A low risk investment with competitive interest rates, the Suncorp Term Deposit is well worth a look if you’re after somewhere to stash your savings. It offers rates as high as 0.60% p.a. on 1 year terms, plus gives savers the option to have interest paid out monthly, quarterly, six monthly, yearly or at maturity.
If you’re looking for a safe place to invest your money, the Suncorp Term Deposit could be a worthwhile option. So long as you have a deposit of at least $5,000, you’ll be able to lock away your savings for as little as 1 month or as long as 5 years. Interest rates sit at 0.60% p.a. for 4 months, 0.65% p.a. for 7 months, 0.60% p.a. for 1 year, and 0.60% p.a. for 5 years.
You’ll also have a say in how often you receive your interest. Depending on the length of your investment, interest payments can be made monthly, quarterly, six monthly, yearly or at maturity. Details are provided below:
Monthly: available for terms between 2 months to 5 years
Quarterly: available for terms between 6 months to 5 years
Six monthly: available for terms between 12 months to 5 years
Annually: available for terms between 18 months to 5 years
Maturity: available for terms of 12 months or less
Once your term deposit matures, you’ll have the choice of either reinvesting your balance and the interest earned for another term, reinvesting a different amount, or withdrawing it entirely. If you choose the latter, payment will be made to a nominated Suncorp transaction or savings account.
The Suncorp Term Deposit might be appreciated by anyone after a term deposit with more flexibility when it comes to investment options and frequency of interest payments.
If you decide to withdraw your term deposit prior to the maturity date, a $30 early withdrawal fee will apply, and you’ll have to wait 31 days from the date Suncorp agrees to your request before you’ll receive your funds. There will also be an adjustment to the interest your investment has earned, depending on how early you decide to withdraw it.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.