Term Deposits General Information

Am I Eligible? Term Deposits are available to all members of H.M.C. Staff Credit Union.

A bonus interest rate is available to members of the Edvest Retirement Service.
What can I use my Term Deposit for and how much do I need to open an account? Term Deposits are an investment opportunity provided for members with a lump sum (anything over $5000) to invest. If you are not requiring such funds for a period of time (in excess of three months) you can choose a term (from three (3) months up two (2) years) you can deposit the funds with your Credit Union for that term at an agreed interest rate which remains applicable to your deposit for that period of time.
How do I apply? Application forms and information can be obtained from this site or by calling your Credit Union office.
Can the interest rate change? Interest rates offered at any point in time for Term Deposits are published on your Credit Union's hmcdirect and Premium Interest rate sheets  The quoted rate may change at any time but once you have lodged your deposit and it has been accepted by your Credit Union your rate will not change.
How is interest calculated? Interest is calculated daily. Interest may be paid to your nominated savings account regularly or added to the term deposit upon maturity.
How do I make deposits to my account? Deposits cannot be added to an individual Term Deposit during the term of the deposit, however, you may lodge separate deposits with differing rates and/or terms concurrently.

Deposit funds can be transferred from your HMC savings and/or transaction account at your request (fee free) and upon receipt of your Term Deposit Application Form. 

You can get funds in to your transaction account via Direct Entry (using BSB 802 068 and your Member number) or by depositing a cheque via giroPost or by using direct debit (using QuickDebit).
How can I make withdrawals from my account? As a rule you cannot make withdrawals from your Term Deposit during the agreed term. If you have a genuine need for the funds you may apply in writing to your Credit Union for release of all/part of the funds.

Such a request is subject to a fee and an adjustment to the interest rate may be necessary.
What fees and charges apply to my Term Deposit? Standard Transaction Fees and Government charges apply as per your Credit Union's "Equality and Equity" page
How often will I receive information on my Term Deposit? Account statements will be sent to you six (6) monthly (at least).

You can check the details of your Term Deposit(s) at any time using the Direct Access (Telephone Banking) facility.

Terms & Conditions | Application form | hmcdirect Interest Rates | Premium Interest Rates | Financial Services Guide | Product Disclosure Statement | Fees & Charges

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By lodging funds for a fixed term at an agreed rate you are protected from any drop in official interest rates - your income from the deposit remains stable for that period of time.

Funds lodged on Term Deposit with your Credit Union qualify transactions under the same membership number for the Support Reward Rebate (for details see the Support Reward page)

Your Credit Union Member Relationship Officer will be happy to discuss your financial needs and suggest Investment options that will be suitable to your requirements.