Suncorp Term Deposit Review, Rates & Information | finder.com.au
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Suncorp Term Deposit

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Shirley Liu
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With Suncorp Bank you don’t need a large amount of starting capital to start building your savings with a term deposit

Australians who are just starting out in building their wealth or planning for future financial goals will appreciate the lower deposit requirements that are offered with Suncorp Bank’s term deposit accounts. With terms for both short and long term needs, and competitive interest rates applied to the entire balance, you have the opportunity to grow your savings quickly.

Up to 0.4% p.a.

Interest rate

24 months interest rate

$5,000

Minimum opening deposit

$0

Account keeping fee

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Details

Product NameSuncorp Term Deposit
3 month interest rate0.20%
4 month interest rate0.20%
6 month interest rate0.30%
7 month interest rate0.20%
9 month interest rate0.20%
12 month interest rate0.35%
24 month interest rate0.40%
36 month interest rate0.30%
48 month interest rate0.30%
60 month interest rate0.30%
Minimum Opening Deposit$5,000
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.

Key features

No monthly fees

You will not see any monthly fees with a Suncorp Term Deposit.

Fixed and tiered interest rates

The interest rates for a term deposit with Suncorp are fixed and tiered, providing the highest returns on longer investment terms and higher deposit amounts.

Launch term deposit calculator

How to apply

If the features that Suncorp offers for their term deposit account matches your savings goals, you will need to visit a branch in order to fill out an application. Alternately, you can visit their website and send them an online enquiry form. It will help in your decision making to know some of the eligibility requirements first.

Eligibility

  • Minimum age. Suncorp bank has savings products available for people as young as 18 years old.
  • Residency requirements. You must be a permanent Australian resident for tax purposes with a residential address in Australia.

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12 Comments

    Default Gravatar
    Pat
    June 25, 2019

    What bank has the best interest rate for 6 month term deposit on $125,000.00

    Reply
      Default Gravatar
      Nikki
      June 26, 2019

      Hi Pat,

      Thanks for getting in touch! It’s good to know that you’re looking to invest your money into a term deposit account.

      It’s helpful to know that while we compare a multitude of banks (and others) on our pages, we cannot recommend one product for you. If you’d like to compare and find the best interest rates for a 6-month term deposit, you can use our comparison table to help you find the account that suits you. On the page, you’ll find:

      • the list of banks you can choose from
      • how 6-month term deposits work
      • how to compare term deposits
      • pros and cons of 6-month term deposits
      • and some questions other users ask about the product that may answer some of your questions too!

      When you are ready, press the ‘Go to site’ of your preferred account to apply. As a friendly reminder, review the eligibility criteria and read up on the terms and condition of the account before applying. Feel free to reach out to the bank if you need any clarifications.

      With care,
      Nikki

      Reply
    Default Gravatar
    Samantha
    June 20, 2019

    Do you need an everyday account with Suncorp to open a term deposit?

    Reply
      Avatarfinder Customer Care
      Faye
      June 21, 2019

      Hi Samantha,

      Thanks for contacting Finder.

      Nothing mentioned on their eligibility criteria and Product Disclosure Statements/Terms and Conditions that you need an Everyday Account to open a Suncorp term deposit account.

      Below are the eligibility and documentation required to apply

      Minimum age. Suncorp bank has savings products available for people as young as 18 years old.
      Residency requirements. You must be a permanent Australian resident for tax purposes with a residential address in Australia.
      Depository requirements. You must be able to deposit at least $5,000 in order to activate the term deposit.

      Tax file number. With interest earning accounts, providing your tax file number (TFN) or exemption code enables the bank to withhold the correct amount of tax. Without this, they are obligated to apply tax on your earned interest at the highest marginal rate.
      Identification. Standard forms of acceptable identifying documents include your driver’s licence, passport and Medicare card.

      I hope this helps.

      Please feel free to contact us at any time if any other questions arise

      Cheers,

      Faye

      Reply
    Default Gravatar
    Glennis
    June 19, 2018

    So the term deposit interest rate is only 2.6% at present? I have over $200,000 for term deposit.

    Reply
      Default Gravatar
      Arnold
      June 19, 2018

      Hi Glennis,

      Thanks for your inquiry

      Yes, the current rate for a 24-month term deposit is 2.6%. If you wish to start a term deposit with Suncorp, please visit their Website to set this up.

      Hope this information helps

      Cheers,
      Arnold

      Reply
    Default Gravatar
    Kelly
    April 6, 2018

    Hi I have $3000 dollars to put in a term deposit for 6 months initially what is the minimum thanks

    Reply
      Avatarfinder Customer Care
      May
      April 6, 2018

      Hi Kelly,

      Thanks for your inquiry.

      With Suncorp Term Deposit, you would have at least $5,000 for a minimum deposit. Although depending on the account and bank, a term deposit account may require you to have a minimum deposit of at least $1,000 – $5,000. You might like to compare other term deposit accounts using our comparison table. Once you have chosen a particular account, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      May

      Reply
    Avatarfinder Customer Care
    Dee
    April 30, 2017

    Hi John,

    Thanks for your question.

    Kindly note that with Suncorp Term Deposit, if you need to request early access to your term deposit funds, you will need to do so 31 days in advance. Breaking the terms will result in a loss of interest based on the percentage of the term you did meet, along with a $30 administration fee.

    You can get in touch with Suncorp directly to request access to your term deposit funds.

    Cheers,
    Anndy

    Reply
    Default Gravatar
    Paul
    January 17, 2017

    Thanks May,
    That is what I was after.

    Reply
    Default Gravatar
    Paul
    January 16, 2017

    What are the penalties for early redemption of a term deposit?

    Reply
      Avatarfinder Customer Care
      May
      January 16, 2017

      Hi Paul,

      Thanks for your question.

      With Suncorp Term Deposit, you’ll be charged an administration fee of $30 if you will withdraw your term deposit funds early or before the term matures. Furthermore, you will need to inform Suncorp 31 days in advance before you withdraw. Breaking the terms will result in a loss of interest based on the percentage of the term you did meet.

      Cheers,
      May

      Reply
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