Quay Credit Union



FAQs Term Deposits

Do I have to be a member to open a Term Deposit?

The credit union is a mutual financial services organisation and as such is owned by its members, each of whom is a shareholder. Therefore you must be a member of the credit union to open a Term Deposit. Learn more about becoming a member.

How much do I need to deposit to open an account?

You can open an account with a minimum of $1,000.

How do I make deposits to my account?

You can make deposits to your Term Deposit account over the counter at our branch by either direct deposit or tranqsfer from your savings account. Transfers will be accepted by fax or letter.

How do I make withdrawals from my account?

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, over the counter at our branch, or cheque withdrawals via fax.

What happens at maturity?

At maturity you can:

You must tell us what to do with your deposit at the end of the term (if not, we will re-invest it for another term at the rate applicable to that term of deposit at that time).

How often will I receive information on my account?

Statements are issued at least six monthly. More frequent or duplicate statements can be requested at any time from our branch, however a fee may apply for duplicate statements.

Account Balances and Statements are also available through our internet and telephone banking services.


If you have any questions Enquire now