bank mecu - responsible banking

special 5 month term deposit

• saving & investing account rates, fees and charges
• saving & investing account significant terms and conditions

 

features & comparisons

• Available

  responsible investment

  bankmecu is committed to investing its customers funds for economic performance in both socially and environmentally responsible ways. bankmecu is a signatory to the UN Environment Program Statement by Financial Institutions on the Environment, UN Global Compact and UN Principles for Responsible Investment. Furthermore our approach to sustainable development and enhancing customer value is guided by a covenant with the Victorian State Government.

  Learn more about bankmecu's commitments here.

• Available

  fixed interest rates

  This means you are guaranteed a rate of return over the term of the investment.

• Available

  the process

  Once your application for a Fixed Term Deposit has been approved by bankmecu, the following will occur:

  • the fixed term deposit will be established within your account and a Certificate of Deposit will be issued and sent to you
  • two weeks prior to maturity date, a letter will be sent to you to notify you of your term deposit maturity. You will be requested to provide instructions for re-investment or redemption of the term deposit
  • we will act upon your instructions. If we do not receive any instructions from you, the term deposit will be automatically re-invested at maturity, for the same term and conditions as previously invested, at the prevailing interest rate

Early Withdrawal Policy

For Term Deposits where interest is paid annually or at maturity, an agreement is entered into whereby bankmecu agrees to pay a specified interest rate on the amount invested. Interest paid on principal amounts withdrawn early will equate to the percentage of the current term over the original agreed term. e.g. If the term deposit is held for 80% of the original term, 80% of the accrued interest will be paid upon early redemption. Any funds not redeemed will remain in the account until final expiry of the agreed term and will attract the full rate of interest as originally specified. Minimum retained balance is $500.

For Term Deposits where interest is paid fortnightly, monthly or six monthly, early redemption is subject to a 30 day notice and interest penalty period calculated on the amount redeemed.

Federal Government Deposit Guarantee

Deposits up to $1M are automatically guaranteed by the Australian Government under the Financial Claims Scheme free of charge. The guarantee is voluntary for deposits in excess of $1M and shall incurr a fee.

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want to know more?

call bankmecu on 132 888 or email us at mail@bankmecu.com.au