Suncorp Term Deposit

Suncorp Term Deposit

Min. Opening Deposit

5,000

Account Keeping Fee

0

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

  • Minimum deposit amount only $5,000
  • You choose how your interest is paid to you
  • Terms of between 1 month and 5 years available

Product details

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.

Product Name
Suncorp Term Deposit
1 month interest rate
1.55%
3 month interest rate
1.80%
4 month interest rate
1.90%
6 month interest rate
2.35%
9 month interest rate
2.30%
12 month interest rate
2.45%
24 month interest rate
2.50%
36 month interest rate
2.45%
48 month interest rate
2.50%
60 month interest rate
2.55%
Min Deposit
$5,000
Joint Application
Yes
Minimum Age Requirement
18
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the Suncorp Term Deposit?

Look at what types of features other Australian banks provide with their term deposit accounts and compare those with what you get when you open one with Suncorp Bank:

  • Monthly fees. You will not see any monthly fees with a Suncorp Term Deposit.
  • 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.
  • Interest calculation. Interest is calculated on the balance daily.
  • Interest payments. You can choose to have payments made monthly, quarterly, every six months, yearly or at maturity, depending on the length of terms you choose. Interest rates are reduced when you choose to have your payments made with more frequency.
  • Length of terms. You have the option of terms ranging from one month to up to five years.
  • Minimum deposit. A minimum of $5,000 is needed for a term deposit account.
  • Break costs. 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.
  • Reaching maturity. When your term does reach maturity you will have the option of withdrawing your funds or reinvesting them in a new term deposit. Without specific instruction from you, Suncorp will reinvest the money for the same term and at the current interest rate.
  • Suitable for. Term deposits are not only helpful in reaching financial goals, they can be used like a trust fund, for retirees to live off of the interest,  and for self managed super funds.

Pros

  • $0 Account keeping fees
  • Flexible terms from 1 month to 5 years
  • Flexible interest payments: monthly, quarterly, six monthly, yearly or at maturity

Cons

  • High minimum investment amount of $5,000

How do I apply for the Suncorp Term Deposit?

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 click “Go to Site” and send them an online enquiry form. It will help in your decision making to know some of the eligibility requirements first:

  • Minimum age. Suncorp bank has savings products available for people as young as 12 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.

Documentation will also be needed to help in filling out the application and opening your term deposit. This will include:

  • 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.

Within two business days of making your online enquiry into a term deposit with Suncorp Bank, a representative will contact you to assist in the application and ensure that this is the right product for your circumstances.

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