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. Remember, you can’t access your deposit until the term has ended, so make sure you choose a term length with this in mind.
- Product Name
- RACQ Bank Term Deposit
- 1 month interest rate
- 1.90%
- 3 month interest rate
- 2.35%
- 4 month interest rate
- 2.60%
- 6 month interest rate
- 2.55%
- 9 month interest rate
- 2.50%
- 12 month interest rate
- 2.70%
- 24 month interest rate
- 2.70%
- 36 month interest rate
- 2.80%
- 48 month interest rate
- 2.90%
- 60 month interest rate
- 2.90%
- Min Deposit
- $1,000
- Max Deposit
- $1,000,000
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 2.90% p.a.
Earn more interest the longer you lock your money away with a RACQ Term Deposit. You can earn up to 2.90% p.a. if you choose a four year term.
Receive interest payments annually or when the term matures
For term lengths longer than one year, you can opt to receive your interest payments annually or at the end when the term matures. You can also receive interest payments monthly; however, different interest rates will apply.
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
- 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
- Online and mobile banking
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.
