Fact checked
Founded in Brisbane as a bank for rural Queenslanders, Suncorp Bank has undergone many name changes and mergers over its 120-year history. It is now one of Australia’s largest financial institutions and is best known for its general insurance business.
It offers financial services to more than nine million customers and has more than 230 branches based in Queensland and around the nation. As well as insurance products, Suncorp also offers home loans, superannuation products and bank accounts, which include term deposits.
Find out with Savvy if Suncorp Bank offers the best option for your precious savings. Discover what interest rates and terms are on offer and compare deposits from other institutions before making your investment decision today.
*Please note that Savvy does not represent Suncorp Bank for its term deposit products.
Suncorp Bank offers many term deposits ranging from one month up to five years.
Suncorp Bank: common term deposit interest rates
| Term length | Interest rate |
|---|---|
|
3 months |
1.75% p.a. |
|
6 months |
2.45% p.a. |
|
9 months |
2.80% p.a. |
|
12 months |
3.20% p.a. |
|
18 months |
3.50% p.a. |
|
24 months |
3.45% p.a. |
|
36 months |
3.50% p.a. |
|
48 months |
3.55% p.a. |
|
60 months |
3.60% p.a. |
(Effective 16 September 2022)
The above interest rates are based on interest being paid on deposits of $5,000 to $100,000 at maturity(for up to one year) and annually (longer than a year). For monthly interest payments, the rate is marginally lower than those above.
The interest on larger deposits of $100,000 up to $1 million is marginally higher than those above, with amounts over $1 million coming with a further rate increase.
Minimum and maximum deposit amounts
The minimum deposit required is $5,000 and the maximum permitted is $2 million. Larger investments are available by personal negotiation.
Early withdrawal penalties
If you wish to withdraw your term deposit funds early, you’ll be required to give 31 days’ notice. If you need to withdraw funds on the grounds of financial hardship, this notice period may be reduced at the bank’s discretion. If you do ask to break your term early, the amount of interest you’ll earn will be reduced on a sliding scale depending on how much of your original term there is remaining, which can reach up to an 80% reduction.
Term maturity options
At the end of your deposit period, you can either choose to renew your deposit for another term of between one month and 18 months, withdraw some or all of your funds to another Suncorp Bank account or have them paid to another bank. When you open a term deposit account, you’ll be required to give the bank instructions on what they should do with your funds at maturity.
Business and SMSFs
Suncorp also offers term deposits for businesses, trusts and self-managed super funds. The interest rates on offer are very similar to those quoted above.
A Suncorp term deposit can be opened either in person at a branch, over the phone or online if you’re an existing customer. Once you have your term deposit set up, you can monitor it via internet banking and their mobile app. You can also change your renewal instructions online.
The key requirements for opening a term deposit with Suncorp are:
The interest rates offered by Suncorp Bank are very reasonable compared to competitors, helping you get the best return on your savings.
At the end of your term, you can have your funds paid to another bank account you may already have open.
Whatever your investment needs, Suncorp Bank will probably be able to offer the term you need, as their range of term deposits is comprehensive.
As with many other banks, you’ll be required to give 31 days’ notice if you wish to withdraw your funds before the end of the agreed deposit period.
If you want to get your interest paid more regularly rather than annually or at maturity, you’ll have to be content with a lower interest rate.
The minimum deposit available with Suncorp is $5,000, although you may be able to open one with as little as $1,000 if required for security reasons.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.