Suncorp Term Deposit
- Interest rate 6 months interest rate
- Up to 4.85% p.a.
- Minimum opening deposit
- $5,000
- Account keeping fee
- $0
- Maximum deposit
- $99,999
Summary
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.
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
Details
Key details
| Product Name | Suncorp Bank Term Deposit - $5,000+ |
| 3 month interest rate | 3.90% |
| 4 month interest rate | 4.65% |
| 6 month interest rate | 4.85% |
| 7 month interest rate | 3.60% |
| 9 month interest rate | 4.35% |
| 12 month interest rate | 4.25% |
| 24 month interest rate | 3.80% |
| 36 month interest rate | 3.80% |
| 48 month interest rate | 3.80% |
| 60 month interest rate | 3.80% |
| Minimum Opening Deposit | $5,000 |
| Minimum age requirement | 18 |
| Government guarantee | Yes |
Eligibility
| Minimum Age Requirement | 18 |
| Joint account availability | Yes |
| Min Deposit | $5,000 |
| Available to children | Not available for children |
Congratulations, Suncorp!
Suncorp received the following highly commended awards in the 2024 Banking Product Awards:
- 'Transaction Accounts'
- 'Travel Debit Card'
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Your reviews
Alison Finder
Editor
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Alison Banney Finder
January 10, 2023
Hi Dennis,
Self-Managed Super Fund (SMSF) pension recipients and SMSF trustees can open a Suncorp Term Deposit account however the interest rate may be lower (featured rates for deposits $100,000 – $999,999 with a 7-month term is 4.00% p.a.).
The requirements aren’t stated on their page but you will most likely need to provide the following:
– SMSF’s ABN and full name
– ACN and the full name of the trustee (for SMSF with corporate trustee/s)
– SMSF’s nominated Suncorp Bank account details – Customers are required to also hold a separate Suncorp Bank transaction or savings account for the funds and/or interest to be paid into on maturity.
You can confirm their requirements by calling them at 13 11 55 (Mon-Fri, 8 am-6 pm AEST).
I hope this helps.
Thanks,
Alison
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Pat
June 25, 2019
What bank has the best interest rate for 6 month term deposit on $125,000.00
Nikki Angco
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
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Samantha
June 20, 2019
Do you need an everyday account with Suncorp to open a term deposit?
Faye Manuel Finder
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
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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 06, 2018
Hi I have $3000 dollars to put in a term deposit for 6 months initially what is the minimum thanks
May Finder
April 06, 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
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DENNIS HATTON
January 06, 2023
I would like to open a 7 month term deposit at 7% interest rate. Can I open that account in the name of my SMSF? If so, what details do you need? Do I need to open any other account in order to have the term deposit account?