In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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RACQ Bank Term Deposit (QLD residents only)
Interest rate 6 months interest rate
Up to 4.85% p.a.
Minimum opening deposit
$1,000
Account keeping fee
$0
Maximum deposit
$1,000,000

Summary

Earn a competitive fixed interest rate and choose a term length between one month and five years.

The RACQ Term Deposit offers a fixed rate of interest and terms ranging from one month to five years. The fixed rate of interest makes it easy to calculate your interest payments, making this a safe and reliable way to invest your savings for a length of time that suits you.

Pros

  • You must have a Queensland residential address to open this account
  • Choice of term lengths from one month to five years
  • Access benefits and discounts with a RACQ membership
  • Higher interest rates for longer terms provides a great incentive to save

Cons

  • Need a Queensland residential address to open this account
  • Need to link the term deposit to a RACQ bank account

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name RACQ Bank Term Deposit (QLD residents only)
3 month interest rate 4.80%
4 month interest rate 3.50%
6 month interest rate 4.85%
7 month interest rate 3.50%
9 month interest rate 4.75%
12 month interest rate 4.75%
24 month interest rate 4.20%
36 month interest rate 3.95%
48 month interest rate 3.95%
60 month interest rate 3.95%
Minimum Opening Deposit $1,000
Minimum age requirement 13
Government guarantee Yes

Eligibility

Minimum Age Requirement 13
Joint account availability Yes
Min Deposit $1,000
Available to children Not available for children under 13 years of age

Key features

For Queensland residents

RACQ is a financial institution that has been providing products and services to Queenslanders for more than 100 years.

Terms from one month to five years

Choose a term length from one month up to five years to suit your savings goal. You can't access your deposit until the term reaches maturity.


How to apply

Eligibility

Make sure you meet the eligibility criteria and have the necessary documents handy.

  • Age. You must be over 13 years old to open this account (or 18 if you're opening the account online).
  • Queensland resident. You must have a Queensland residential address to open an account with RACQ.

Your reviews

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Ask a question

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Alison Finder

Editor

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Cheryl

August 29, 2019

Can we withdraw funds from term deposit. If yes, is there a minimum, any penalty and how long does it take to get funds?


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Nikki Angco

August 30, 2019

Hi Cheryl,


Thanks for getting in touch! Yes, you can withdraw funds from your RACQ Term Deposit. Note that there is an early redemption fee where the interest rate is reduced by 2.00% for the term of the deposit. To know how long it takes to take the funds out, please contact RACQ directly.


Hope this helps!


Best,

Nikki


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Ken

August 08, 2019

Would you please advise the interest rate on term deposit for 2 months?


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Jeni Finder

August 09, 2019

Hi Ken,


Thank you for getting in touch with Finder.


As of this writing, RACQ’s term deposit interest rate for 2 months is 1.50% p.a. Please visit their official page for the rates.


I hope this helps.


Thank you and have a wonderful day!


Cheers,

Jeni


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