Suncorp Bank is the banking division of Suncorp Group. It is Australia’s fifth largest bank and was founded in 1902.
There are many products and services being offered by Suncorp such as savings account, everyday banking, term deposit, investment accounts, credit cards. home loan, and marginal lending.
Term Deposit of Suncorp Bank
A term deposit is a a type of deposit account being offered by most of the banks for its depositor with a higher interest than normal savings account. However, the money placed in term deposit cannot be withdrawn until a maturity date.
The money you put in term deposit is guaranteed by the Australian Government subject to the conditions indicated in Financial Claims Scheme. In this way, you don’t have to worry losing your money, it is in the safe place.
The minimum deposit should be $1,000 and you can negotiate the interest rate for deposits more than $100, 000. Monthly interest payments can be paid for terms 2-60 months at 0.30% p.a.
In addition, quarterly payments for interest rate is available for terms 6 to 60 months at 0.25% p.a. For semi-annual payments, it is available for terms 12 to 60 months at 0.15% p.a. Yearly payment will be available for 18 to 60 months.
Suncorp Bank Term Deposit Interest Rates
Below you can see the interest rates for term deposit at Suncorp Bank. These rates is effective om May 4, 2012 based on what indicated on their website.
|1 Month||Maturity||2.05% p.a.||3.55% p.a.||4.35% p.a.||4.55% p.a.|
|2 Months||Maturity||2.10% p.a.||3.60% p.a.||4.40% p.a.
|3 Months||Maturity||2.50% p.a.||4.00% p.a||4.80% p.a.||5.00% p.a.|
|4 Months||Maturity||2.60% p.a.||5.10% p.a.||5.10% p.a.||5.10% p.a.|
|5 Months||Maturity||1.50% p.a.||3.00% p.a.||3.80% p.a.||4.00% p.a.|
|6 Months||Maturity||2.80% p.a.||5.30% p.a.||5.30% p.a.||5.30% p.a.|
|7 Months||Maturity||1.50% p.a.||3.00% p.a.||3.80% p.a.||4.00% p.a.|
|8 Months||Maturity||1.50% p.a.||3.00% p.a.||3.80% p.a.||4.00% p.a.|
|9 Months||Maturity||1.50% p.a.||3.00% p.a.||3.80% p.a.||4.00% p.a.|
|10 Months||Maturity||1.50% p.a.||3.00% p.a.||3.80% p.a.||4.00% p.a.|
|11 Months||Maturity||1.50% p.a.||3.00% p.a.||3.80% p.a.||4.00% p.a.|
|12 Months||Maturity||2.60% p.a.||5.10% p.a.||5.10% p.a.||5.10% p.a.|
|24 Months||Yearly||2.60% p.a.||4.10% p.a.||4.90% p.a.||5.10% p.a.|
|36 Months||Yearly||2.70% p.a.||4.20% p.a.||5.00% p.a.||5.20% p.a.|
|48 Months||Yearly||2.80% p.a.||4.30% p.a.||5.10% p.a.||5.30% p.a.|
|60 Months||Yearly||2.90% p.a.||4.40% p.a.||5.20% p.a.||5.40% p.a.|
There are some scenarios of reinvestment options that you can do. Here are the options that you can take.
1. Reinvest the principal plus the interest earned after maturity date
2. Reinvest the principal plus interest and additional savings
3. Withdraw a certain amount of your term deposit and reinvest the balance
4. You can still withdraw your money on term deposit before maturity date subject to applicable fees
Suncorp Bank term deposit can be a good choice as an investment because it is secure and the return is guaranteed by the bank and by the Australian Government. You can put some portion of your money on term deposit and other portion on investments that give higher profit like mutual fund and stocks.