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$200 free fuel with your $50,000 Term Deposit 8.50% for 12 months

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$200 free fuel with your $50,000 Term Deposit 8.50% for 12 months
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punter1 on 24/06/2008 - 12:51 communityfirst.com.au (236 clicks)

$200 free fuel with your Term Deposit
Community First, Sydney’s largest community based Credit Union, is offering $200 free fuel to anyone who takes out their current 12 month Term Deposit Special.
Under the special, the interest rate is 8.50%p.a.*, the minimum deposit amount is $50,000 and the term is 12 months. If the $200 free fuel was viewed as interest, it would equate to an extra 0.40%p.a. on the term. This makes the overall return (including free fuel) a huge 8.90%p.a.
The offer is for a limited time only so be quick.
A Product Disclosure Statement(PDS) for Savings Accounts and Payment Services and Term Investments is available on this website. You should read and consider the PDS when deciding to use any product.
^ Terms and Conditions of the Term Deposit Term Special - Fuel Offer
Visit www.communityfirst.com.au and look under the Latest News section for more information.

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closed Comments

  • Pigey on 24/06/2008 - 13:00

    Is it worth the risk putting that much money in a non-bank? :)

  • punter1 on 24/06/2008 - 13:09

    there is no guarantee money is safe with the big banks too.

    • Pigey on 24/06/2008 - 16:58

      There is more safety in big banks.

      The RBA has given asssurance that it will bail out a failed bank.

      Banks are subject to tighter regulations under APRA, unlike a less regulated credit union.

      Bankwest have 8.7% over 12 months anyway, if you're investing more than $100,000 it works out better.

      6 months
      8.50%p.a.

      12 months
      8.70%p.a.

      • megaloman on 24/06/2008 - 17:26

        Where do you get this info from?
        As far as I know, the RBA has never guarantee that a failed bank will be bailed out.
        http://business.theage.com.au/is-your-bank-deposit-safe-no--…

      • Icy on 24/06/2008 - 17:41

        That's correct, unlike in the USA we are skr00d here if there's a run on the banks. They may be able to bail a few smaller banks (as happened in South Australia already) to prevent a massive run, but if you don't believe me then just try and get something in writing from a bank saying otherwise as I'd be very interested to see it.

        And in case it goes down, the money made back from liquidation pays out the owners (shareholders) first, not the customers.

  • cacbm on 24/06/2008 - 13:19

    It's a good deal as I currently have a bit of money wanting to put into a bank.

    I've got a BankWest account (non-term deposit) but that only gives 7.25% because I have had the account for awhile. But I've never put money or deal with a credit union before. Can anyone tell me what the difference is and are there any potential risks?

    Also, is Community First credible? I know it probably is but I'm in Victoria and have never heard of it.

    Alan

  • punter1 on 24/06/2008 - 13:31

    I have never dealt with credit union or building societies.
    Better to contact APRA.

  • mawinmawin on 24/06/2008 - 13:40

    200$ is about 0.04% (makes this interest rate approx 8.9%)

  • ESEMCE on 24/06/2008 - 13:41

    I'm from SA so have never heard of this Credit Union either, but I do all my banking with Credit Unions.. they offer almost all of the good services of a bank, with few or none of the bad "services" (ie fees).

    For example, the credit union I deal with has unlimited free ATM withdrawals and there's no monthly fee for that, unlike banks.
    I pay no monthly fees at all in fact!

    Seriously though, if you have $50k just lying around, you probably need to see a financial advisor and invest it properly..

    • scotty on 24/06/2008 - 14:09

      Ha! I do know people who park their money currently so they can get back to investing after all the turbulence in the markets lately…

  • snakeoilos on 24/06/2008 - 17:26

    This is a strange promotion… If I have $50k to spare, I wouldn't worry about the "measely" $200 in fuel vouchers….

  • chichi on 24/06/2008 - 18:56

    treblid I was thinking the exact same thing!

  • Squ1shy on 24/06/2008 - 19:02

    LOL My thoughts exactly on the $200 vs $50,000 deposit =P But it's a nice bonus if you were going to invest anyway.

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