Term Deposit FAQs

Do I have to be a member to open a term deposit?

CAPE Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore we require that you must be a member of CAPE Credit Union to open a term deposit.

Anyone can join. Learn about becoming a member. ^

How much do I need to deposit to open an account?

You can open an account with a minimum of $1,000. ^

How do I make withdrawals from my account?

Your funds are available at the end of your chosen term. At the end of your chosen term you can prearrange to withdraw your money either by transfer to existing accounts, transfer to an external account, you can reinvest the funds into another term deposit or receive the funds by cheque in the mail. ^

What happens at maturity?

At maturity you can:

• Automatically re-invest your funds for another term
• Add extra funds
• Withdraw all or part of the funds  ^

How often will I receive information on my account?

Statements are issued monthly or every three months as required. Duplicate statements can be requested at any time from our office. A fee is charged for duplicate statements.

Account Balances and Statements are also available through our Internet and Phone banking services. ^

What if I want to invest longer than 12 months?

We do not offer a Term Deposit for for a period longer than 12 months, however, if you are in a position to invest for longer than 12 months, you may wish to consider alternative or complimentary investments that offer additional advantages. At CAPE Credit Union we have friendly financial planners who would be happy to discuss your long term options with you. Please contact us to arrange a meeting at your convenience. ^ 

More Information

• Want to try and save more? Read our budgeting tips
• Use our online budget calculator

Apply

Apply using our simple online term deposit application form.

Questions?

If you have any questions, please contact us.