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Why choose a Suncorp Bank Term Deposit?
Low risk investment
A Term Deposit is a low risk investment because the rate at which you earn interest on a Term Deposit is fixed for the length of the term that you've chosen. Unlike other investment options which may be impacted by market fluctuations, you'll always know exactly how much you'll earn. Plus, your deposit funds are guaranteed by the Australian Government, subject to the limits as outlined in the Financial Claims Scheme^.
Your Term Deposit is guaranteed by the Australian Government.#
No set up or establishment fees
Plus, no ongoing account-keeping or transaction fees.
Easy to manage online
You can track and manage your Term Deposit in Suncorp Internet Banking and the Suncorp App.
Feel confident knowing your return on investment is guaranteed
A Term Deposit allows you to lock away an amount of money at a fixed interest rate for a nominated time period.
Your return on investment is guaranteed – this means you’ll know exactly what your investment is worth at the end of the term.
Flexible options let you customise your investment
- You can invest between $5,000 - $1,999,999 (for investments over $2,000,000, please call us on 13 11 55 or visit a branch for a negotiated rate).
- Choose a term that suits you with options from as little as one month up to five years.
- Decide how your interest will be paid with options of monthly, quarterly, six monthly, yearly or at maturity depending on the length of your deposit.^
- Decide what happens when your term deposit matures.
You can:
- Automatically reinvest the original amount and interest for another term between 1 and 18 months (please be aware that interest rates may be different at time of reinvestment).
- Increase or decrease the original amount for another term.
Or simply have the original amount plus interest earned paid into your Suncorp Bank account.
- Invest in a Term Deposit as part of a Self Managed Super Fund.
Is a Term Deposit right for you?
Before you consider investing in a Term Deposit, you should consider whether there is a chance you may require immediate access to your funds in the future. Once you have invested in a Term Deposit, your funds are locked away for the Term you have chosen. Should you need to withdraw the funds from the Term Deposit before the end of the agreed term (break your Term Deposit) you must notify the Bank and you will not be able to access your funds until 31 days have passed from the first business day since you notified the Bank unless you are suffering financial hardship.
For information about accessing your term deposit funds early, view ‘Breaking Your Term’ within the Product Information Document.
If you give consent for your Term Deposit to be automatically reinvested by the Bank at the end of the term, please be aware that your investment will be reinvested at the then current interest rate applicable for the same Term, meaning the interest rate applied to your new investment could be lower than our current interest rates.
Interest rates
Term Deposit fees
Get started today
Apply online
Save time and apply for a Term Deposit in Internet Banking
Call 13 11 55
Talk to a specialist
Mon-Fri, 8am-6pm AEST
Visit us in branch
For face-to-face support
Frequently asked questions
What happens at the end of a term deposit?
About 3 weeks before your Term Deposit maturity date, we’ll notify you that your Term Deposit is about to finish. We’ll provide you with information regarding your options and then ask you to provide us with your instructions on what you would like us to do with your funds.
The date when the investment term of your fixed term deposit ends. For more information, please visit the terms and conditions for Suncorp accounts.
Yes. Negotiated rates are available for amounts $2,000,000 and over. Please contact us for additional information.
If we agree to end your term deposit prior to the maturity date:
- You won’t have access to the funds until after 31 days from the first business day since you notified the Bank to withdraw your funds (unless grounds of hardship exist).
- You’ll lose a portion of the interest earned on your investment, calculated up to the date your Term Deposit is broken. The amount of interest you will lose will depend on how early in the investment term you seek to withdraw your funds.
For information on the portion of interest adjustment, please read our Product Information Document.
How do I open a Term Deposit?
You can apply online via the Suncorp App or Internet Banking if you are:
- an existing Suncorp Bank customer
- opening a Term Deposit under one name.
Joint applicants will need to call us on 13 11 55 or visit your nearest branch.
Things you should know
Fixed Term Deposits issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No: 229882 (“Suncorp Bank”). Advertised rates not available for alternative Interest Payment frequencies. An interest adjustment will apply to early withdrawals. Other Fees and charges may apply.
Minimum deposits and withdrawals may apply. Please read the Product Information Document before making any decision regarding this product. For a paper copy visit your local branch or contact us on 13 11 55.
# The Financial Claims Scheme (FCS) under the Banking Act 1959 applies to the deposit accounts you have with us. You may be entitled to a payment under the Financial Claims Scheme in some circumstances. Payments under the Financial Claims Scheme are subject to a limit for each customer. Information about the Financial Claim Scheme can be obtained from the Financial Claim Scheme website at www.fcs.gov.au.
Low risk investment
A Term Deposit is a low risk investment because the rate at which you earn interest on a Term Deposit is fixed for the length of the term that you've chosen. Unlike other investment options which may be impacted by market fluctuations, you'll always know exactly how much you'll earn. Plus, your deposit funds are guaranteed by the Australian Government, subject to the limits as outlined in the Financial Claims Scheme^.
Choose how the interest is paid
Interest payment options depend on your Term Deposit term
