Watch your savings grow with a Term Deposit

NZCU News

Watch your savings grow with a Term Deposit

A term deposit helps you to maximise your hard earned savings by earning a higher amount of interest on your savings, when you put it away in a term deposit for a fixed period. Here we share some key information to help you make an informed investment decision about growing your savings through our low-risk term deposit options.

While other investments such as stocks or shares can be risky and complex, term deposits are low-risk, straight-forward investments that allow you to earn high interest rates on your savings. A term deposit is a deposit held with the credit union for a fixed amount of time, known as a term. When the money is deposited, the member understands that the money is there for the pre-determined period (3 months – 48 months).

How does a term deposit work?

In some ways a term deposit works like a savings account, except the money you deposit can’t be added to, withdrawn, or touched until the end of the term that you’ve set.

All you need to do is select the amount you want to save and how long you want to save it for. The longer your term and the larger your deposit, the higher the interest rate you earn.

Interest is calculated on a daily basis and can be paid at regular intervals or on maturity to any account of your choice. The rate of return may be adjusted for early withdrawals.

How do I know a term deposit is right for me?

Term deposits generally offer a higher interest rate than high interest savings accounts. Whether a term deposit is right for you depends on your financial circumstances, your funds, and your savings goals. If you can afford to put your money away for the fixed term without touching it, then a term deposit could be right for you.

Term Deposits – Need to know:

NZCU Employees Term Deposits offer flexible and competitive options to suit your investment needs. Plus, money from NZCU Employees term deposits are invested into the local community to help New Zealanders’ succeed together.

  • You choose your investment term
  • Flexible and competitive interest calculated daily
  • Option of interest paid at regular intervals or on maturity
  • You are advised of your options prior to maturity, including reinvesting for a further term

Current Interest Rates

Click here for our current interest rates

Investment Scenarios

Deposit: $5,000

  • 3 month term @ 2.50% p.a.: earn $125 in interest for a total of $5,125
  • 12 month term @3.10% p.a.: earn $155 in interest for a total of $5,155

Deposit: $15,000

  • 3 month term @ 3.00% p.a.: earn $450 in interest for a total of $15,450
  • 12 month term @ 3.80% p.a.: earn $570 in interest for a total of $15,570

Talk to us

If you’d like to speak to us about a term deposit, contact us for a chat today!

Phone: 09 579 0448

Email: general@nzcuemployees.co.nz

Visit: 591 Great South Road, Penrose, Auckland 1061

Read more about our Term Deposits here