Savings account vs term deposit
Credit Union SA Children's Savings Account vs term deposit
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Interest over 1 year on $50,000
$2,300
4.60% a year, conditions met
$2,650
5.30% a year · paid at maturity
Over 1 year on $50,000, Credit Union SA Children's Savings Account pays $2,300 with its conditions met; Credit Union SA's 12-month term deposit pays $2,650.
Worked out on $50,000 until you pick a balance
Credit Union SAChildren's Savings Account
Credit Union SATerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,300
with its conditions met
$2,650
paid at maturity
+$350 · More interest over the term
Interest over 1 year without meeting the conditions
on $50,000
$25
at the base rate
$2,650
no monthly conditions
Rate over the term
a year, on $50,000
4.60%
with its conditions met
5.30%
fixed for the term
+0.70 · Higher rate over the term
Asked of you each month
- A deposit
- No withdrawals
Nothing
the money stays put
Getting the money out
Any time
a withdrawal can cost that month’s bonus
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
the bank sets it
No
fixed for 1 year
Minimum to open
None
$1,000
Who can open it
Anyone under 18
Anyone
How they differ
- A savings rate can change at any time. Credit Union SA Children's Savings Account's figure holds today's rate for 1 year.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at Credit Union SA shares that one $250,000.
Credit Union SA Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
4 monthsPaid at maturity5.10%$850
5 monthsPaid at maturity3.00%$625
7 monthsPaid at maturity3.00%$875
8 monthsPaid at maturity3.00%$1,000
9 monthsPaid at maturity3.00%$1,125
10 monthsPaid at maturity5.30%$2,208
11 monthsPaid at maturity3.00%$1,375
1 yearPaid at maturity5.30%$2,650
3 yearsPaid at maturity2.90%$4,350
4 yearsPaid at maturity2.90%$5,800
5 yearsPaid at maturity2.90%$7,250
As of 2 November 2026, over 1 year on $50,000, Credit Union SA Children's Savings Account pays $2,300 with its monthly conditions met; Credit Union SA's 12-month term deposit pays $2,650 at 5.30%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.