Personal Term Deposits.
Illawarra Credit Union Term Deposits are a great way to invest and, with a great guaranteed interest rate for a fixed period, you’ll always know exactly what your investment is worth.
12-Month Term Deposit Special
New Money special available for new deposits from $10,000 up to $1 million. Available until 31 March 2026 or until limited allocation is reached, whichever occurs first.
Term Deposit Specials
12 month term deposit
5.00%p.a*
Interest paid on maturity. Available for new money only, minimum deposit amount $10,000 up to $1 million. Deposits over $1 million subject to approval.
Features & Benefits.
Government Guarantee
Deposits up to $250,000 per account holder are secured by the Government’s Financial Claims Scheme1. Learn more.
Choose your term
You can choose to lock in your term deposit for three months to three years.
Flexible interest options
The flexibility to choose your interest frequency, receive it monthly or on maturity.
Lock it in
Higher rates of interest when you lock your money away. Plus, you can avoid the temptation of accessing your savings.
Manage your account anywhere at anytime
Keep track of your Term Deposit within internet banking or our mobile app.
Rates & fees.
Balance of $5,000 to $99,999
| Term | Interest (Monthly) | Interest (On Maturity) | Interest (Annually) |
| 3 month | 4.10% p.a.3 | 4.20% p.a.3 | n/a |
| 6 month | 4.20% p.a.3 | 4.30% p.a.3 | n/a |
| 12 month | 4.30% p.a.3 | n/a | 4.40% p.a.3 |
| 2 year | 3.90% p.a.3 | n/a | 4.00% p.a.3 |
| 3 year | 3.90% p.a.3 | n/a | 4.00% p.a.3 |
Balance of $100,000 to $1,000,000
| Term | Interest (Monthly) | Interest (On Maturity) | Interest (Annually) |
| 3 month | 4.20% p.a.3 | 4.30% p.a.3 | n/a |
| 6 month | 4.30% p.a.3 | 4.40% p.a.3 | n/a |
| 12 month | 4.40% p.a.3 | n/a | 4.50% p.a.3 |
| 2 year | 3.90% p.a.3 | n/a | 4.00% p.a.3 |
| 3 year | 3.90% p.a.3 | n/a | 4.00% p.a.3 |
Interest rates are subject to term deposit principal and term of investment. Interest is calculated daily on closing credit balance and will be paid either monthly, on maturity or annually (for terms greater than 12 months). Fixed interest rate for the term of the investment.
For longer term periods, please contact us directly on 1300 132 249.
Early withdrawal fees and interest penalties may apply.
For additional information on our fees, refer to our Fees and Charges.
Monthly interest cannot be compounded onto the Term Deposit.
It’s easy to apply online.
- Be at least 18 years of age or older
- Be an Australian citizen, permanent resident, or have a valid visa
- Have your membership number if you already bank with us
What you’ll need .
- An email address and contact number
- Member number (If you’re already a member)
- Australian driver’s licence, Medicare or passport details
Maturity options .
Visit us in store or call us to let us know what you’d like to do when your Term Deposit matures. Simply tell us your preferred option Of course, you can always change your maturity instructions when your term deposit is coming up for renewal.
There are two options available:
Renewal
Proactively renew your Term Deposit for another term to immediately lock in a new interest rate. You can also top it up with additional funds or withdraw a portion of your Term Deposit.
Full withdrawal
Withdraw all of your investment including the interest you’ve earned. Transfer it directly to your transaction account.
Government Guarantee.
The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, including Illawarra Credit Union (a division of Community First Credit Union Limited), of up to $A250,000.
The Financial Claims Scheme (FCS) is an Australian Government scheme that was established during the 2008 global financial crisis to provide financial protection for consumers in the unlikely event of a failure of a bank, credit union, building society or general insurer.
The FCS provides protection for depositors of banks, credit unions and building societies that are incorporated in Australia (also known as authorised deposit-taking institutions or ADIs), for deposits up to $250,000 per account holder per ADI. The FCS limit of $250,000 applies to the sum of an account holder’s deposits under the one banking licence. This includes accounts with any other banking business that the licenced banking institution may operate under a different trading name. Community First Credit Union Limited operates the brands Illawarra Credit Union, Community First Bank and Easy Street Financial Services. For the purpose of FCS, all deposits held under the different brands are added together to determine the FCS entitlement for an account holder. The scheme aims to return deposits to account holders within seven days of activation of the FCS.
The FCS can be activated by the Australian Government in the unlikely event that an ADI or general insurer fails.
Once activated, the FCS will be administered by APRA.
The objectives of the FCS are to:
- protect depositors of ADIs, and claimants of general insurers, from potential loss in the unlikely event of the failure of these institutions;
- provide depositors with prompt access to their deposits that are protected under the FCS; and
- support the stability of the Australian financial system.
Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au.
FAQs about Australian term deposit rates
A term deposit is an account where you can deposit your money for a fixed period. During that time, you can’t take out the money. When the fixed period ends, you can access your initial deposit plus the interest you earned over the period.
Some of the advantages of investing in term deposits include:
- Guaranteed returns: You know exactly how much interest you will earn by the end of the term.
- Choice of terms: You can choose the term length that suits your financial goals, ranging from three months to 3 years.
- Passive investment: Once you’ve set up the deposit, you can sit back and watch your money grow.
Fixed terms: Once you’ve invested in a term deposit, your money is locked in for the agreed-upon period. Withdrawing the funds before the term ends may result in early withdrawal fees and interest penalties. You must provide at least 30 days’ notice of withdrawal. Please refer to our fees and charges for additional information.
When a term deposit matures, we will notify you before maturity. Upon maturity you have 14 calendar days to vary your deposit including the term, and amount or make a full withdrawal. If you take no action, we may automatically renew the deposit for the same duration on the current advertised rates when your deposit matures2.
An automatic rollover or renewal will automatically renew your term deposit for the same fixed period upon maturity. The length of the term will stay the same, while the interest rate will be the current standard advertised rate for your term at the time of maturity.
Yes, you need to be at least 18 years of age and are:
- A resident of Australia or be a permanent resident or have a valid visa.
- Able to pay the minimum deposit requirement
All term deposits require a minimum lump sum investment of $5,000 to open. We may sometimes offer special rates on term deposits with a higher minimum balance.
For your convenience, you can apply for a personal or business term deposit account online with us. This is especially convenient if you’re not near our Wollongong branch.
If you’re a new customer, you can set up your account with us in as little as five minutes. Need some assistance? Our contact centre is open Monday-Friday 9 am-5 pm (UTC/GMT +10 hours Sydney/Melbourne/Canberra). You can call us on 1300 132 249 or contact us here.
We typically pay interest on a term deposit at the end of the agreed-upon term. The interest is calculated based on the deposit amount and the agreed-upon interest rate for the specified duration of the term deposit. At the end of the term, the interest earned is added to the deposit amount.
There are no monthly fees applicable on Term Deposits.
You can view our full list of Fees and Charges here.
It is not mandatory to provide your TFN. Failure to provide your TFN will result in the Credit Union charging Tax Withholding which you may be entitled to claim back as a tax credit at the end of the financial year from the Australian Tax Office.
Term deposits held at the Credit Union are “protected accounts” under the Australian Government’s Financial Claims Scheme (FCS). Payments under the FCS are subject to a $250,000 limit for each depositor. See the FCS website for more information at www.fcs.gov.au/.
Absolutely! You can have more than one term deposit if you want. It’s all about finding what works best for you.
We’re sad to see you go! Simply contact us and let us know if you want to close your term deposit account. Our friendly team will guide you through all the necessary steps, including confirming your identity, reviewing any fees for closing your term deposit account before its maturity date (if applicable), and choosing your transfer method.
You can contact us at 1300 132 249. Our contact center is open Monday-Friday 9 am-5 pm (UTC/GMT +10 hours Sydney/Melbourne/Canberra).
If funds are coming in externally, you’ll need to send them to an eligible Illawarra Credit Union account.
Once the funds have arrived, get in contact with us to request to add them to your Term Deposit.
If you break a term deposit account, you withdraw your money before the agreed-upon term is completed. Breaking a term deposit account may result in an early withdrawal fee and interest penalties being charged. For additional information please refer to our fees and charges.
Finding a term deposit that aligns with your financial situation and provides a rewarding investment option is simple. To compare term deposits, follow these steps:
- Interest rates: Check the interest rates different banks and financial institutions offer.
- Term lengths: Compare the available term lengths, such as one month, six months, twelve months. Consider what suits your objectives, financial situation and needs.
- Fees and penalties: Consider the notice periods for early withdrawal and any subsequent fees, charges and interest penalties2
- Terms and conditions: Read the fine print of each term deposit to understand the terms and conditions of the product.
We're here for you .
Our opening hours
Our contact centre is open Monday-Friday 8am-8pm (AEDT) and 8am-3pm Saturdays.
Are you a First Home Buyer?
With as little as 5% deposit, eligible first home buyers have the opportunity to purchase a property through the First Home Guarantee (FHBG).
Find out moreImportant notes
*Offer terms and conditions: Rate is effective as at 03/03/2026 and is available until 31/05/2026 or until limited allocation is reached – whichever occurs first. Offer can be withdrawn or change at any time. Rates are or deposits between $10,000 and $1 million. Rates for amounts above $1 million are subject to approval. If you seek an early release of your term deposit prior to its maturity date, an early withdrawal interest penalty may apply. Term Deposits are available to be withdrawn at maturity. We may require up to 7 days written notice of your intention to make an early withdrawal. Offer is for new term deposits and is only eligible for funds that have not been with Community First, Illawarra Credit Union or Easy Street in the last 14 days from the date of enquiry and where the offer conditions are met. Existing members with existing funds may be eligible so long as at least $50,000 of the funds are new deposits and have not been held at Community First, Illawarra Credit Union or Easy Street in the last 14 days from the date of enquiry.
1A Illawarra Credit Union Term Deposit is a “protected account” under the Australian Government’s Financial Claims Scheme (FCS). Payments under the FCS are subject to a limit for each depositor.
2The issuer of the deposit and payment products is Illawarra Credit Union, a division of Community First Credit Union Limited ABN 80 087 649 938 AFSL and Australian credit licence 231204. Any advice given is of a general nature only and does not take into consideration your objectives, financial situation or needs. Please consider the appropriateness of the advice before acting. Refer to the Account and Access Facility Conditions of Use and our Fees and Charges for current details.
3Rates are current as at 13/02/2026 and subject to change without notice. Rates are for deposits between $5,000 and $1,000,000. Rates for amounts above $1,000,000 are negotiated at the discretion of Illawarra Credit Union. If you seek an early release of your term deposit prior to its maturity date, an early withdrawal interest penalty may apply. Interest paid cannot be compounded into the investment. Term Deposits are available to be withdrawn at maturity. We may require up to 7 days written notice of your intention to make an early withdrawal.
