You can choose how and when you'd like to receive interest, giving you control over how your earnings are managed. There are no ongoing account-keeping fees, so your full return stays with you. While early access to funds is allowed with at least seven days’ notice, this may affect the interest earned. At the end of the term, automatic rollover is available, with reminders sent out so you can decide whether to reinvest or withdraw your funds.

How to get started with a Community First term deposit

To be eligible, applicants must be 18 years or older, an Australian citizen or permanent resident, and have a stable income with at least six months of continuous employment. A positive credit history is also required, with no defaults or bankruptcies in the past five years.

As with its other products, requirements include:

• Valid ID and proof of address

• Current and previous contact details, including phone and email

• Employment and income information

• A summary of your assets and financial obligations

• Recent bank transaction history, submitted securely through Community First’s online system