Home News Community First Credit Union breaks 4% one-year term deposit barrier

Community First Credit Union breaks 4% one-year term deposit barrier

Community First Credit Union has increased its 12-month deposit offering for savers, becoming the first to offer a term deposit rate beginning with a 4.

By Staff Writers

Updated on 10 Oct 2022 First published 10 Oct 2022

Fact Checked

Community First Credit Union breaks 4% one-year term deposit barrier

The 35 basis point (0.35%) increase by Community First Credit Union comes off the back of both Judo and AMP increasing their 12-month deposit products in the past week.

Community First's increase applies to depositors who may have larger savings balances put aside, with a minimum deposit of $50,000 required.

The maximum amount able to be deposited with Community First's 4.00% p.a. term deposit offer is $1,000,000 with interest paid at the end of term.

The new 4.00% p.a. rate available until 30 November 2022 or until allocation is reached, places Community First at the front of the pack in the 12-month term deposit space based on Savings.com.au market research.

RBA’s latest deposit figures for September detailed the average rate of one-year deposits increased to 1.50% p.a. from 1.30% p.a. in August.

The increase by Community First sees its 12-month rate for balances of $50,000 or more sit 2.50% higher than the recorded average.

Previously speaking to Savings.com.au, Customer Owned Banking Association (COBA) CEO Michael Lawrence said mutual banks are driven to create customer value instead of maximising investor returns.

"This translates into highly competitive product offerings, including term deposits and savings rates," Mr Lawrence said in August.

“Being close to their communities, customer-owned banks are keen to ensure their products and services meet the needs of their members, whether it be a young couple saving for their first home, or a retiree looking to carefully manage their money.”

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Want to earn a fixed interest rate on your cash? The table below features term deposits with some of the highest interest rates on the market for a 12-month term.

Deposit amount

Compare

Provider	Interest rate	Interest frequency	Term	Automatic Rollover	Maturity Alert	Early Withdrawal Available	Minimum Deposit	Annual Fees	Joint Application	Online Application	as ofOctober 14, 2024

	4.65^%_p.a.	Monthly	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	4.85^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	250000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($250000-$500000) - 12 months
Term Deposit ($250000-$500000) - 12 months More details
	5.05^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	4.80^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Fixed Term Deposit - 12 months
Fixed Term Deposit - 12 months More details
	4.60^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	5.00^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	10000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits ($10,000+) - 12 months
Term Deposits ($10,000+) - 12 months More details
	5.00^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	50000		$product[$field["value"]]	$product[$field["value"]]	More details
	Farm Management Deposit Account - Fixed Term ($50000-$99999) - 12 months
Farm Management Deposit Account - Fixed Term ($50000-$99999) - 12 months More details
	4.75^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits - 12 months
Term Deposits - 12 months More details
	4.95^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	10000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit (online) - 12 months
Term Deposit (online) - 12 months More details
	4.90^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000	[Amount: , Frequency: ]	$product[$field["value"]]	$product[$field["value"]]	More details
	Farm Management Deposit - 12 months
Farm Management Deposit - 12 months More details
	5.00^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	SMSF Term Deposit - 12 months
SMSF Term Deposit - 12 months More details
	5.00^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Personal Term Deposits - 12 months
Personal Term Deposits - 12 months More details
	4.75^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposits - 12 months
Term Deposits - 12 months More details
	4.70^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Bankwest Term Deposit - 12 months
Bankwest Term Deposit - 12 months More details
	4.65^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	500		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	4.85^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	250000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($250k+) - 12 months
Term Deposit ($250k+) - 12 months More details
	4.60^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000		$product[$field["value"]]	$product[$field["value"]]	More details
	Macquarie Bank Term Deposit (<$1,000,000) - 12 months
Macquarie Bank Term Deposit (<$1,000,000) - 12 months More details
	4.55^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details
	4.55^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	50000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit ($50000-$5000000) - 12 months
Term Deposit ($50000-$5000000) - 12 months More details
	4.60^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	1000		$product[$field["value"]]	$product[$field["value"]]	More details
	Farm Management Deposit - 12 months
Farm Management Deposit - 12 months More details
	4.80^%_p.a.	Annually	12_months	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	5000		$product[$field["value"]]	$product[$field["value"]]	More details
	Term Deposit - 12 months
Term Deposit - 12 months More details

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Community First Credit Union breaks 4% one-year term deposit barrier

Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit ($250000-$500000) - 12 months

Term Deposit ($250000-$500000) - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Fixed Term Deposit - 12 months

Fixed Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Term Deposits ($10,000+) - 12 months

Term Deposits ($10,000+) - 12 months

Farm Management Deposit Account - Fixed Term ($50000-$99999) - 12 months

Farm Management Deposit Account - Fixed Term ($50000-$99999) - 12 months

Term Deposits - 12 months

Term Deposits - 12 months

Term Deposit (online) - 12 months

Term Deposit (online) - 12 months

Farm Management Deposit - 12 months

Farm Management Deposit - 12 months

SMSF Term Deposit - 12 months

SMSF Term Deposit - 12 months

Personal Term Deposits - 12 months

Personal Term Deposits - 12 months

Term Deposits - 12 months

Term Deposits - 12 months

Bankwest Term Deposit - 12 months

Bankwest Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit ($250k+) - 12 months

Term Deposit ($250k+) - 12 months

Macquarie Bank Term Deposit (<$1,000,000) - 12 months

Macquarie Bank Term Deposit (<$1,000,000) - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Term Deposit ($50000-$5000000) - 12 months

Term Deposit ($50000-$5000000) - 12 months

Farm Management Deposit - 12 months

Farm Management Deposit - 12 months

Term Deposit - 12 months

Term Deposit - 12 months

Staff Writers

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Monthly Repayment Figures

Related Brands

General Advice Disclosure