RACQ Bank Term Deposit

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.

To be eligible to open a RACQ Term deposit account you must have a Queensland residential addres

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Alison Banney

Last Updated Jan 1, 2021

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Details

Product Name	RACQ Bank Term Deposit (QLD residents only)
3 month interest rate	0.45%
4 month interest rate	0.50%
6 month interest rate	0.70%
7 month interest rate	0.80%
9 month interest rate	1.00%
12 month interest rate	1.50%
24 month interest rate	1.75%
36 month interest rate	2.00%
48 month interest rate	2.25%
60 month interest rate	2.50%
Minimum Opening Deposit	$1,000
Minimum Age Requirement	13

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.

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

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

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.

Earn up to 1.5% p.a.

Earn more interest the longer you lock your money away with a RACQ Term Deposit. You can earn up to 1.5% p.a. if you choose a one 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.

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.

Phone number. You need to supply a valid Australian mobile phone number.

Documentation needed

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.

Alison Banney

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Alison Banney is the banking and investments editor at Finder. She has written about finance for over 8 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including Greater Bank, bcu and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

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4 Comments

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
- 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
Ken
August 8, 2019

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

Reply
- finder 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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