Suncorp Term Deposit

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.

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Shirley Liu

Last Updated Jan 6, 2021

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Details

Product Name	Suncorp Term Deposit $5,000-$99,999
3 month interest rate	0.45%
4 month interest rate	0.20%
6 month interest rate	0.45%
7 month interest rate	0.20%
9 month interest rate	0.20%
12 month interest rate	0.40%
24 month interest rate	0.50%
36 month interest rate	0.35%
48 month interest rate	0.35%
60 month interest rate	0.35%
Minimum Opening Deposit	$5,000
Minimum Age Requirement	18

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.

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$5,000
Available to children	Not available for children

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

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.

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

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.

Depository requirements. You must be able to deposit at least $5,000 in order to activate the term deposit.

Documentation needed

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.

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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12 Comments

Pat
June 25, 2019

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

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 conditions of the account before applying. Feel free to reach out to the bank if you need any clarifications.

With care,
Nikki

Samantha
June 20, 2019

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

finder 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

Glennis
June 19, 2018

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

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

Kelly
April 6, 2018

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

finder 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

finder 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

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Suncorp Term Deposit