Product details
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.
To be eligible to open a RACQ Term deposit account you must have a Queensland residential address.
With terms from one month to five years, this term deposit is super flexible and fits in with your personal savings strategy.
- Product Name
- RACQ Bank Term Deposit (QLD residents only)
- 1 month interest rate
- 1.50%
- 3 month interest rate
- 1.70%
- 4 month interest rate
- 1.70%
- 6 month interest rate
- 1.70%
- 7 month interest rate
- 1.65%
- 9 month interest rate
- 1.65%
- 12 month interest rate
- 1.65%
- 24 month interest rate
- 1.65%
- 36 month interest rate
- 1.60%
- 48 month interest rate
- 1.60%
- 60 month interest rate
- 1.60%
- Min Deposit
- $1,000
- Minimum Age Requirement
- 18
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.
Earn up to 1.60% p.a.
Earn more interest the longer you lock your money away with a RACQ Term Deposit. You can earn up to 1.60% p.a. if you choose a four year term.
How you'll receive interest payments
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.
Linked RACQ bank account
You’ll receive interest payments into your linked RACQ bank account. If you don’t have one already, you’ll receive one when you open your term deposit account.
Your deposit is guaranteed
The Australian government guarantees your deposit up to $250,000.
Online and mobile banking
Enjoy 24/7 access to your account via Internet banking or with the mobile banking app.
Become a RACQ member
When you open a RACQ Term Deposit, you’ll become a member of RACQ bank and enjoy a range of discounts on things like movie tickets, entertainment, attractions and roadside assistance.
Invest $1,000 or more
You don’t need a giant deposit to open a term deposit with RACQ. Deposit as little as $1,000 to get started with a RACQ Term Deposit.
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
How to apply
You can open this account online in less than 10 minutes by clicking “Go to site”. Make sure you meet the eligibility criteria and have the necessary documents handy.
Eligibility
- Age. You must be over 18 years old.
- Queensland resident. You must have a Queensland residential address to open an account with RACQ.
- Phone number. You need to supply a valid Australian mobile phone number.
Documentation
- Tax file number. Providing your tax file number (TFN) will help ensure that your interest earnings are taxed at the correct rate.
- Proof of identity. You’ll need to provide your Medicare details, driver’s licence or passport number.
You’ll get a call from RACQ after you’ve completed the application to confirm your account details.
If you don’t have a RACQ bank account, you’ll receive one when you open your term deposit. When your bank account is active, you can transfer money into the account which can then be transferred into your term deposit.
Can we withdraw funds from term deposit. If yes, is there a minimum, any penalty and how long does it take to get funds?
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
Would you please advise the interest rate on term deposit for 2 months?
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