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Invest on your terms with an RACQ Bank Term Deposit

Be in complete control of your next investment with an RACQ Bank Term Deposit. This fixed-rate, low-maintenance savings option allows you to know exactly what you’ll get back and when you’ll see a return, so you can start saving for the next big thing with confidence. Our term deposits are covered by the government guarantee for the first $250,000 per member.*

  • Put your investment on auto-pilot with a fixed return
  • Start saving straight away with only $1,000 minimum investment
  • Get your timing right with flexible terms between one month and five years

Compare our Term Deposit rates

When you open an RACQ Bank Term Deposit account, you can expect to receive your interest when your term deposit period ends (called the “maturity” of the term deposit), or annually if your term is longer than 12 months.

To find out about interest rates on deposits over $1 million, please phone 13 1905 or drop into an RACQ store.

For more information, please read our Deposit Rate Schedule for more info.

Term Rate
1 month 0.05% p.a.
2 month 0.15% p.a.
3 month 0.40% p.a.
4 month 0.40% p.a.
5 month 0.40% p.a.
6 month 0.50% p.a.
7 month 0.40% p.a.
8 month 0.40% p.a.
9 month 0.50% p.a.
10 month 0.40% p.a.
11 month 0.40% p.a.
1 year 0.60% p.a.
2 year 0.65% p.a.
3 year 0.65% p.a.
4 year 0.65% p.a.
5 year 0.65% p.a.

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Term Deposit fees

Please read all the details of our Term Deposit fees in our Fees and Charges Schedule.

Fee Amount
Term Deposit Early Redemption Fee – when a term deposit is withdrawn before the maturity date. An early withdrawal notice period applies. Interest rate reduced by our lowest current term deposit rate for the term of the deposit.

Term Deposit FAQs

A fixed rate term deposit is designed to earn you interest on your savings by securely locking your money away for a fixed amount of time with a fixed interest rate. To take out a term deposit with us, you will need to invest more than $1000 for a term a minimum of one month or up to five years. The interest rate you earn, and therefore the profit made on your savings, will depend on how much you invest and for how long. Interest rates for deposits over $1 million are available upon request.

To open a Term Deposit Account, apply online, call 13 1905, or visit your nearest RACQ store.

Interest rates for term deposits in excess of $1 million are available on request. Phone us on 13 1905 or drop into your nearest RACQ store to discuss how we can help.

At the end of your term deposit you can access and use the funds in any way you like, including renewing the term deposit or starting a new term deposit.

If you don’t already have an account with RACQ Bank, we’ll open a new Everyday Account for you. You’ll then be able to deposit funds into this account and move them into your Term Deposit. If you choose to redeem your funds, these will be paid to a nominated account you have with us.

* The Commonwealth Government guarantee applies on deposit balances up to $250,000 per person per authorised-deposit taking institution. For more information, see the Financial Claims Scheme website.

Banking products are issued by Members Banking Group Limited ABN 83 087 651 054 AFSL and Australian credit licence 241195 trading as RACQ Bank. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions before deciding.

Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

You can only create a PayID within mobile or internet banking by linking it to an eligible account. Not available on some accounts. Please read the internet banking terms and conditions for more info.

Biometric identification features are compatible with selected devices only, noting that some devices may not be able to use particular biometric identification methods. For Android, selected biometric features should be available on devices with android v 4.4 or greater, provided that feature is available in device. For iOS device, any device that is running with IOS version 9,10 or 11(or greater), provided that feature is available in device. 

# E10, Unleaded 91, Premium Diesel and LPG only. Conditions, limits and exclusions apply. See Puma Energy fuel discount for more information.

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