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RACQ Bank Term Deposit

Alison Banney
Alison Banney
Last updated:  

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.

Up to 1.6% p.a.

Interest rate

12 months interest rate

$1,000

Minimum opening deposit

$0

Account keeping fee

$1,000,000

Maximum deposit

Details

Product NameRACQ Bank Term Deposit (QLD residents only)
3 month interest rate1.50%
4 month interest rate1.40%
6 month interest rate1.55%
7 month interest rate1.40%
9 month interest rate1.50%
12 month interest rate1.60%
24 month interest rate1.25%
36 month interest rate1.25%
48 month interest rate1.25%
60 month interest rate1.25%
Minimum Opening Deposit$1,000
Minimum Age Requirement18
The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.
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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

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.

  • Age. You must be over 18 years old.
  • Queensland resident. You must have a Queensland residential address to open an account with RACQ.
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4 Comments

  1. Default Gravatar
    Cheryl
    August 30, 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?

    Reply
    • Default Gravatar
      Nikki
      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

      Reply
  2. Default Gravatar
    ken
    August 8, 2019

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

    Reply
    • Avatarfinder Customer Care
      Jeni
      August 9, 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

      Reply
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