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
- 1.05%
- 3 month interest rate
- 1.65%
- 4 month interest rate
- 1.40%
- 6 month interest rate
- 1.45%
- 9 month interest rate
- 1.40%
- 12 month interest rate
- 1.55%
- 24 month interest rate
- 1.50%
- 36 month interest rate
- 1.50%
- 48 month interest rate
- 1.50%
- 60 month interest rate
- 1.50%
- Min Deposit
- $5,000
- Minimum Age Requirement
- 18
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
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 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 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.
What bank has the best interest rate for 6 month term deposit on $125,000.00
Hi Pat,
Thanks for getting in touch! It’s good to know that you’re looking to invest your money into a term deposit.
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 refer to this page.
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!
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
Do you need an everyday account with Suncorp to open a term deposit?
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
So the term deposit interest rate is only 2.6% at present? I have over $200,000 for term deposit.
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
Hi I have $3000 dollars to put in a term deposit for 6 months initially what is the minimum thanks
Hi Kelly,
Thanks for your inquiry.
With Suncorp Term Deposit, you would to have at least $5,000 for a minimum deposit. Although depending on the account and bank, TD account may require you to have a minimum deposit at least $1,000 – $5,000. You might like to compare other TD accounts on this page.
Cheers,
May
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