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
- 2.00%
- 4 month interest rate
- 2.30%
- 6 month interest rate
- 2.25%
- 9 month interest rate
- 2.30%
- 12 month interest rate
- 2.35%
- 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:
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.
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 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.
Related savings accounts
Related guides
Compare 3 Month Term Deposits
A 3 month term deposit is a short term commitment for locking away your cash while it earns interest. ...
Tax Guides and Calculator
Lodging your tax return shouldn't be hard. Read our guides here. ...
Student Banking Guide: Tips for Young Adults
Surviving as a student can be hard – here are some simple tips to help you get the most of your finances. ...
Small Business Guide: How to Get Help and Support for Your Small Business
We have a range of information available for small businesses – here are our tips....
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
Thanks May,
That is what I was after.
What are the penalties for early redemption of a term deposit?
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