UBank has unveiled an environmentally-focused term deposit that allows consumers to indirectly invest in renewable energy projects.
When consumers invest in a UBank Green Term Deposit, their money will be matched to initiatives such as wind power, solar power, low-carbon transport and low-carbon buildings.
Green Term Deposits are certified by the Climate Bonds Initiative (CBI), according to UBank. Features include:
- Personal and SMSF options
- Minimum investment of $1,000
- Term lengths of two, five, seven, eight, ten and eleven months
At the end of the term, investors can qualify for a loyalty bonus of 0.10 percentage points if they roll over the entire amount (assuming they haven’t made any withdrawals during the term).
Here’s how much you would earn with a $10,000 investment in a UBank Green Term Deposit:
|Term||Interest rate (without bonus)||Final payout|
|2 months||2.10% p.a.||$10,035|
|5 months||2.60% p.a.||$10,108.33|
|7 months||2.65% p.a.||$10,155.58|
|8 months||2.65% p.a.||$10,176.67|
|10 months||2.65% p.a.||$10,220.83|
|11 months||2.65% p.a.||$10,242.92|
“Australians are becoming increasingly aware of their ecological footprint and demanding more choice into how their investments impact it,” he said.
“It’s the first CBI-certified product of its kind in the retail space globally, and another example of how our innovative team is redefining banking for our customers.”