How was the Impact Term Deposit different to your other savings products?Īll banking with us including any fixed term deposit helps create positive change, underpinned by our responsible banking policy. We offered the Impact Term Deposit to our existing customers as a pilot program, with the potential to offer it more broadly and ongoing once the pilot concluded (and following an assessment of your feedback). And we understand that caring for people and the planet is a key reason our customers bank with us. Our history as a credit union and now a customer-owned bank has always been one of coming together to achieve something bigger than we could individually. Why did we offer the Impact Term Deposit? But if you withdraw some or all of the deposit before the agreed term finishes, you may incur a penalty that is deducted from the accrued interest. It can be an attractive option because the interest rate is usually higher than regular savings account rates. Fixed term deposits offer a guaranteed rate of return on your money for the life of an investment.
