QBANK Term Deposits

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If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested in learning more about QBANK’s term deposits.

What term deposits does QBANK offer?

At the time of writing, QBANK offers one term deposit product. Features include:

  • No monthly account fees
  • Minimum deposit of $2,000
  • Higher interest rates are advertised for larger deposit amounts
  • Interest calculated daily and option of fortnightly, monthly, annually or at maturity interest payments

Compare Term Deposits

What terms are available on QBANK term deposits?

According to QBANK, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of three months to a maximum of five years.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you would have to wait longer to benefit from the higher interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on QBANK term deposits?

QBANK’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Fortnightly
  2. Monthly
  3. Annually
  4. At maturity

It’s worth remembering that the option you select may have an impact on the rate of interest you earn.

Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

Does QBANK have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, QBANK requires you to provide notice of 31 days if you wish to access your money early.

QBANK charges an early redemption fee if you withdraw your money before the end of the term. For example, according to QBANK, if zero to less than 20% of your term has elapsed, then they will apply a 60% interest rate reduction; If 20% to less than 40% of your term has elapsed, QBANK says it will apply a 50% interest rate reduction; and so on.

QBANK’s website and Product Disclosure Statement (PDS) provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does QBANK charge any other fees for term deposits?

At the time of writing, QBANK does not charge any monthly account fees.

For current information on fees and how they apply, please check the PDS or contact QBANK.

How to apply for a QBANK term deposit

Before applying for a QBANK term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

Compare Term Deposits

If applying, consider QBANK’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s licence or passport
  • Personal details, including your residential address, contact information and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.

To see if you can apply online for a QBANK term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit QBANK’s website.

Eligibility criteria

According to QBANK, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be investing a minimum deposit of $2,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

What happens to a QBANK term deposit when it reaches maturity?

Generally, when a term deposit reaches the end of its term you can either withdraw the funds or reinvest the funds into a new term deposit. QBANK does not state what action it will take if you give no instructions. Contact QBANK for further details.

About QBANK

QBANK was established in 1964 to financially assist those who serve the Queensland police, emergency services, ambulance, fire, nursing and the public sector as well as their families. QBANK is a member-owned bank and says it is one of the largest providers of banking products to this sector.

Written by: Tamika Seeto | Last updated: April 26, 2019