RACQ Bank Term Deposit
Earn a competitive fixed interest rate and choose a term length between one month and five years.
|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.|
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
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.
- 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.