What is term deposit Suncorp?
A Term Deposit allows you to lock away an amount of money at a fixed interest rate for a nominated time period. Your return on investment is guaranteed – this means you’ll know exactly what your investment is worth at the end of the term.
How much interest does Suncorp pay?
0.85% p.a. Interest Rates Effective 12 November 2021. Variable interest rate. Interest is calculated daily and paid monthly.
Can you negotiate term deposit rates?
The answer is yes. But remember that the key to negotiating your term deposit rate is the minimum deposit you will make when you open your account. There are plenty of banks that will be open to negotiation when it comes to term deposit rates, particularly for higher balances.
Does Suncorp Bank have government guarantee?
Interest rates are fixed so you are protected if rates drop during the term. There is very little risk of losing your money as term deposits with an ADI, of up to $250,000 are protected by a government guarantee (note that this also applies to savings accounts).
How do you calculate term deposit?
How is interest calculated on a term deposit? Interest is calculated by dividing the per annum interest rate by 365 to get the daily interest rate, then multiplied by the number of days of the term deposit investment term.
What is the highest interest savings account in Australia?
5 top high interest savings accounts in Australia*
| Savings account | Interest rate |
|---|---|
| ING Savings Maximiser | Up to 1.35% p.a. |
| 86 400 Save Account | Up to 1.20% p.a. |
| AMP Saver Account | Up to 1.16% p.a. |
| MyState Bonus Saver Account | Up to 1.10% p.a. |
What is term deposit in accounting?
A term deposit is a type of deposit account held at a financial institution where money is locked up for some set period of time. Typically, term deposits offer higher interest rates than traditional liquid savings accounts, whereby customers can withdraw their money at any time.
How much money do you need for a term deposit with Suncorp?
A term deposit with Suncorp Bank allows you to lock away a specific amount of money at a fixed interest rate for a nominated period. You will need to make a minimum investment of $5,000 and up to $2,000,000, and can select a period from one month to 36 for your investment.
Is there an early withdrawal fee for Suncorp Bank?
You’ll be charged a $30 early withdrawal administration fee. For information on the portion of interest adjustment, please read our Product Information Document. Fixed Term Deposits issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No: 229882 (“Suncorp Bank”).
What are the interest rates on term deposits?
Suncorp Bank Term Deposit Interest Rates Account Details APY Updated Suncorp Bank 1 Year Term Deposit 2.00% Aug, 2019 Suncorp Bank 2 Year Term Deposit 1.70% Aug, 2019 Suncorp Bank 60 Month Term Deposit 1.70% Aug, 2019 Suncorp Bank 1 Month Term Deposit 1.25% Aug, 2019
How big is the Suncorp Bank in Australia?
Suncorp-Metway Limited is a part of The Suncorp Group and is Australia’s sixth largest bank and third largest general insurance group. It is in the top 20 of publically listed companies in Australia and manages more than $91.8 billion of assets.