Best rate (up to 1 year)
0.65% p.a.7 months
Minimum deposit
$5,000.00
Interest paid to another bank?
no

Mozo editorial review Suncorp Term Deposit

Last updated: 13 November 2020.

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What's hot
  • 0.60% p.a. interest rate on 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 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.

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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 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.

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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 29 November 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
  • 0.05% p.a. ($5,000 to $99,999)

    0.10% p.a. ($100,000 to $999,999)

    0.15% p.a. ($1,000,000 to $2,000,000)

  • 0.10% p.a. ($5,000 to $99,999)

    0.15% p.a. ($100,000 to $999,999)

    0.20% p.a. ($1,000,000 to $2,000,000)

  • 0.30% p.a. ($5,000 to $99,999)

    0.35% p.a. ($100,000 to $999,999)

    0.40% p.a. ($1,000,000 to $2,000,000)

  • 0.50% p.a. ($5,000 to $99,999)

    0.55% p.a. ($100,000 to $999,999)

    0.60% p.a. ($1,000,000 to $2,000,000)

  • 0.30% p.a. ($5,000 to $99,999)

    0.35% p.a. ($100,000 to $999,999)

    0.40% p.a. ($1,000,000 to $2,000,000)

  • 0.30% p.a. ($5,000 to $99,999)

    0.35% p.a. ($100,000 to $999,999)

    0.40% p.a. ($1,000,000 to $2,000,000)

  • 0.55% p.a. ($5,000 to $99,999)

    0.60% p.a. ($100,000 to $999,999)

    0.65% p.a. ($1,000,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $99,999)

    0.40% p.a. ($100,000 to $999,999)

    0.45% p.a. ($1,000,000 to $2,000,000)

  • 0.35% p.a. ($50,000 to $99,999)

    0.40% p.a. ($100,000 to $999,999)

    0.45% p.a. ($1,000,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $99,999)

    0.40% p.a. ($100,000 to $999,999)

    0.45% p.a. ($1,000,000 to $2,000,000)

  • 0.35% p.a. ($5,000 to $99,999)

    0.40% p.a. ($100,000 to $999,999)

    0.45% p.a. ($1,000,000 to $2,000,000)

  • 0.50% p.a. ($5,000 to $99,999)

    0.55% p.a. ($100,000 to $999,999)

    0.60% p.a. ($1,000,000 to $2,000,000)

  • 0.50% p.a. ($5,000 to $99,999)

    0.55% p.a. ($100,000 to $999,999)

    0.60% p.a. ($1,000,000 to $2,000,000)

  • 0.65% p.a. ($5,000 to $99,999)

    0.70% p.a. ($100,000 to $999,999)

    0.75% p.a. ($1,000,000 to $2,000,000)

  • 0.50% p.a. ($5,000 to $99,999)

    0.55% p.a. ($100,000 to $999,999)

    0.60% p.a. ($1,000,000 to $2,000,000)

  • 0.50% p.a. ($5,000 to $99,999)

    0.55% p.a. ($100,000 to $999,999)

    0.60% p.a. ($1,000,000 to $2,000,000)

  • 0.50% p.a. ($5,000 to $99,999)

    0.55% p.a. ($100,000 to $999,999)

    0.60% p.a. ($1,000,000 to $2,000,000)

Other financial bits
  • $5,000.00

  • $2,000,000.00

Features
  • 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

How are Suncorp term deposits rated by the Mozo community?

Overall
8.3/10
Price
8.1/10
Features
7.2/10
Customer service
8.5/10
Convenience
8.4/10
Trust
8.6/10

Latest reviews of Suncorp Term Deposit

  • Overall 10/10
    Doesn't get any better than this

    I am always offered the very best interest rates and feel extremely secure with Suncorp handling my money. I would suggest any new customers to allay their concerns as this is an exemplary safe operator.

    Read full review

    I am always offered the very best interest rates and feel extremely secure with Suncorp handling my money. I would suggest any new customers to allay their concerns as this is an exemplary safe operator.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Baxter, Queensland reviewed almost 7 years ago
  • Overall 10/10
    Awesome in all aspects

    I love Suncorp I have all my financial requirements with them. The staff always go out of their way to assist you. Always friendly, helpful and I have highly recommended branches to several friends and my family.

    Read full review

    I love Suncorp I have all my financial requirements with them. The staff always go out of their way to assist you. Always friendly, helpful and I have highly recommended branches to several friends and my family.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Susan, Queensland reviewed almost 7 years ago
  • Overall 9/10
    Competitive interest rate, great customer service

    I been banking with Suncorp with this bank when it was the Metropolitan Building Society back in the 1980s, have always found them reliable and able to answer any questions that I need to ask.

    Read full review

    I been banking with Suncorp with this bank when it was the Metropolitan Building Society back in the 1980s, have always found them reliable and able to answer any questions that I need to ask.

    Price
    10/10
    Features
    7/10
    Customer service
    9/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Yvonne, Queensland reviewed almost 7 years ago
  • Overall 8/10
    They are all the same

    Convenient at same bank.

    Read full review

    Convenient at same bank.

    Price
    8/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Kaylee, New South Wales reviewed almost 7 years ago
  • Overall 6/10
    Competitive term deposit rates

    Customer service was good and informative at the branch.

    Read full review

    Customer service was good and informative at the branch.

    Price
    7/10
    Features
    4/10
    Customer service
    6/10
    Convenience
    6/10
    Trust
    6/10
    Less
    Mozo community reviewer, New South Wales reviewed about 7 years ago
Suncorp

About Suncorp

From small beginnings as a Queensland agricultural bank, Suncorp has grown to become Australia's sixth largest bank. Today Suncorp provides term deposits, savings accounts, home loans, personal loans and other financial services to over 800,000 customers through 178 retail outlets, 680 ATMs, 46 Business Centres, online banking and 24-hour call centres. Suncorp's branches are spread mainly throughout Queensland, Victoria and New South Wales, but are expanding into other states.

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