Firstmac Term Deposits

Firstmac provides a selection of term deposits and an easy online application. Its offers terms ranging from one month to two years for deposits of over $5,000 and under $5 million. The institution can also provide tailored interest rates for deposits larger than $5 million or terms outside of its base offerings.

All of the institution’s term deposits are actually white-labelled products of BNK Bank and its subsidiary Goldfields Money, however you can still apply online via Firstmac.

They pay interest at maturity or, in the case of its two year term deposit, annually. That’s unlike other providers that might allow interest to be paid monthly, quarterly, or semi-annually.

InfoChoice’s market research found Firstmac term deposit rates are typically competitive compared to those offered by other market participants. However, Firstmac offers fewer term deposit products than some other institutions. 

Customers can view their Firstmac term deposits by logging on to Firstmac Money via the lender’s website. 

There is no limit as to how many term deposits a person can open through Firstmac. It also doesn’t charge fees to set up a new term deposit.

When a Firstmac term deposit matures, a customer can choose to reinvest the original deposit plus interest earned, add to the original deposit, withdraw the interest and reinvest the principal, or withdraw their money all together.

Goldfields term deposits, delivered via Firstmac, are covered by the Australian Government’s Financial Claims Scheme, which promises depositors will receive up to $250,000 per account holder back in the unlikely event a financial institution collapses.