Suncorp Term Deposit

Suncorp Term Deposit

Min. Opening Deposit


Account Keeping Fee


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

  • Up to 2.25% p.a. for a 6 month Suncorp 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
3 month interest rate
4 month interest rate
6 month interest rate
9 month interest rate
12 month interest rate
24 month interest rate
36 month interest rate
48 month interest rate
60 month interest rate
Min Deposit
Joint Application
Minimum Age Requirement
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:

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.

Interested is paid daily

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.

A range of terms available

You have the option of terms ranging from one month to up to five years.

$5,000 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.

Reinvest or rollover your funds at 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 retirees or SMSFs

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. Compare other Suncorp products.

Launch term deposit calculator


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


  • 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 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 to apply

  • 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 required

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.

What happens after I submit my application?

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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3 Responses to Suncorp Term Deposit

  1. Default Gravatar
    Paul | January 17, 2017

    Thanks May,
    That is what I was after.

  2. Default Gravatar
    Paul | January 16, 2017

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

    • Staff
      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.


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