Suncorp Term Deposit Rates

suncorp logoIf you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested to learn more about Suncorp’s term deposits.

What term deposits does Suncorp offer?

Suncorp has a range of term deposits listed on Canstar’s database. Click below to compare term deposits on our database, tailored to your preferences.

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What terms are available on Suncorp term deposits?

According to Suncorp, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month 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. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to access the maximum 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 Suncorp term deposits?

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

  1. Monthly
  2. Quarterly
  3. Semi-annually
  4. Annually
  5. 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 Suncorp have a notice period and charge an early withdrawal fee for withdrawals?

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

Suncorp charges an early withdrawal fee of $30 and applies an interest rate adjustment if you withdraw your money before the end of the term.

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

Does Suncorp charge any other fees for term deposits?

According to Suncorp, the following fees apply to it term deposits:

  • Statement request fee of: $3.00
  • Request for audit certificate fee: $30.00 per certificate
  • Record search/copy fee: $70.00 per hour
  • Interest certificate from previous financial years: $15.00 per certificate

Other fees may also apply. For more information on fees and how they could apply, please check the Product Disclosure Statement or contact Suncorp.

How to apply for a Suncorp term deposit

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

Eligibility criteria

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

  • You must be at least 18 years old
  • You must be an Australian resident
  • You must be investing a minimum deposit of $5,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

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

According to Suncorp, about 3 weeks before your term deposit maturity date, they will notify you that your term deposit is about to finish. They say they will provide you with information regarding your options and then ask you to provide them with your instructions on what you would like them to do with your funds.

About Suncorp Bank

Founded in 1902, Suncorp remains Australia’s leading bank in regional areas. The brands that come under the Suncorp Group umbrella include several insurance companies: AAMI, GIO, Bingle.com.au, Apia, Shannons, Terri Scheer, Asteron Life, and AA Insurance.

Written by: Maddie Clarey | Last updated: November 8, 2018