For deposits $5,000 - $49,999
Why choose a Term Deposit?
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. You can choose the investment amount and time period that suits your needs, plus there are options to receive interest payments over the life of the term deposit.
- Guaranteed returns with fixed, competitive interest rates.
- Low risk investment guaranteed by the Australian Government*
- No account-keeping or transaction fees
- Choose a term between 1 month and 5 years
- Choose to invest nominated amount from $5,000 and above, with negotiated rates available for over $500,000
- Choose how the interest is paid; monthly, quarterly, six monthly, yearly or at maturity depending on the length of your deposit
- Suitable for use as part of a Self Managed Super Fund
Options for your investment
When you open a Term Deposit, you decide what happens when your investment is paid to you:
- Choose to reinvest the original amount and interest for another term
- Choose to increase or decrease the original amount for another term
- Or simply have the original amount plus interest earned paid into your chosen account
Is a term deposit the right option for me?
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 apply to the Bank and you will not be able to access your funds until 31 days have passed from the date you made your request unless you are suffering hardship.
For information about accessing your term deposit funds early, view Breaking Your Term within the Product Information Document
Monthly account keeping fee
All Suncorp Bank Transactions
Additional service fees
Request for audit certificate
Record search/copy fee
Interest certificate (previous financial years)
Early Withdrawal Administration Fee
$30.00 per certificate
$70.00 per hour
$15.00 per certificate
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.
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 75.
*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 investments 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