Term deposits are designed to earn you interest on your savings by securely locking your money away for a fixed term with a fixed interest rate. To take out a term deposit with us, you will need to invest any amount over $1,000 for a term of 1 month to 5 years.  The interest rate you earn, and therefore the profit made on your savings, will differ according to these factors.

To open a Term Deposit account, visit your nearest RACQ Bank branch.

For more information on RACQ Bank Term Deposits and rates, see our Term Deposit Account page.

Financial planning is all about preparing for your future. RACQ Financial Planning advisors are experts in developing strategies to help you protect your family; sort your super; boost your assets and investments; and plan for, and live comfortably, in retirement.

The path to financial freedom begins with a conversation. The first, obligation-free appointment is free-of-charge. To book, visit RACQ Financial Planning, drop into an RACQ Bank branch or call 13 1905.

Financial planning is all about helping you achieve your financial and lifestyle goals. By working with a specialist financial planner, you’ll be able to get a clear view of your current situation, develop unique goals you’d like to work towards, and then create a clear course of action that informs you of the steps you need to take in order to achieve those goals. 

RACQ Financial Planning does not manufacture or market its own products. We have access to a wide range of carefully researched solutions from across many providers. Our investment portfolios are designed via a robust centrally managed process; we aim to provide quality and consistency in pursuit of a better investment experience.

Existing solutions: We will assess whether your existing investments and structures are appropriate for you now and into the future. We are perfectly comfortable to leave your existing solutions in place where they meet your needs.

New solutions: We will let you know if we identify gaps in your current plan. Where adjustments are required we will assess whether it is appropriate to amend your existing solutions or implement new solutions aligned to your needs.

RACQ Private Bank is a bespoke banking service offered to members with a net worth and account funds in excess of $1 million. Private bank members receive a dedicated specialist to carry out a full range of services and deliver advice tailored to their needs.

For more information on RACQ Private Bank, visit the Private Bank home page, or call us on 13 1905.

We’re always open to discussing interest rate options for larger term deposits. Phone us on 13 1905 or drop into an RACQ Bank branch to discuss how we can help.

How is interest calculated on my term deposit? Show more

One of the key factors in calculating interest rates for term deposits is the Reserve Bank of Australia’s (RBA) official cash rate. As these move up or down, we generally pass on the difference.

It is important to note, however, that we regularly review our term deposit rates to stay competitive for our members – sometimes irrespective of the RBA’s cash rate.  

For a full list of our Term Deposit Account rates, view our Downloads page or Deposit Rates Schedule.

At the maturation of a term deposit, you can access and use the funds in any way you like. Your balance will have increased according to the interest rates and length of your term.

Just call us on 07 3842 6297 or enquire online and one of our team will be in contact with you to book an appointment. 

Alternatively, have a look at the Bank Branch Visit Program to find an advisor near you.

For members over 55, our Advantage Plus Account is a great way to make your money work for you.  There is no minimum opening balance requirement, but the more you deposit, the more benefits you’ll enjoy. Advantage Plus Account holders enjoy a great rate of interest on their balances, no monthly account keeping fee, no minimum monthly deposit and dining rewards through RACQ membership, to name a few.


For a full run-down on the benefits of having an Advantage Plus Account and whether it’s right for you, visit our Advantage Plus page, drop in to a RACQ Bank branch or call us on 13 1905.

Absolutely, and this is at no cost or obligation to you. In just 15 minutes we can review your financial needs and ensure you are:
In the right accounts for your banking needs
Not paying unnecessary bank fees
Have the best savings options for you to maximise your savings.

Simply call our friendly banking team on 13 1905 or drop in to your local bank branch.

How it can help you
Are your current products – whether they’re with us or another bank – working for you? Are they costing you too much? We can show you how to make the most of your bank accounts. We can also help you minimise fees and maximise your savings.

What to expect
We start with your goals and ambitions – from buying a house to starting a family to retirement – and explore ways to help you achieve them. We look at your current lifestyle and changes that may be occurring in the near future and see how they affect your finances now and in the future.