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Term Deposit FAQs

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Do I have to be a member to lodge a Fixed Term Deposit?

Family First Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore we require that you must be a member of Family First Credit Union to open a Fixed Term Deposit. Learn more about becoming a member. ^

How much do I need to deposit to lodge a Fixed Term Deposit?

You can lodge a Fixed Term Deposit with a minimum of $1,000.^

How do I make withdrawals from my Fixed Term Deposit?

Your funds are available at the end of your chosen term. At the end of your chosen term you can prearrange to withdraw your money either by transfer to existing accounts or by cheque withdrawal or re-lodge your deposit. ^

What happens at maturity?

At maturity you can:

  • Automatically re-invest your funds for another term
  • Add extra funds
  • Withdraw all or part of the funds ^

How often will I receive information on my Fixed Term Deposit?

A Fixed Term Deposit certificate outlining your deposit will be sent to you within a fortnight of your lodgement of your Fixed Term Deposit. These details should be checked by you to ensure they are correct. Statements are issued six monthly. Duplicate statements can be requested at any time from our office.

Account Balances and Statements are also available through our Internet and Phone banking services. ^

What if I want to invest longer than 6 months?

If you are in a position to invest for longer than 6 months, you may wish to consider allowing your Fixed Term Deposit to roll over and compound your interest or consider alternative or complimentary investments that offer additional advantages. At Family First Credit Union we have friendly financial planners who would be happy to discuss your long term options with you. Please contact us to arrange a meeting at your convenience. ^

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