Fixed Deposits
A Fixed Deposit account is less liquid than a savings account, meaning you must invest your money for a specific length of time. The longer the duration and the higher the investment amount, the greater the interest rate. If you withdraw your money early, you pay a penalty.
Rate of Return on Shares
The rate of return on shares for 2017 was 3%.
Notes on Fixed Deposits
- Certain Share Holding Conditions Apply for Fixed Deposit Qualification
- Interest is credited quarterly OR on the end of the Fixed Deposit
Fixed Deposit Rates
| Duration | Annual rate | Deposit |
|---|---|---|
| One Year Term | 0.75% | Up to $250,000 |
| 0.75% | More than $250,000 and up to $500,000 | |
| 1.00% | More than $500,000 and up to $1,000,000 | |
| 1.25% | More than $1,000,000 | |
| Three Years Term | 1.20% | Up to $250,000 |
| 1.40% | More than $250,000 and up to $500,000 | |
| 1.60% | More than $500,000 and up to $1,000,000 | |
| 2.00% | More than $1,000,000 | |
| Five Years Term | 1.80% | Up to $250,000 |
| 2.05% | More than $250,000 and up to $500,000 | |
| 2.25% | More than $500,000 and up to $1,000,000 | |
| 2.50% | More than $1,000,000 | |
| Ten Years Term | 2.50% | Up to $250,000 |
| 2.75% | More than $250,000 and up to $500,000 | |
| 3.00% | More than $500,000 and up to $1,000,000 | |
| 3.20% | More than $1,000,000 |
All rates are subject to change without notice.
Your life savings are protected
Should a member die, his/her shareholdings will be insured as follows:
| AGE | COVERAGE |
|---|---|
| 1-69 years | 100% |
| 70-79 years | 75% |
| 80 years and over | 40% |
Attaining your financial goals
Make saving simple
Setting up a savings plan is quick, easy and can help you reach your goals faster. No matter what you’re saving for - a holiday, a car, or a home loan deposit, or something else - TECU gives you flexibility and control over your savings plan.
You can set up a scheduled transfer from your bank account or salary to your TECU share account for whatever time, frequency and amount suits you best – be it weekly, fortnightly or monthly, for any amount.
Start saving effectively
- Step one of any savings plan is to create a budget. It shows you how much you earn, how much you spend and how much you have left over each month.
- Once you have a budget in place you then need to set a realistic savings goal and get into the habit of saving money each month.
- Finally, talk to a Financial Planner. Our specialists can help you develop a budget, show you how to save, assist with insurance and investments and offer advice on how to achieve your goals.
Make an appointment with a Financial Planner.
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