Term Deposit

Lock in Your Savings, Unlock Your Future

Earn more with us!

Looking for a set-and-forget way to invest your money? Term Deposits are a type of low-risk investment account with fixed interest rates to help you securely grow your money.

Whether you are saving for a house or planning your retirement, you can start your Term Deposit today with terms as short as one month and investments as low as $5,000.

Apply Now
Term Deposits
5.05
%
P.A
for 4 months* >$5K
Term Deposits
  • No Account Fees
  • Terms from 1 month +
Flexible Terms

Choose the term that best aligns with your objectives, from 1 to 24 months with a minimum investment of $5,000.

Flexible Terms
Interest Payment Options

For terms 6 months or greater you may select to have interest paid monthly into a separate savings or transaction account.

Interest Payment Options
Easy application

Start your Term deposit application online and we will do the rest.

Easy application
Government Guarantee

Your investments are secured by the Australian Government’s Financial Claims Scheme up to $250k, just as they are with other regulated financial institution.

Government Guarantee
Maturity Reminder

Set and forget. We will let you know when your term is due to expire and reach out to discuss the next steps before your Term Deposit reaches maturity.

Maturity Reminder
Grace Period

Take advantage of a 7-day grace period when your Term Deposit reaches maturity to make informed decisions.

Grace Period
Early Withdrawal

Access your money before Term Deposit maturity by providing a 31-days’ notice. Subject to Early Termination Fee. View T&Cs and Fees and Charges for details.

Early Withdrawal
No Ongoing Fees

Make the most out of your investment with no application or ongoing fees.

No Ongoing Fees

You’ve got the power. Choose the best Term Deposit for your needs.

We offer a range of terms deposits from 1 to 24 months to help you find the perfect match for your investment strategies. Whether you are looking for a short-term or long-term commitment, our term deposits have you covered.

3 Months

4 Months

9 Months

12 Months

Amounts Over 5K
4.80%p.a.5.05%p.a.4.55%p.a.4.60%p.a.
Compare

3 Months

Amounts Over 5K
4.80%p.a.

4 Months

Amounts Over 5K
5.05%p.a.

9 Months

Amounts Over 5K
4.55%p.a.

12 Months

Amounts Over 5K
4.60%p.a.

*Terms and conditions apply. Advertised rate subject to change without notice. Eligibility criteria, fees, and charges may apply.

Open your Term Deposit in 3 steps

Starting a term deposit is easy, for new and existing customers. Our Term Deposits are available for individuals, sole traders, self-managed Superannuation funds, and family trusts.

To open an account, you must: 

  • Be an individual age 14 or over (for business, see our Business Term Deposits);
  • Be an Australian citizen or a permanent resident of Australia;
  • Have an Australian residential address and phone number;
  • Provide us with the bank details to link to your term deposit;
  • Provide a Tax File Number or exemption code to avoid highest marginal rate;
  • If existing SCCU customer, your customer number.

Then just follow these steps:

  1. Fill out the online application form;
  2. Wait for one of our specialists to be in contact with you to verify your ID and confirm your chosen deposit term;
  3. Transfer your deposit amount following our team’s guidance and we will do the rest.

Alternatively, you can give us a call at 1300 360 744 or visit us at one of our Financial Service Centres.

If you are looking to open a Term Deposit as a sole trader, self-managed superannuation funds or family trust, please contact us for a list of a few extra documents that we will require.

Apply Now
Couple looking at and completing paperwork

Our Term Deposits Maturity Options

Your Term Deposit is reaching maturity, so what is next?
We will let you know when your term is due to expire, and our team will reach out to you leading up to the maturity date of your Term Deposit to discuss your next steps.

We also encourage you to consider the options below and proactively contact us via 1300 360 744 or visit one of our Financial Service Centres when your Term Deposit reaches maturity: 

Renewal
You can monitor and proactively renew your Term Deposits to lock in a new rate for the same term or a complete new one. You can also withdraw your funds partially or top it up with additional funds.
Full Withdrawal
Once your Term Deposits reaches maturity you can do a full withdrawal of all your funds plus the interest earnt and transfer it to your existing SCCU account, or an external account.
Grace Period
Upon maturity, we can hold your Term Deposit for a period of seven calendar days, which we call a Grace Period, while you take your time to decide on the next steps, whether you wish to reinvest or withdraw your funds.
We do the work
If your Term Deposit reaches maturity and no action was taken within the Grace Period of seven calendar days, your balance will be automatically reinvested for the same term at the prevailing advertised interest rate.

Predict your Earnings with our Term Deposit Calculator

Plan your financial future with confidence using our Term Deposit Calculator.
Input different deposit amounts and term lengths to visualise potential returns on your investments.



  • The Little Details

    Products issued by Southern Cross Credit Union Ltd. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs. To decide if a product is right for you, please refer to the Summary of Accounts, Access Facilities and Transaction Limits. To help you better asses if these products are right for you, please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs. Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.

    *Southern Cross Credit Union Ltd. ABN 82 087 650 682 AFSL 241000. Advertised rate subject to change without notice. Eligibility criteria, fees and charges, terms and conditions apply. For new 4-month term deposits, you will earn an interest rate of 5.05%pa. when investing $5k or more. Term Deposit interest will be paid annually for terms greater than 12 months. For terms 6 months or greater you may select to have interest paid monthly into a separate savings or transaction account. If you choose to withdraw from your term deposit before the end of its term, you’ll need to give us 31 days’ notice and pay a $30 administration fee for the early redemption. It’s also important to note that this can affect the interest we pay you, with an early redemption interest rate of 0.10%p.a. applicable. When your term ends, you have a ‘Grace Period’ of seven calendar days to manage your term deposit, otherwise we will reinvest your balance for you for the same term, at the applicable advertised interest rate at the time.

Got Questions? Here is our Term Deposit FAQs

  • What Are Term Deposits?

    A term deposit is an investment account that can allow you to earn higher interest rates by investing your money for a fixed period of time.

    They are a set and forget type of investment account. Once your term starts, your money will be invested at the agreed interest rate until the end date of the fixed period. When the term finishes, you can withdraw everything plus interest earnt, reinvest it, or add more money and keep growing your savings.

  • How is the interest calculated and paid for my Term Deposit?

    Interest is calculated daily, and you can choose to have it paid monthly, annually or at maturity depending on the options available for the term you choose.

    Terms under 6 months will have interest paid at maturity.
    For terms 6 months or greater up to 12 months, you have the option to have interest paid monthly into a separate SCCU or external savings or transaction account; or at maturity.

    While for terms over 12 months, you have the option to have interest paid monthly into a separate SCCU or external savings or transaction account; or once at 12 months for tax purposes and the remainder at maturity. Having all interest paid at maturity is not available for terms greater than 12 months.

  • Can I compound my interest if I get paid monthly interest?

    No, you cannot compound the interest into your existing Term Deposit if you choose to have interest paid monthly. 

    Compound interest happens when the interest you have earnt earns interest on itself. However, the monthly interest needs to be paid to a separate SCCU or external savings or transaction account. It cannot be paid into the existing Term Deposit account, and therefore it will not compound.

    When your Term Deposit expires, you can add the interest you have earnt to your initial investment and reinvest the entire amount.

  • What is the different between a Term Deposit and a savings account?

    Term Deposits are a type of standalone fixed-term investment account. The interest rate is guaranteed and fixed to the term you agree to. A savings account on the other hand, has a variable interest rate, which could regularly fluctuate. 
    A Term Deposit also does not require to be linked to other accounts, different from a savings account that must be linked to a transaction account to be managed.

  • Who Can Open a Term Deposit?

    Term Deposits are available to individuals over 14, sole traders, family trusts, and self-managed Superannuation funds.

    They are also available for businesses entities, including Non-For-Profit and Trusts under our Business Term Deposit. These, however, are limited to a maximum of combined funds of $2M across all SCCU products. Please visit our Business Term Deposit page to find out more.

    Applicants for personal and business Term Deposit must be an Australian citizen or permanent resident, hold an Australian address, phone number and bank account. 

    View our Target Market Determination (TMD) to confirm if this is the right product for you.

  • Can I open a Term Deposit in someone else’s name?

    No, you cannot open a Term Deposit in someone else’s name.
    If you wish to open an interest-bearing account for your kids or grandkids, we recommend you have a look at our Little Star Saver Account.

  • Can I access/withdraw my money early?

    Yes, you can. Or you could partially withdraw throughout the term. However, Term Deposits are designed to be held to maturity.

    Early withdrawal, whether partial or full, will incur a $30 administration fee and the funds you withdraw will only receive an interest rate of 0.10%p.a. applicable for early redemption, bringing down your return.

    If doing a partial withdrawal, the remainder funds will continue to earn the same interest rate you initially locked into until maturity. 

    While we encourage you to keep your funds invested for the full term, we understand that circumstances may change. Should you need to do withdraw your funds early, you can do so by providing us with a 31-days’ notice by calling us at 1300 360 744 or visiting a Financial Service Centre closer to you.

    View T&Cs and Fees & Charges for all details.

  • Can I add funds throughout my Term Deposit?

    No, you cannot add funds during the term. Alternatively, you can open multiple terms deposits so your money is spread across different maturities. Top ups are only possible upon renewal for another term once your Term Deposit reaches maturity.

    Alternatively, you could consider opening our Star Saver account where you could add funds and be rewarded with a bonus rate if meeting the requirements.  Visit Star Saver to learn more.

  • How will I know my Term Deposit is coming to maturity?

    You will receive confirmation of the date when you open your Term Deposit, and we will notify you in advance of your pending maturity.

    Our team will also reach out to you leading up to the maturity date of your Term Deposit to discuss your next steps.

  • Is my Term Deposit protected by the Government?

    Our Term Deposits are guaranteed by the Australian Federal Government’s Financial Claims Scheme (FCS) of up to $250k, the same as they would be with other financial institutions.

    Under the Financial Claims Scheme (FCS), deposits are protected up to a limit of $250,000 for each account holder at each bank, building society and credit union (also known as authorised deposit-taking institutions or ADIs) that is incorporated in Australia and authorised by APRA. 

    For more information, visit https://www.apra.gov.au/financial-claims-scheme-0

Other ways to invest your money with us

Star Saver

A savings account linked to our transaction account.

Learn More
Star Saver
Little Star Saver

Start a savings account for your little ones.

Learn More
Little Star Saver
Business Term Deposit

The right way to invest your business funds.

Learn More
Business Term Deposit
Business Star Saver

A business savings account you can link to your business transaction account.

Learn More
Business Star Saver
Shane provided amazing customer service from start to finish. He was extremely knowledgeable, respectful, and attended to every detail of the process with thoroughness and professionalism. This kind of customer service is almost unheard of these days, so it was an absolute delight to work with Shane. The interest rate on my company car was fantastic and the terms of the loan were both fair and reasonable. I 100% recommend Shane and Southern Cross Credit Union for obtaining financing for a vehicle and wouldn't use anyone else for my business going forward. Thanks to Shane and his team!
Joanna Tedeschi
Previously we were not advocates of the banking industry, we were strong non-believers after some disappointing & negative experiences. Many locals referred us to Southern Cross Credit Union (SCCU) and after much encouragement we moved our banking business to the SCCU Tweed City Branch. We are now strong believers as we have been in the extremely efficient, effective and supportive hands of SCCU loans manager Stephen Distant. What an asset! Stephen has totally reframed our banking experience, we are genuinely impressed with his ability to do this by managing our loans. Even after many years as a SCCU client, Stephen's dedication with helping us has not died down, his loyalty remains nothing short of inspiring and his willingness to provide outstanding customer service is something we are in awe of. Moving our accounts to SCCU was a great decision, thanks to Stephen Distant.
Rod and Suzy Cornelius
As COVID hit some 3 years ago, I approached SCCU to re-align our financial position at both a personal and professional level with our business. Not only were your team receptive but with the assistance of SCCU not only did we make our way through COVID closures, but due to the support of SCCU we have evolved into an extremely sound business, and I would suggest a success story of the community banking that SCCU continues to deliver.
Thank you for the support you offer to us as a local business and us as a local family of the area. Thank you, the entire team, at SCCU for being such an awesome part of the community whilst also being a great business to align with.
Jason
Rachael has been outstanding in helping my wife and I purchase our new home in Gladstone Central Qld, Rachael also helped us 3 years ago purchase an investment property which we still have. We lived on the Tweed Coast for 14 years and have always banked with SCCU, even though we relocated to Central Qld 6 years ago. The reason we remain with SCCU rather than be attracted by one of the Big Banking companies is the excellent customer service and great attitude of the SCCU team. Even with the distance and us both working in very busy jobs, Rachael made the job of purchasing our new property stress free and straight forward, all the time nothing was a hassle for her. I wanted to let you know that your staff are excellent, and as always I will continue to recommend you to the many friends I have in the Tweed area and elsewhere.      
Peter & Melissa
We chose to bank with our local SCCU for many reasons. The staff are very cheerful and helpful. It is an enjoyable in-branch experience at a convenient location. Opening hours are longer than most other banks in our area and they are open every weekday. We bank exclusively with SCCU for our personal, business and children's accounts. We have always been happy with their customer service and have recommended SCCU to our local sports club and school
Tony & Alisha
We have been with SCCU for over 45 Years and for the last 24 of them with our business as well. The staff are amazing people to do your banking with and the loans division make every buying and selling experience so easy. Our little hiccups have never been a drama for the staff to help us solve and nothing is ever too much trouble to help us along the way to building our business through banking. Their rates are always competitive and we would never consider another bank or financial institution for all our needs. Loyal staff and loyal friends = Best Bank Ever.
Neil & Kathalina
The 3-jar method to help kids learn about mon...

It is never too early or too late for parents to start educating their children when it comes to finance, and teaching kids and teenagers about money doesn’t need to be boring or challenging. Helping them earn their own money, setting expectations and guiding them on real life decisions...

It is never too early or too late for parents to start educating their children when it comes to...

Read More
10 Things You Can Do to Future-Proof Your Fin...

Finances can be quite overwhelming, especially in this ever-changing financial climate we currently find ourselves in. To make things easier, our team at SCCU compiled a list with 10 easy-to-follow steps you can take to help future-proof your finances. 1 – Budget like a boss and track your spending Life can...

Finances can be quite overwhelming, especially in this ever-changing financial climate we currently find ourselves in. To make things...

Read More
Our Mobile App Upgrade
Is Live In Store!

It’s finally here, and we’re excited! Our newly upgraded SCCU app will make your mobile banking, that much easier. With a new look and feel, the app also has a range of upgraded features and functionality for you to manage your banking on the go. What’s new? Upgraded security access, including pin,...

It’s finally here, and we’re excited! Our newly upgraded SCCU app will make your mobile banking, that much easier. With a...

Read More
We’ve Upgraded To One-Time Password Security

From April 28th, we’re updating our security for both the SCCU APP and Web-Based Netbanking to include One-Time password on some transactions. One-Time Passwords, also known as Multi-Factor Authentication, is one of the most effective controls that can be implemented to prevent unauthorised access to your accounts. So effective in...

From April 28th, we’re updating our security for both the SCCU APP and Web-Based Netbanking to include One-Time password...

Read More