Why a Term Deposit?
Why get a Term Deposit with us?
A Term Deposit allows you to 'lock away' a portion of your money and earn interest on it over a time period of your choosing. It's an investment option that guarantees you a return on what you put in. You can invest from a little as $5,000, earn high interest with a great rate, and enquire online today to hear back from us in under two business days.
Is a Term Deposit right for me?
Perhaps you have an amount of money set aside but you're not sure if a Term Deposit is the best choice 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. If you think you will, a Term Deposit may not be the best option for you because once you invest your funds you cannot access them before the end of the agreed term. Another Suncorp Bank deposit product may be more suitable for you or simply start with a shorter term.
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.
If you know you won’t need immediate access to your funds before they mature, let's have a closer look at exactly what you'll get with a Suncorp Bank Term Deposit.
Term Deposits are safe, low risk investments. This is because the rate at which you earn interest on a Term Deposit is fixed - locked in - 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 on your Term Deposit. Plus, your deposit funds are guaranteed by the Australian Government, subject to the limits as outlined in the Financial Claims Scheme.^
Investing at competitive interest rates
We offer competitive interest rates on our Term Deposits to make your money work hard for you. Check out our current Term Deposit interest rates or try our Term Deposit calculator.
You choose how the interest is paid to you
You can also choose how often you'd like the interest you earn on your Term Deposit to be paid to you - either monthly, quarterly, six monthly, yearly or at maturity depending on the length of your deposit. Refer to the Product Information Document for more information on when interest on your Term Deposit can be paid to you. The interest you earn will be paid into your chosen Suncorp Bank account.
You choose the term of your investment
Having a Term Deposit doesn't mean you have to lock your money away for years. There are a variety of terms available, starting from just a month, and extending up to five years. If you're not sure you want to lock away your money for a long period of time because you don't know when you'll need it next, you can always choose a shorter term as a trial.
You choose how much you want to invest
You don't need lots of money to open a Term Deposit. If you aren't comfortable with locking a larger sum of money away, why not invest half or a third of what you have and see how you go? You can invest from as little as $5,000.
How can I get the most out of my Term Deposit?
Because a Term Deposit enables you to grow your money without the temptation of withdrawing it, you could use one to help you reach your financial goals faster.
A Term Deposit can be used like a trust fund
Give the gift that keeps on giving - use a Term Deposit as a trust fund for your kids or grandchildren. You'll be able to give them even more than your original outlay by earning interest and reinvesting over the years. The perfect 18th birthday present.
A Term Deposit can be used to park surplus business income
If you're a business owner, you could consider using a Term Deposit to park GST funds or extra money you may have, and all while earning interest.
Term Deposits for Retirees
Some people use Term Deposits as income when they retire by earning interest on their savings. They may choose to have their interest paid to them more frequently, like monthly or quarterly.
Using a Term Deposit when you've sold property
If you've sold a property and have some time before you plan to buy a new house or investment property, you could park your new funds in a Term Deposit for a few months to earn extra interest.
Term Deposits for Self Managed Super Funds (SMSF)
Term Deposits can also be used as part of a SMSF. Unlike shares or other investments which fluctuate with changing market conditions, Term Deposits offer guaranteed, fixed returns so they can help to stabilise your investment portfolio.
What are my other savings options?
Still not sure if a Term Deposit is right for you? Compare Term Deposits with our other savings options.
|Term Deposits||55 Plus Account||eOptions||FlexiRates||Business Saver Account|
I'm looking for
A long term investment that offers guaranteed returns. I don't need to withdraw my money for at least one month, and I have $5,000 or more to invest.
An everyday account that pays me interest. I can deposit or withdraw money whenever I want.
A high interest online savings account with no minimum to get started. I don't want an account that has a card because I'm trying to save.
Something like a Term Deposit but with no minimum to get started. I'm happy for this to be online only.
A business account where I can earn high interest on extra money, for example park BAS money. The option to attach flexiRates.
Monthly Account Keeping Fee
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Things you need to 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 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 FCS website at www.fcs.gov.au