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Teachers Credit Union reveal top rate term deposits - for everyone
13 August 2008
One of Australia's best kept savings secrets is now being shared - Teachers Credit Union has opened up its high rate term deposit account to everyone, and announced interest rate increases from tomorrow, 14 August.
"For the first time in our long history as a financial services provider, we are making our term deposits available to anyone seeking to boost the return on their funds,- said Steve James, CEO of Teachers Credit Union.
Although membership of Teachers Credit Union is available to a broad category of people - all public school teachers, TAFE and University lecturers, student teachers and members of their families - the wider community has not previously had access to its products.
"Making our term deposit available to everyone has been on our agenda since 2006. Members voted at our 2007 AGM to permanently amend our 'bond' (constitution) to allow us to take term deposits from everyone, regardless of whether they are a member of the teaching community or their families.”
With effect from tomorrow 14th August, Teachers Credit Union's term deposit offers a rate of:
- 8.65% on deposits of $20,000 or more for a 12-36 month term.
- 8.50% on deposits of $5,000 or more for 6 months or longer
- 8.00% on deposits of $1,000 to $4,999 for 3 months or longer
- High rates for all amounts for 3 to less than 6 month terms
"With the current uncertainty in financial markets, and negative super returns this year, many people are seeking a high return cash alternative to shares and listed investments," said Steve James.
"Opening up our term deposit to the wider community is simply extending a market that Teachers Credit Union is already familiar with," said Steve James.