The current economic climate necessitates prudent management of funds and in light of falling deposit rates both in the commercial banking sector and in non-financial institutions, AMGECU has had to re-adjust its existing deposit rates,while still providing competitive returns on Members’ deposits.
The following are the deposit products and the new interest rates applicable from November 16th,2012.
|Amount||Guaranteed Rate||Guaranteed Rate Retirees (60 yrs and over)|
|$100,000 and over||1 %||1.25 %|
Minimum investment is $ 1000.00
Penatly -0.25 % below annual rate for early withdrawal.
For early withdrawals of $ 100,000 and over require 14 days notice.
All Fixed Deposit have a minimum term of 1 year and are tax free.
Fixed Deposits can be used as Securities for Loans.
All US dollars fixed deposit will carry a Guaranteed rate of 0.5%. Rates are subject to change without prior notice.