Suncorp Bank Term Deposit Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Best rate
5.30%
p.a. for 12 months
Minimum deposit
$5,000
to open
Ownership
ANZ
acquired July 2024
About Suncorp Bank Term Deposits
Suncorp Bank is a Queensland-headquartered bank that was acquired by ANZ in July 2024. It continues to operate as a separate brand with its own products and rates. For term deposits, Suncorp offers a competitive 5.30% p.a. for 12 months — matching ING and putting it well above the big-four banks at the same term.
Note that short-term rates (3 months and 6 months) have not been confirmed at the time of writing — check Suncorp's website for the full schedule. The $5,000 minimum is the same as most big-four banks, making Suncorp accessible to a broad range of investors.
Suncorp Bank is an APRA-regulated ADI. Deposits up to $250,000 are protected under the Government's Financial Claims Scheme.
Current Term Deposit Rates
| Term | Rate (p.a.) | Notes |
|---|---|---|
| 12 months | 5.30% | At maturity, $5,000 minimum |
Short-term rates not confirmed at time of writing. Check Suncorp's website for the full rate schedule.
Pros and Cons
Pros
- ✓ 5.30% for 12 months — above all big-four banks
- ✓ $5,000 minimum — lower than ING ($10k)
- ✓ APRA-regulated, Government deposit guarantee up to $250,000
- ✓ ANZ backing — major bank stability
- ✓ No establishment or management fees
Cons
- ✗ 12m rate below Judo (5.45%) and AMP (5.40%)
- ✗ Short-term rates not clearly published — confirm online
- ✗ Ongoing integration with ANZ may affect products
- ✗ Early withdrawal penalty applies (31 days notice)
How It Compares
- Judo Bank: 5.45% for 12m, $1k min — highest 12m rate
- AMP Bank: 5.40% for 12m, $5k min
- ING: 5.30% for 12m, $10k min
- Suncorp: 5.30% for 12m, $5k min — same rate as ING, lower minimum
- NAB / CommBank: 5.20% for 12m, $5k min
- Westpac: 5.10% for 12m (with online bonus), $5k min
Information verified 18 May 2026. Rates and offers subject to change. Confirm current rates on Suncorp's website before investing. This is not financial advice.