Term Deposits

Term Deposits let you invest your money in a safe and convenient way, with a guaranteed return. They’re available in two forms; redeemable and non-redeemable. They offer a fixed interest rate, meaning the rate stays the same for the period of time you choose to keep the account.

Who’s eligible?

Any member.

How Does a ’redeemable’ Term Deposit Work?

•		You need a balance of at least $5,000.
•		The purpose is to leave your deposit until the term is finished. If you aren’t able to do this, there is a penalty – 50% of your interest paid (after 30 days) is withheld.
•		You can cancel the deposit for up to 30 days after opening it with no penalty, although no interest will be gained.
•		The interest payment you get at the end of the term may be reinvested (all or part of it).

•		You need a balance of at least $1,000.
•		The purpose is to leave your deposit until the term is finished. If you aren’t able to do this, there is a penalty – 50% of your interest paid (after 60 days) is withheld.
•		You can cancel the deposit for up to 60 days after opening it with no penalty, although no interest will be gained.
•		If your term is less than 364 days, your interest will be paid at the end of the term.
•		If your term is from 1-5 years, you can be paid semi-annually or annually, or you can arrange for the interest to be compounded annually.

How Do ‘Non-Redeemable’ Term Deposits work?

•		You have to have a balance of at least $1,000.
•		You can’t take your money out before the term is done.
•		Your interest can be paid annually or semi-annually.

An Important Note:

Your Term Deposit is great security for a Northern Credit Union Loan. You may even receive a preferred rate on the loan.