemption Authority

Click here

Product Disclosure Statement (PDS) 

Click here 

 
 
                 

Fixed Term Deposit Maturity Terms

                   

Goldfields Credit Union offers its members the following Fixed Term Deposit maturity terms: 1, 3, 6, 9, 12 and 24 months.

 

Fixed Term Deposit Interest Rate

                               

The advertised interest rate is an annual interest rate, expressed as a percentage per annum.  For instance, 3.95% p.a.  

                   

Calculating the interest on a Fixed Term Deposit

                    

Our Interest rates are calculated on a daily basis with the interest paid on maturity to your nominated GCU savings account. 

                           

The Interest you receive from your GCU Fixed Term Deposit is calculated as follows:   

                           

Interest You Receive =

                                              

 

                        

        If you have a 3 month (90 days) $15,000 fixed term deposit at 3.95% pa. The interest You Receive is calculated as follows:    

                                              

        

Interest You Receive =   $146.10

                                   

Certificate of Investment

                

Upon acceptance or renewal of our FTD, we will issue you with a Certificate of Investment which will detail your member number, deposit number, date of lodgement or renewal, term of the fixed term deposit, maturity date, and interest rate.

 

If GCU does not receive your FTD maturity instructions before maturity the FTD will automatically be re-invested including any interest payable to you for a similar term at the prevailing interest rate. You have 7 days following the maturity date to enter maturity instructions without such alteration being considered an early redemption.

                   

Early Redemption of your FTD

            

At the absolute discretion of GCU it may consider a request from you for the full or part redemption or release of your FTD before its maturity.

                  

If Goldfields Credit Union agrees to the request, it shall have the right to adjust the interest rate payable on your FTD.  This interest rate adjustment is a reduction in the interest rate to 1.5% per annum calculated daily for the length of the term already served.

            

If the term served is less than one month, there will be no interest paid on the amount withdrawn.

                   

The minimum redemption amount is $500.

                

Payment of the redeemed funds can be via a direct credit to another Goldfields Credit Union account, cheque or electronic transfer.