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Set and relax with our Term Deposits

Looking for a set-and-forget way to invest your money? Term Deposits are a type of low-risk investment account with fixed interest rates to help you securely grow your money.

Whether you are saving for a house or planning your retirement, you can start your Term Deposit today with terms as short as one month and investments as low as $5,000. Select your preferred term and apply.

Open Term Deposit
 
Existing Customer? Open via NetBanking

Enjoy the benefits of our Term Deposits

Flexible terms

Choose the term that best aligns with your objectives, from 1 to 24 months with a minimum investment of $5,000.

Flexible terms

Interest payment options

For terms 6 months or greater you may select to have interest paid monthly into a separate savings or transaction account.

Interest payment options

$0 monthly fees

Make the most out of your investment with no application or ongoing fees.

$0 monthly fees

Deposit guaranteed

Your investments are secured by the Australian Government’s Financial Claims Scheme up to $250k, just as they are with other regulated financial institution.

Deposit guaranteed

Grace period

Take advantage of a 7-day grace period when your Term Deposit reaches maturity to make informed decisions.

Grace period

Maturity reminder

Set and forget. We will let you know when your term is due to expire and reach out to discuss the next steps before your Term Deposit reaches maturity.

Maturity reminder

Talk to real people

We are here for you. Give us a call or message us via our app to experience customer service with a personal touch. If you are local to the Northern Rivers, visit one of our Financial Service Centres.

Talk to real people

Early withdrawal

Access your money before Term Deposit maturity by providing a 31-days’ notice. Subject to early redemption administration fee.

Early withdrawal

You've got the power. Choose the best Term Deposit for your needs.

We offer a range of terms deposits from 1 to 24 months to help you find the perfect match for your investment strategies. Whether you are looking for a short-term or long-term commitment, our term deposits have you covered.

3-month
Term Deposit

4.15
%
p.a. #
Apply Now

6-month
Term Deposit

4.10
%
p.a. #
Apply Now

9-month
Term Deposit

3.95
%
p.a. #
Apply Now

12-month
Term Deposit

3.90
%
p.a. #
Apply Now

#When investing $5k or more. Advertised rate subject to change without notice. Eligibility criteria, fees and charges, terms and conditions apply.

All Terms & Rates Fees & Charges

How to Apply

Open your Term Deposit online in a few steps. Alternatively, contact us at 1300 360 744 or in-person.

For sole traders, self-managed superannuation funds or family trust, please contact us for a list of a few extra documents required.

If a business, visit our Business Term Deposit page.

Open Term DepositIs this product right for me?
The Process

  • 1. Apply online

    Click 'Open Term Deposit' to fill out the online application form.

  • 2. Get verified

    Wait for one of our specialists to be in contact with you to verify your ID and confirm your chosen deposit term.

  • 3. Lock and save

    Transfer your deposit amount following our team’s guidance and we will do the rest.
Eligibility

To open an account, you must: 

  • Be an individual age 14 or over.
  • Be an Australian citizen or a permanent resident of Australia.
  • Have an Australian residential address, email and phone number.
  • Provide us with the bank details to link to your term deposit.
  • Provide a Tax File Number or exemption code to avoid highest marginal rate.
  • If existing SCCU customer, your customer number.
  • + Important Information

    Products issued by Southern Cross Credit Union Ltd. ABN 82 087 650 682. AFSL 241000. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs. To decide if a product is right for you, please refer to the Summary of Accounts, Access Facilities and Transaction Limits. To help you better asses if these products are right for you please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs. Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.

    #Available to new business. Minimum deposit of $5k. Advertised rate subject to change without notice. Eligibility criteria, fees and charges, terms and conditions apply.

    Term Deposit interest will be paid annually for terms greater than 12 months. For terms 6 months or greater you may select to have interest paid monthly into a separate savings or transaction account. If you choose to withdraw from your term deposit before the end of its term, you’ll need to give us 31 days’ notice and pay a $30 administration fee for the early redemption. It’s also important to note that this can affect the interest we pay you, with an early redemption interest rate of 0.10%p.a. applicable. When your term ends, you have a ‘Grace Period’ of seven calendar days to manage your term deposit, otherwise we will reinvest your balance for you for the same term, at the applicable advertised interest rate at the time.

term deposit features

Our Maturity Options

Renewal

Proactively renew your Term Deposits to lock in a new rate for the same term or a complete new one. You can also withdraw your funds partially or top it up with additional funds.

Grace Period

Upon maturity, we can hold your Term Deposit for a period of seven calendar days while you decide on the next steps, whether you wish to reinvest or withdraw your funds.

Full withdrawal

Once your Term Deposits reaches maturity, you can withdraw all your funds plus the interest earned and transfer it to your existing SCCU account, or an external account.

We do the work

If your Term Deposit reaches maturity and no action was taken within the Grace Period, your balance will be automatically reinvested for the same term at the prevailing advertised interest rate.

Stay Ahead

We will let you know when your term is due to expire, and our team will reach out to you leading up to the maturity date of your Term Deposit to discuss your next steps. We also encourage you to consider these options and proactively contact us when your Term Deposit reaches maturity.

Predict your Earnings with

our Term Deposit Calculator

Plan your financial future with confidence using our Term Deposit Calculator.
Input different deposit amounts, interest rates and term lengths to visualise potential returns on your investments.



Invest with a credit union who puts people and conversations at the core and join our SCCU community along with thousands of customers who love our banking approach.

Term Deposits FAQs

  • What Are Term Deposits?

    A term deposit is an investment account that can allow you to earn higher interest rates by investing your money for a fixed period.

    They are a set and forget type of investment account. Once your term starts, your money will be invested at the agreed interest rate until the end date of the fixed period. When the term finishes, you can withdraw everything plus interest earnt, reinvest it, or add more money and keep growing your savings.

  • How is the interest calculated and paid for my Term Deposit?

    Interest is calculated daily, and you can choose to have it paid monthly, annually or at maturity depending on the options available for the term you choose.

    Terms under 6 months will have interest paid at maturity.
    For terms 6 months or greater up to 12 months, you have the option to have interest paid monthly into a separate SCCU or external savings or transaction account; or at maturity.

    While for terms over 12 months, you have the option to have interest paid monthly into a separate SCCU or external savings or transaction account; or once at 12 months for tax purposes and the remainder at maturity. Having all interest paid at maturity is not available for terms greater than 12 months.

  • Can I compound my interest if I get paid monthly interest?

    No, you cannot compound the interest into your existing Term Deposit if you choose to have interest paid monthly.

    Compound interest happens when the interest you have earnt earns interest on itself. However, the monthly interest needs to be paid to a separate SCCU or external savings or transaction account. It cannot be paid into the existing Term Deposit account, and therefore it will not compound.

    When your Term Deposit expires, you can add the interest you have earnt to your initial investment and reinvest the entire amount.

  • What is the difference between Term Deposit and a savings account?

    Term Deposits are a type of standalone fixed-term investment account. The interest rate is guaranteed and fixed to the term you agree to. A savings account on the other hand, has a variable interest rate, which could regularly fluctuate.

    A Term Deposit also does not require to be linked to other accounts, different from a savings account that must be linked to a transaction account to be managed.

  • Who can open a Term Deposit?

    Term Deposits are available to individuals over 14, sole traders, family trusts, and self-managed Superannuation funds.

    They are also available for businesses entities, including Non-For-Profit and Trusts under our Business Term Deposit. These, however, are limited to a maximum of combined funds of $2M across all SCCU products. Please visit our Business Term Deposit page to find out more.

    Applicants for personal and business Term Deposit must be an Australian citizen or permanent resident, hold an Australian address, phone number and bank account.

    View our Target Market Determination (TMD) to confirm if this is the right product for you.

  • Can I open a Term Deposit in someone else's name?

    No, you cannot open a Term Deposit in someone else’s name.
    If you wish to open an interest-bearing account for your kids or grandkids, we recommend you have a look at our Little Star Saver account.

  • Can I access/withdraw my money early?

    Yes, you can. Or you could partially withdraw throughout the term. However, Term Deposits are designed to be held to maturity.

    Early withdrawal, whether partial or full, will incur an administration fee and the funds you withdraw will only receive a reduced interest rate applicable for early redemption, bringing down your return. See the disclaimer for details.

    If doing a partial withdrawal, the remainder funds will continue to earn the same interest rate you initially locked into until maturity.

    While we encourage you to keep your funds invested for the full term, we understand that circumstances may change. Should you need to do withdraw your funds early, you can do so by providing us with a 31-days’ notice by calling us at 1300 360 744 or visiting a Financial Service Centre closer to you.

    View the disclaimers in this page and Fees & Charges for all details.

  • Can I add funds throughout my Term Deposit?

    No, you cannot add funds during the term. Alternatively, you can open multiple term deposits, so your money is spread across different maturities. Top ups are only possible upon renewal for another term once your Term Deposit reaches maturity.

    Alternatively, you could consider opening our Star Saver account where you could add funds and be rewarded with a bonus rate if meeting the requirements. Visit Star Saver to learn more.

  • How will I know my Term Deposit is coming to maturity?

    You will receive confirmation of the date when you open your Term Deposit, and we will notify you in advance of your pending maturity.

    Our team will also reach out to you leading up to the maturity date of your Term Deposit to discuss your next steps.

  • Is my Term Deposit protected by the Government?

    Our Term Deposits are guaranteed by the Australian Federal Government’s Financial Claims Scheme (FCS) of up to $250k, the same as they would be with other financial institutions.

    Under the Financial Claims Scheme (FCS), deposits are protected up to a limit of $250,000 for each account holder at each bank, building society and credit union (also known as authorised deposit-taking institutions or ADIs) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA).

    For more information, visit https://www.apra.gov.au/financial-claims-scheme-0

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Shane provided amazing customer service from start to finish. He was extremely knowledgeable, respectful, and attended to every detail of the process with thoroughness and professionalism. This kind of customer service is almost unheard of these days, so it was an absolute delight to work with Shane. The interest rate on my company car was fantastic and the terms of the loan were both fair and reasonable. I 100% recommend Shane and Southern Cross Credit Union for obtaining financing for a vehicle and wouldn't use anyone else for my business going forward. Thanks to Shane and his team!
Joanna Tedeschi
Previously we were not advocates of the banking industry, we were strong non-believers after some disappointing & negative experiences. Many locals referred us to Southern Cross Credit Union (SCCU) and after much encouragement we moved our banking business to the SCCU Tweed City Branch. We are now strong believers as we have been in the extremely efficient, effective and supportive hands of SCCU loans manager Stephen Distant. What an asset! Stephen has totally reframed our banking experience, we are genuinely impressed with his ability to do this by managing our loans. Even after many years as a SCCU client, Stephen's dedication with helping us has not died down, his loyalty remains nothing short of inspiring and his willingness to provide outstanding customer service is something we are in awe of. Moving our accounts to SCCU was a great decision, thanks to Stephen Distant.
Rod and Suzy Cornelius
As COVID hit some 3 years ago, I approached SCCU to re-align our financial position at both a personal and professional level with our business. Not only were your team receptive but with the assistance of SCCU not only did we make our way through COVID closures, but due to the support of SCCU we have evolved into an extremely sound business, and I would suggest a success story of the community banking that SCCU continues to deliver. Thank you for the support you offer to us as a local business and us as a local family of the area. Thank you, the entire team, at SCCU for being such an awesome part of the community whilst also being a great business to align with.
Jason