Qudos Bank Term Deposits

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 Qudos Bank’s term deposits.

What term deposits does Qudos Bank offer?

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

  • No account keeping fee
  • Minimum deposit of $2,000 for three month terms or $5,000 for other terms
  • Interest calculated daily and option to have interest paid monthly or annually and at maturity
  • Option of automatic renewal at maturity
  • Higher interest rates are offered on larger deposit amounts

Compare Term Deposits

What terms are available on Qudos Bank term deposits?

According to Qudos Bank, 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 three 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 Qudos Bank term deposits?

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

  1. Monthly
  2. At maturity (terms 12 months or less)
  3. Annually and at maturity (terms greater than 12 months)

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 Qudos Bank have a notice period and charge an early withdrawal fee for withdrawals?

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

Qudos Bank charges an interest rate adjustment if you withdraw your money before the end of the term. At the time of writing, Qudos Bank will reduce the interest on the term deposit from the date it was opened until the date of withdrawal by 2% per annum or the term deposit rate if it is less than 2%.

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

Does Qudos Bank charge any other fees for term deposits?

At the time of writing, Qudos Bank does not charge any account keeping fee in relation to its term deposits.

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

How to apply for a Qudos Bank term deposit

Before applying for a Qudos Bank 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 Qudos Bank’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 Qudos Bank term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Qudos Bank’s website.

Eligibility criteria

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

  • You must be an existing member with Qudos Bank (customers can join as part of the process of opening their term deposit account)
  • To be a member you must be an Australian citizen or resident
  • You must be investing a minimum deposit of $2,000 for three month terms or $5,000 for other terms
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

What happens to a Qudos Bank term deposit when it reaches maturity?

According to Qudos Bank, when a term deposit reaches the end of its term, the balance can be automatically renewed for the same or closest term at the interest rate applicable at the time. Alternatively, your principal and interest or just your interest can be transferred to your nominated Qudos Bank savings account.

About Qudos Bank

Originally the Qantas Credit Union, Qudos Bank was established in 1959 by 14 Qantas employees. Now, Qudos Bank says it has a membership of over 94,000 and assets of $3.76 billion. Qudos Bank says it is one of the only financial institutions in Australia that rewards its members with Qantas Points on a range of banking products.

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