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Frequently asked questions-Term deposits
How do I apply for a term deposit?
How do I transfer funds into a term deposit?
How do I set up a joint account?
Will I receive confirmation of my term deposit?
How often will I get a term deposit statement?
What happens at the maturity of a term deposit?
If term deposit rates increase or decrease, will it affect my term deposit?
How do I receive funds when the term deposit matures?
How can I change my maturity options?
Can I put more funds into my term deposit?
Can I withdraw from my term deposit?
If you are a member of Teachers Credit Union, you can download an application or call us.
You can open a term deposit by transferring from one of your Teachers Credit Union accounts or by writing a cheque made payable to Teachers Credit Union.
For a joint account, complete the relevant sections on the application. Please note if you’re depositing a cheque to a joint term deposit it must be in both names.
You will receive a term deposit certificate within 5-7 days of opening an account.
You will only receive one statement per financial year in July, if interest was paid during that financial year period.
When you open your term deposit you can choose to:
- Reinvest the same original deposit amount (principal) into a new term deposit for the same term and transfer the interest earned to another account
- Reinvest the principal and interest together into a new term deposit for the same term
- Transfer the principal and interest together to another account and close the term deposit
If you wish to adjust any of these details, you may do so in writing any time during the term. We will also write to you approximately one week before maturity to confirm your instructions including the interest rate.
Your interest rate is guaranteed for the full term.
You can nominate to have your funds transferred to a Teachers Credit Union account or an account with another financial institution.
You can change your maturity options any time during the term by advising us in writing.
You cannot add funds to the deposit during the term. However you may add additional funds once the term deposit matures and you opt to re-invest.
You can access your term deposit funds at maturity. If you request in writing, we may repay all your term deposit before the term ends but interest will be paid at a reduced rate from the date of deposit to the day prior to withdrawal. Refer to the Conditions of use - accounts and access document for further information.