Catherine never thought about opening a term deposit to grow her savings, until she saw an email about Bank Australia’s Impact Term Deposit pilot.
“I never thought I would have a term deposit, because I just assumed – oh, you need fifty thousand dollars for that! But then I saw I could participate in the pilot with just $500 and it really changed my thinking.”
Catherine was drawn to the Impact Term Deposit because it helps create impact in areas that she cares about, and hopes the funds she and others have invested will contribute to Bank Australia’s impact in the affordable housing sector.
Saving to become a first home buyer is one of Catherine’s financial goals, so she enjoyed seeing her savings locked away in a term deposit each time she logged on to internet banking.
“All my life, my money has gone on books, music and travel – but now is a good time to start saving for a home, and I feel I’m in control of my financial security.”
A strong appeal of the Impact Term Deposit was knowing that while her savings were accruing a higher interest rate for six months, they were also contributing to someone else’s needs.
“I just thought – imagine if everyone contributed $500? Imagine what we could do!”
Catherine is active in her community, contributing as a volunteer and advocate for equal rights for refugees and other recent migrants, teaching English to a Somali family and helping international students apply for permanent visas.
“Everybody has a story, you know – and when you make a difference to them, they also make a difference to you,” Catherine says.
Having become a customer 2 years ago, drawn to Bank Australia’s promise of using customers’ money as a force for good, Catherine believes banks can play an important role in increasing access to affordable and secure housing.
In Australia, the fastest growing group of homeless people is women over the age of 55, and Catherine has seen women in her community lose access to safe and secure homes because of domestic violence.
“I’m 54 and there are a lot of women getting to my age and finding they don’t have enough money, they don’t have permanent housing, and then there’s domestic violence – I’ve had several friends in these situations.”
Catherine has helped friends access crisis accommodation, but believes increasing access to affordable housing, including secure rental accommodation and community housing, is critical to addressing both issues of homelessness and the impacts of domestic violence.
“It feels great knowing my money is helping address issues in our community. And I’m going to keep using a term deposit because now I’ve done it, it has opened my mindset to using one to help me save.”