Investments | Term Deposits

On this page:

Grow Your Savings Faster with NZ Term Deposits | Competitive Rates

Term deposits are a great option to maximise your savings and have the reassurance of a fixed interest rate over a fixed period that you choose.

Why settle for low rates? First Credit Union offers some of NZ’s best interest rates, fix your rate for 3, 6, 12 months or longer, and watch your savings grow with zero fees. As a member-owned institution, our profits are reinvested back into our members, not distributed to overseas shareholders.

Maximise your savings with our competitive rates  

Term Rate
3 months 4.00% p.a.
6 months 4.25% p.a.
9 months 4.25% p.a.
12 months 4.25% p.a.
18 months 4.15% p.a.
24 months 4.15% p.a.

*Interest rates are quoted per annum and are subject to change without notice. Open a term deposit today. 

Key Features & Benefits

 

Minimum deposit of $500

Invest with a minimum deposit of $500. Interest rates are quoted per annum and are subject to change without notice.

 

 

Member Owned 

As a member-owned institution, our profits are reinvested back into our members, not distributed to overseas shareholders. 

 

 

You choose the term

We offer flexible terms ranging from 3 months to 2 years, allowing our members to choose the duration that best suits their financial goals. 

 

 

Interest payments options 

Choose to receive interest at regular intervals, at the end of the term, or have it reinvested. Toward the end of the term you will get a reminder from us with options for what happens next.

 

Ready to open a term deposit?

If you’re not a First Credit Union member: 

  1. Complete our simple online membership application form
  2. Once your account is open, deposit your funds into your account and let our team know what term you would like your term deposit to be. 

If you’re already a First Credit Union member: simply give us a call, our team can set it up for you over the phone. 

Want more information? Get in touch and one of our friendly team members will be happy to help.

Getting Advice

There's no guarantees when it comes to investment advice. We suggest that you do your research - there are some great websites that will help you sort the good guys from the bad guys. A few options are Sorted.org.nz or Consumer.org.nz

First Credit Union’s term deposits are covered by the Depositor Compensation Scheme (DCS). For more information and a full list of accounts covered, visit our Important Information. Interested in investing a term deposit with us? Open a term deposit. 

  • A term deposit is a fixed-term account where you lock away money for a set period (from 3 months to 2 years) at a confirmed interest rate. Your funds are repaid with interest at maturity. Read more about how term deposit works.   

  • Term deposits offer higher fixed rates but your money is locked in until maturity. Savings accounts have variable rates and instant access but typically lower returns. Read more about term deposit vs savings account.  

  • Better rates, no hidden fees, and we’re member owned. Profits go back to members, not overseas shareholders. Read more about First Credit Union vs Banks. 

  • Choose monthly, quarterly, or at maturity. Most members reinvest for compound growth. 

  • We offer 3-month term deposits at a minimum of $500, ideal for short-term savings goals. 

  • Just $500 at First Credit Union, lower than many banks’ minimum of $5,000+ 

  • Yes, interest is taxed as income. We’ll issue a Resident Withholding Tax (RWT) statement for your IRD return. 

  • If the Credit Union believes you have suffered real financial hardship, it has the discretion to allow you to withdraw your term account investment early. In these circumstances the interest rate may be adjusted to the nearest shortest-term deposit period prior to your early repayment request and/or an early withdrawal fee of 1% p.a. may be charged

  • On maturity you can add to your term deposit, however, once fixed you can open a new deposit for additional funds.