Term Deposit BrochureCairns Penny Savings & Loans Limited |
How to Contact UsIf you have any questions or need more information, please contact us by: Mail: Cairns Penny Savings & Loans Email: info@cairnspenny.com.au |
Term Investments
This brochure provides information about Cairns Penny Savings & Loans term investments to help you make an informed decision on whether to open an account with us. This brochure includes a product summary.
You should also refer to our:
Fees & Charges Brochure setting out costs related to each product; and
Interest Rate Brochure listing current interest rates for savings accounts, loans and investment products.
Member Services Guide
For information on our full range of products and services, see our Member Services Guide. Details on our rules, constitution and how to join are available on request.
Member Care Statement
Please read this brochure carefully. Always retain a copy of all brochures for future reference. Each relevant provision of the Credit Union Code of Practice will apply to your Investment Account/s.
Product Summary
You can choose from a range of Cairns Penny Savings & Loans Term Investments to suit your needs.
You may choose from any of the following terms:
* 1<3 months
* 3<6 months
* 6<12 months
* 12<18 months
* 18<24 months
* 24 months
The minimum deposit for all terms is $1,000.
Interest is calculated daily and paid on maturity. For terms over 12 months, interest is paid either monthly, maturity or annually.
Interest Rates
Interest rates vary and will depend on the amount and/or the term involved.
Please refer to our Interest Rate Brochure for details.
Product Benefits and Risks
Cairns Penny Savings & Loans Term Investments offer you:
* A rate fixed for the term of the deposit.
* No account keeping fees
* Tiered interest rates to reward higher balances
Market interest rates may rise or fall over the term of the investment, which may be to your advantage or disadvantage given that the rate of interest on your investment is fixed for the term of the investment.
If you withdraw your investment before the end of the term, a penalty may apply as detailed under the heading ' Withdrawal Restrictions and Access Limits' in the Terms Investments section of our Terms & Conditions Booklet.
The amount on deposit in a term investment can only be altered on maturity or redemption.
Fees & Charges
No ongoing fees or account keeping fees are payable on your term investment.
Early Withdrawal
If an investment is withdrawn prior to maturity, an early redemption fee may apply. The annual percentage rate reverts to the rate applying to the term deposit at the time of lodgment for the period the term investment was actually invested.
Tax Implications
Interest earned on your investment accounts must be declared for income tax purposes.
If you do not provide us with your tax file number, we may deduct tax from your interest earned at the highest personal income tax rate and the Medicare Levy.
