What Happens When Your Term Deposit Matures?
If you are planning to open a term deposit, you may be curious about what happens once it reaches its maturity date.
When your term deposit matures, you have a few options:
- You can reinvest with the same term and current interest rate,
- You can choose another term,
- You can move a portion of the term deposit and reinvest the balance or
- You can withdraw the entire amount, including interest accrued
At First Credit Union, we strive to make the maturity process seamless and transparent. A couple of weeks before your term deposit matures, we’ll send you an email to let you know it is due to mature. Included in the email is the current instructions, our current interest rates and how you can contact us if you want to make any changes.
There are no guarantees when it comes to investment advice. We suggest that you do your research to see what is going to suit your needs. You can view First Credit Union’s current term deposit rates, terms and savings accounts to find what works best for you.
Ready to plan your next move? Contact us today to discuss your term deposit options and make the most of your savings!