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Term Deposit Accounts FAQs

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Take a look at our FAQs below:

Do I have to be a member to open an account?

The Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. You need to be a member of the Credit Union to open an account with us. ^

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

You can open a Term Deposit account with as little as $1,000. ^

How do I make deposits to my account?

You can arrange to make deposits to your account at maturity by:

  • transferring from another account with South West Credit; or
  • over the counter at our branch. ^

How do I make withdrawals from my account?

Withdrawals cannot be made until the Term Deposit has matured. Just prior to maturity you will receive a letter advising that your term deposit will soon be due to mature, if you do not wish to change anything, your term deposit will automatically roll over for re-investment. If you wish to make any changes, you can do so up to 10 working days after maturity, changes can be made in branch. ^

What happens when my term deposit matures?

Just prior to maturity you will receive a letter advising that your term deposit will soon be due to mature, if you do not wish to change anything, your term deposit will automatically roll over for re-investment. If you wish to make any changes, you have one week either side of the maturity date to make changes penalty free, changes can be made in branch. ^

How often will I receive information on my account?

Statements are issued 6 monthly or as requested.

Account balances are available through our Internet and Phone Banking services and statements are available through our Internet banking service or in branch. ^

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