Fixed Term
Deposits
Earn interest on your savings.
A fixed-term deposit account is separate to all other savings and funds are not held against a loan. Members can save by lump sum up to €25,000. Earn interest of up to 4% on your savings.
You can only access the funds held in the account upon maturity, thereby offering you peace of mind that your funds are invested in a low-risk investment option with an assured return at the end of the period.
Deposit Account Options
| Term | Detail | AER | Gross Return |
| 12 months | MFCU 1-year deposit | 1.75% | 1.75% |
| 24 months | MFCU 2-year deposit | 2.0% | 4.0% |
- Minimum Amount: €5,000
- Maximum Ammount: €25,000
- Interest Payment Frequency: End of Fixed Term.
How to get started …
Join MFCU
You must be a member of MFCU to be eligible for a Fixed-Term Deposit account. Join us online today at the link below.
application form
Fill in an application form for a Fixed-Term Deposit account and hand in to staff member in any of our North Dublin branches.
provide required documents
Provide the required documents – proof of PPS number & photo ID.
Why choose MFCU?
Enjoy our FREE Savings Accounts.
MFCU has a savings account for every type of saver. So whether you are saving for something in particular, have a lump sum to put away, or just want to build an ‘emergency fund’ to give yourself a little peace of mind, we can help. We’ll put together a savings plan that’s easily managed and that works for you. Start saving today.
Fixed-Term Deposits – FAQ’s
What’s the difference between a demand account (Shares/CU Cash) and a Fixed-Term Deposit Account?
Demand accounts give you full access to your savings at any time. With fixed term accounts your savings are locked away for the set period. Fixed term accounts usually offer better interest rates than demand accounts.
How do I setup a Fixed-Term Deposit Account? What documents do I need to set it up?
You must be over 18 and be a member of MFCU to set up a Fixed Term Deposit Account. In addition, you must hold a minimum amount in your shares to hold a Fixed Term Deposit Account. A copy of the application form can be found here and the suitability statement can be found here.
Alternatively, if you have any questions, please call our Member Service Team on 01 8513400 or email us at info@mfcu.ie to book an appointment to apply for a Fixed Term Deposit Account. A copy of our Terms and Conditions can be obtained here.
If you are not already a member and you wish to join MFCU you will be required to provide:
- Proof of ID, e.g., driving licence or passport (PPS cards cannot be accepted as proof of ID)
- Proof of address, e.g., utility bill or bank statement issued within the last six months.
- Proof of PPS number, e.g., payslip, P60, revenue documentation. Please be advised that we cannot accept the Public Service Card as proof of PPS Number.
Can I make additional lodgements or withdraw early from my Fixed-Term Deposit Account?
Additional lodgements are not permitted to the Fixed Term Deposit. Lump sum lodgements are only allowed when the Fixed Term Deposit has been set up.
It is not possible to withdraw a portion of your funds throughout the term of the investment. Early encashment of the fixed term deposit is the only option and the account will then be closed.
If you feel that you may need full or partial access to your funds during the Term, then this Account may not be appropriate for you. However, please contact us and the team will be happy to advise you on the most suitable savings product to match your requirements.
What happens if I set up a Fixed-Term Deposit Account and I change my mind, or my circumstances change, and I don’t want the account?
In the event that your circumstances change, or you change your mind, after you have completed the application form; you can withdraw some or all of your account balance up to 14 calendar days from the date of account set up, without charge.
In the event that the 14 days have passed it is not possible to get access to the funds in advance of the maturity date.
Is there a minimum and maximum balance I can hold in my Fixed Term Deposit Account?
There is a minimum balance that can be lodged of €5,000.
The maximum balance that can be lodged is €25,000.
Are my savings safe?
You are allowed save up to maximum limit of €30,000 with Member First Credit Union.
All of your Credit Union savings including any Fixed Term Deposits are covered up to limit of €100,000 in line with the Deposit Guarantee Scheme. Further information on the scheme is available on www.depositguarantee.ie
What happens to my savings at the end of the deposit term?
All interest is applied to the account on the maturity date and the funds are automatically transferred back to your shares account. The Fixed Term Deposit Account will subsequently be closed. You then have the option to withdraw the funds; retain your funds in shares or alternatively you can reinvest in a further Fixed Term Deposit Account.
Can I see my Fixed Term Deposit Account online?
Your Fixed Term Deposit Account can be viewed online after it has been set up. However, you will not be able to set up a Fixed Term Deposit Account online. We require you to call into our branch and complete an application form. A copy of the application form can be viewed here.
Important Information
FUNDS ARE LOCKED-IN
It is not possible to access the funds in the account in advance of the maturity date. The total amount inclusive of interest earned will be credited to your shares upon maturity.
ANNUAL INTEREST
Interest is paid annually and DIRT will be deducted at source at the prevailing rate.
AER – ANNUAL EQUIVALENT RATE
Annual Equivalent Rate (AER) illustrates what the interest would be if interest was paid and compounded each year. Our AER calculation assumes that the account is held for a year and that the interest rate remains constant.
LUMP SUM PAYMENT
Direct Debits and Standing Orders cannot be set up on fixed term deposit accounts.
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