Our verdict

Invest your balance of $100,000 or more into a Community First Term deposit for three months to three years and be rewarded with a competitive interest rate.

If you don’t have a balance of $100,000, Community First also offers term deposits for balances starting from just $5,000 instead.

Pros

Terms from three months to three years
Competitive, fixed interest rate
Choose how to receive interest payments

Cons

Large minimum deposit of $100,000

If you’ve got a balance over $100,000, a term deposit by Community First could be a good way to make your money work harder for you. You’ll benefit from a competitive, fixed interest rate for the duration of your term, with terms from just three months to three years. Read on to learn about the features of the Community First Term Deposit account.

Details

Key details

Product Name	Community First Bank Term Deposit - $100,000+
3 month interest rate	4.50%
4 month interest rate	4.50%
6 month interest rate	4.65%
7 month interest rate	4.65%
9 month interest rate	4.65%
12 month interest rate	4.65%
24 month interest rate	4.45%
36 month interest rate	4.35%
Minimum Opening Deposit	$100,000
Government guarantee	Yes

Eligibility

Joint account availability	Yes
Min Deposit	$100,000
Available to children	No minimum age

Key features

Minimum investment of $100,000

To access the interest rates featured in the table above, you need a minimum investment of $100,000. This account also has a maximum investment of $1,000,000.

Term length up to three years

You can choose how long you’d like to lock your funds away, from as little as three months to three years. Generally, the longer the term the high interest rate you’ll receive.

No account-keeping fees

You won’t pay any monthly account-keeping fees for this account, or any setup fees.

Competitive, fixed interest rate up to 4.35% p.a.

Interest rates for this account vary for different term lengths, as you can see in the table above. If you lock your funds away for three years you’ll benefit from a fixed interest rate of 4.35% p.a.

Interest calculated daily

Interest is calculated daily and you can choose to receive interest payments every four weeks, monthly or when the term reaches maturity. However if you opt for a term of less than one year, your interest will automatically be paid at maturity.

Early funds withdrawal

You need to give at least seven days notice to make a withdrawal from your term deposit before it reaches maturity, and you may be penalised with a reduced interest rate.

Term deposit maturity

Within 14 days of maturity you have the option of making a withdrawal or renewing your term deposit. Unless you give different instructions, Community First will re-invest the interest and principal according to the instructions you provided upon opening the account.

How to apply

You can apply online, over the phone or at one of Community First's financial services stores. You need to become a member first before you can apply for an account, which can be done online.

Eligibility

Minimum age. There is no minimum age requirement for this account.
Residency requirements. Account holders must be Australian residents with an Australian address.

Deposit requirements. You will be asked for a payment of $2 when you apply to become a member, and when activating the term deposit an opening deposit of at least $100,000 is required.

Documentation needed

Tax File Number. You are not obligated by law to provide your tax file number (TFN) but if you don't, Community First is required to deduct tax at the highest marginal rate from your interest earnings.
Identification. Applicants over the age of No minimum age can use their driver's licence, passport or Medicare card to provide proof of identity when applying for membership online.

What happens after I submit my application?

Once your membership with Community First has been confirmed, you can set up a transaction account or savings account online as well. When activated, either call or visit Community First so that you can open your term deposit as well, and have it linked to your existing account.

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Alison Finder

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Ray Valdeter

February 20, 2023

Are deposits up to 250,000.00 covered under the government guarantee?

Alison Banney Finder

February 21, 2023

Hi Ray,

Yes, deposits up to $250,000 in a Community First account are covered under the government guarantee scheme.

Gary Quinn

February 15, 2023

Good afternoon,

Request information on the cost to become a member please, I am looking to invest $240,000 at your 12 month T/D rate of 4.50%.

Regards

Gary Quinn

Alison Banney Finder

February 22, 2023

Hi Gary,

You’ve reached Finder, a financial comparison site. To become a member of Community First you need to supply them with details of a bank account in your name where they can debit your $2 membership fee from. Once you’re a member, you can open a term deposit.

Thanks,

Alison

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John

November 17, 2022

best way to invest $500,000 up to 3 years

Alison Banney Finder

November 22, 2022

Hi John,

You’ve reached Finder. Community First offer fixed rates for deposits up to $250k in their term deposit account. To learn about your options for a larger deposit of $500k, we suggest you speak with Community First directly.

Thanks,

Alison

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

Community First Term Deposit $100,000+

Pros

Cons

Key features

Minimum investment of $100,000

Term length up to three years

No account-keeping fees

Competitive, fixed interest rate up to 4.35% p.a.

Interest calculated daily

Early funds withdrawal

Term deposit maturity

How to apply

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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