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RACQ Bank has been assisting residents of Queensland for more than 110 years, initially in the areas of car insurance, roadside assistance and automotive services. Over that time, they've expanded to offer their services to the rest of Australia, as well as moved into new areas like banking and finance. With a versatile selection of products, it’s easy for RACQ Bank to handle all of your financial needs.
RACQ Bank is a for-member owned financial service provider for residents of Queensland. They are able to provide members with the same benefits and services found in traditional banks, yet focus on fee free banking and helping to build savings. The savings accounts they offer are designed to be manageable, while giving you an extra incentive to save.
Customers can use the RACQ Bank internet banking and mobile banking platforms for different reasons. You can turn online to view your statements and transaction history, you can make regular and scheduled bill payments via BPAY, you can manage payees and transfer funds, and you can even look forward to downloading transaction history.
The online banking platform relies on the use of 128-bit encryption to keep data secure.
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You can choose to lock in your interest rate for terms ranging from one month to five years with a term deposit from RACQ. The minimum investment amount is $1,000 with interest rates getting progressively higher if you choose to invest more into it. For term lengths longer than 12 months, interest is paid annually. For term lengths less than 12 months interest will be paid when the term reaches maturity.
Back to topRACQ Bank offers you the convenience of applying for their savings account products online. Expect the following as you start your online application:
It is always a good idea to compare the features of financial institutions and their various products before choosing one to help you with your financial needs. This will ensure that you are getting the terms that suit you for the best possible value.
Choose a term from one month to five years and earn a competitive, fixed interest rate on your deposit. This account is for Queenslanders only.
Benefit from unlimited use of your debit card when you bank everyday with the RACQ Bank's Everyday Account.
I have a $45,000 term deposit due to mature 0n 7 January 2019. I received 3% interest with Westpac for this deposit based on 8 months duration. Should I rollover or is there a better rate another institution could give me?
Hi Jane,
Thanks for reaching out.
It actually depends. If you wish to compare the interest earnings with other term deposit products versus your current rate with Westpac, that would surely help you decide. On this page, you’ll be able to find the different term deposit products available. To be able to know your interest earnings, just use the calculator on top of the table on that page and enter your deposit amount and term of investment then click calculate. So for instance, we’ll use $45,000 for the deposit and 9 months (no 8-month option) for the term. Based on the results, the following are the top earning brands:
1. ME Term Deposit = $945.00
2. RACQ Bank Term Deposit = $928.13
3. AMP Term Deposit $25,000+ = $928.13
You may want to visit the official site of the bank so you can open the account from there. Best to check and review the T&Cs and PDS of the account first before considering it’s the right product for you.
I hope that helps.
Cheers,
May