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Suncorp Term Deposit

Best rate (up to 1 year)
1.40% p.a.6 months
Interest paid to another bank?
no

Mozo editorial review Suncorp Term Deposit

Last updated: 22 May 2020.

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What's hot
  • 1.25% p.a. interest rate on 6 to 12 month terms
  • Terms range from 1 month to 5 years
  • Flexible interest payments options
What's not
  • Minimum deposit of $5,000 required
Mozo snapshot

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 1.25% p.a. on terms of 6 months and 1 year, plus gives savers the option to have interest paid out monthly, quarterly, six monthly, yearly or at maturity.

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Key features

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 1.00% p.a. for 3 months, 1.40% p.a. for 6 months, 1.35% p.a. for 1 year, and 1.10% 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.

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Who is it good for

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.

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Any catches

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.

Details

Rates and fees information correct as at 30 May 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.60% p.a. ($5,000 to $99,999)

    0.65% p.a. ($100,000 to $999,999)

    0.70% p.a. ($1,000,000 to $2,000,000)

  • 0.85% p.a. ($5,000 to $99,999)

    0.90% p.a. ($100,000 to $999,999)

    0.95% p.a. ($1,000,000 to $2,000,000)

  • 0.90% p.a. ($5,000 to $99,999)

    0.95% p.a. ($100,000 to $999,999)

    1.00% p.a. ($1,000,000 to $2,000,000)

  • 1.25% p.a. ($5,000 to $99,999)

    1.30% p.a. ($100,000 to $999,999)

    1.35% p.a. ($1,000,000 to $2,000,000)

  • 1.00% p.a. ($5,000 to $99,999)

    1.05% p.a. ($100,000 to $999,999)

    1.10% p.a. ($1,000,000 to $2,000,000)

  • 1.30% p.a. ($5,000 to $99,999)

    1.35% p.a. ($100,000 to $999,999)

    1.40% p.a. ($1,000,000 to $2,000,000)

  • 1.15% p.a. ($5,000 to $99,999)

    1.20% p.a. ($100,000 to $999,999)

    1.25% p.a. ($1,000,000 to $2,000,000)

  • 1.15% p.a. ($5,000 to $99,999)

    1.20% p.a. ($100,000 to $999,999)

    1.25% p.a. ($1,000,000 to $2,000,000)

  • 1.15% p.a. ($50,000 to $99,999)

    1.20% p.a. ($100,000 to $999,999)

    1.25% p.a. ($1,000,000 to $2,000,000)

  • 1.15% p.a. ($5,000 to $99,999)

    1.20% p.a. ($100,000 to $999,999)

    1.25% p.a. ($1,000,000 to $2,000,000)

  • 1.15% p.a. ($5,000 to $99,999)

    1.20% p.a. ($100,000 to $999,999)

    1.25% p.a. ($1,000,000 to $2,000,000)

  • 1.25% p.a. ($5,000 to $99,999)

    1.30% p.a. ($100,000 to $999,999)

    1.35% p.a. ($1,000,000 to $2,000,000)

  • 1.00% p.a. ($5,000 to $99,999)

    1.05% p.a. ($100,000 to $999,999)

    1.10% p.a. ($1,000,000 to $2,000,000)

  • 1.00% p.a. ($5,000 to $99,999)

    1.05% p.a. ($100,000 to $999,999)

    1.10% p.a. ($1,000,000 to $2,000,000)

  • 1.00% p.a. ($5,000 to $99,999)

    1.05% p.a. ($100,000 to $999,999)

    1.10% p.a. ($1,000,000 to $2,000,000)

  • 1.00% p.a. ($5,000 to $99,999)

    1.05% p.a. ($100,000 to $999,999)

    1.10% p.a. ($1,000,000 to $2,000,000)

  • 1.00% p.a. ($5,000 to $99,999)

    1.05% p.a. ($100,000 to $999,999)

    1.10% p.a. ($1,000,000 to $2,000,000)

Other financial bits
  • $5,000.00

  • $2,000,000.00

Features
  • direct credit, cheque

  • no

  • yes

  • 31 days notice required if customers want to withdraw their funds before the maturity date.

  • none

*Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

This product is not currently reviewed.

Suncorp

About Suncorp

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