Members Equity Term Deposit

If you want to put your money to work theMembers Equity Term Deposit is an excellent way to do it. It has been said that you are either working for your money or your money is working for you. Of course, everyone wants their money to work for them, but doing that usually involves a bit of risk. With the economy just beginning to show signs of recovery it can be hard to take that leap into investing. None of us are in a position to lose our cash and with a term deposit you do not have that worry.

The Members Equity Term Deposit lets you invest your money with confidence because it is completely secure. Your interest rate will not fluctuate with the market, it is locked in the day you set up your deposit until the date it matures. You also get to choose the term, it can be anywhere from one month (30 days) to 24 months (730 days), it is up to you. You decide how long you are comfortable being without your cash, then sit back and watch it grow. You can even choose a specific date of maturity so if you want to sock it away until just before your next holiday or in time to make an extra large mortgage payment you can do that too.

The process is simple. As long as you are at least 12 years old and an Australian Citizen, permanent resident, or Australian resident for tax purposes with an Australian residential address you can apply for theMembers Equity Term Deposit. The minimum deposit is just $1,000 and there are no account keeping fees. That’s right, no fees just big returns on your money. Once you decide how long you want to leave your money in the account all you have to do is phone Members Equity and set up your deposit. Interest rates are high and there is potential to earn bonus interest of up to .25%, another easy way to add to your earnings.

Earning money does not get much easier then theMembers Equity Term Deposit. You make the deposit and then simply watch your money grow. Even if you should have to withdraw your cash early, there is no risk to your principle amount. The withdrawal fee is only charged on the interest you have earned, so no matter what your money is safe. Do not let your money sit one more day in a savings account earning you very little when you can earn big with a term deposit.

From a young age we are taught to save our pennies in a piggy bank and occasionally we’d make a trip to the bank with mum and dad to deposit our savings. Unfortunately, few of us realise the importance of these early lessons and so, when we grow out from under the watchful eye of our paren’ts, we neglect our piggy banks and make fewer and fewer trips to the bank for deposits. However, no matter how old you are, a term deposit account is a great way to get you back into the habit of saving with all of the paren’tal enforcement which you may be lacking.

A term deposit account does require you to have a starting balance but with Members Equity Bank you need just $1,000 to open a term deposit account and your funds are locked in earning a guaranteed interest rate for your chosen term. Features of a Members Equity bank term deposit account include:

• An opening balance of $1,000. You need just a small $1,000 deposit to open a term deposit account and over your chosen term your balance will grow, ready for you to reinvest a larger and larger sum at maturity each time. If you need to save your deposit, you can get back into the habit of putting away a little each week until you reach your goal.
• Your choice of term. You can choose to invest your funds in a term deposit with Members Equity for one month to 24 months. You can also select a maturity date which suits your individual goals.
• No fees. There are no establishment or account keeping fees to pay on your term deposit.
• You can apply if you are an Australian citizen, permanent resident or Australian resident for tax purposes. You must also be at least 12 years old, and have an Australian residential address.
• Existing Members Equity customers can apply over the phone. If you are opening a single account holder term deposit you can apply over the phone for a fast application.  

Super Members Term Deposit Benefits If you are a member of an eligible super fund or affiliated union, you can apply for a Super Members term deposit account. This term deposit account is specifically designed to give members of eligible super funds or affiliated ACTU unions a higher interest rate on your savings. Super Members term deposit rates are:

• A 6.10% interest rate for seven months.
• A 6.50% interest rate for 12 months.

• Accountants Super
• Australian Catholic Superannuation and Retirement Fund (NSW/Qld)
• Australian Enterprise Super
• Australian Government Employees Superannuation Trust
• Amcor Superannuation Fund Pty Ltd
• Australian Meat Industry Superannuation P/L
• Asset Super
• AUSfund
• Allied Union Superannuation Trust (Qld)
• AustralianSuper
• Austsafe Super Fund
• Auswide
• AXA Health
• Building Unions Super Scheme
• CARE Superannuation Plan Pty Ltd
• Construction and Building Union Superannuation Fund
• Catholic Church Staff Superannuation Fund (SA) – Transferred to NGS Super
• Part of the BUSS(Q) Programme
• City Super
• Clough Superannuation Pty Ltd
• Club Plus Superannuation Pty Ltd
• Club Super
• National Nominees Ltd ACF SPEC Pty Limited
• City of Perth Superannuation Fund
• Catholic Superannuation Fund
• CSL Superannuation Plan Pty Ltd
• Commonwealth Super Scheme (managed by ARIA)
• Equip Super
• ESI Super
• Emergency Services and State Super
• FIRST Super Pty Ltd
• Health Employees Superannuation Trust Australia
• Host Plus Superannuation Fund
• Intrust Super – Superannuation Australia
• The Industry Superannuation Fund Pty Ltd
• Local Government Superannuation Scheme
• Legal Super Pty Ltd
• SA Local Government Superannuation Scheme
• Labour Union Co-operative Retirement Fund
• Maritime Super
• Media Super
• Mercy Super
• Meat Industry Employees Superannuation Fund
• Master Superannuation Fund
• MTAA Superannuation Fund
• Motor Trades Association (WA)
• National Catholic Super Fund
• New South Wales Electrical Superannuation Scheme
• Non-Government Schools Superannuation Fund / ISST
• Nationwide Superannuation Fund
• NT Government and Public Authorities Employees Superannuation Scheme
• Prime Super
• Public Sector Super Scheme (managed by ARIA)
• Public Sector Super Scheme Accumulation Plan (managed by ARIA)
• Queensland Coal & Oil Shale Mining Industry Superannuation Ltd
• Queensland Independent Education & Care Superannuation Trust
• Quadrant Superannuation Scheme
• Retirement Benefits Fund Board
• RecruitmentSuper
• REI Superannuation Fund
• Retail Employees Superannuation Trust
• Superannuation Plan for Electrical Contractors (QLD)
• Statewide Superannuation Trust
• Sunsuper Pty Ltd
• Tasmanian Automobile Chamber of Commerce (Connected to MTAA Super)
• Tasplan Super
• Telstra Super
• TWU Super Fund
• Uniting Church Superannuation Plan Pty Ltd
• Uni-Super
• VicSuper Pty Ltd
• Victorian Automobile Chamber of Commerce (Connected to MTAA Super)
• Vision Super Pty Ltd
• WA Fire Brigade Superannuation Board (FESA)
• WA Local Government Superannuation Plan
• Water Corporation Superannuation Plan
• Westscheme Pty Ltd
• Western Power Superannuation Fund

Eligible unions are:

• Australian Airline Flight Engineers Association
• Australian Collieries Staff Association
• Australian Education Union
• Australian Federation of Air Pilots
• Australian Federal Police Association
• Australian Institute of Marine and Power Engineers
• Australian Licensed Aircraft Engineers Association
• Australian Meat Industry Employees Union
• Australian Maritime Officers Union
• Australian Manufacturing Workers Union
• Australian Nursing Federation
• Association of Non-Government Education Employees
• Association of Professional Engineers, Scientists and Managers Australia
• Australian Professional Footballers Association
• Australian Salaried Medical Officers Federation
• Australian Services Union
• Australian Writers Guild
• Australian Workers Union
• Bacon Factory Union of Employees
• Builders Labourers Union
• Blind Workers Union of Victoria
• Civil Air Operations Officers Association of Australia
• Communications, Electrical and Plumbing Union of Australia
• Construction Forestry, Mining and Energy Union
• Club Managers Association Australia
• Community and Public Sector Union
• Electrical Trades Union
• Flight Attendants Association of Australia
• Fire Brigade Employees Union (NSW)
• Finance Sector Union
• Fire Brigade Employees Union (NSW)
• Gippsland Trades and Labour Council
• Health and Community Services Union
• Hospital Salaried Officers Association of Western Australia
• Health Services Union of Australia
• Independent Education Union of Australia
• Independent Schools Salaried Officers Association of WA
• Liquor, Hospitality and Miscellaneous Workers Union
• Media, Arts and Entertainment Alliance
• Medical Scientists Association of Victoria
• Motor Trades Association WA
• Maritime Union of Australia
• Musicians Union of Australia
• New South Wales Nurses Association
• New South Wales Teachers Federation
• National Tertiary Education Union
• National Union of Workers
• Police Federation of Australia and New Zealand
• Public Service Association of NSW
• Public Transport Union
• Queensland Independent Education Union
• Queensland Nurses Union
• Queensland Public Service Union
• Queensland Teachers Union
• Rail, Tram and Bus Union
• Shop Distributive and Allied Employees Union
• Salaried Pharmacists Association
• State School Teachers Union of WA
• Textile, Clothing and Footwear Union of Australia
• Transport Workers Union
• Union of Christmas Island Workers
• United Firefighters Union of Australia
• United Services Union (NSW)
• Victorian Independent Education Union
• Wool classers Association of Australia
• WA Prison Officers Union of Workers

If you are not eligible for the Super Members term deposit account, you can apply for the Members Equity Standard Term Deposit account, which pays:

• A 3.75% interest rate for one month.
• A 5.85% interest rate for seven months.
• A 6.30% interest rate for 12 months.

Also, if you need to access your Super Members or your Standard Term Deposit account before maturity date, you will be penalised 2.00% interest. To be rewarded for your savings and encouraged to stick out your savings term without access to your funds, start a comparison of term deposit accounts now.