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 a RACQ store.

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

Term Rate
1 month 0.35% p.a.
2 month 1.20% p.a.
3 month 2.25% p.a.
4 month 2.25% p.a.
5 month 2.25% p.a.
6 month 3.10% p.a.
7 month 3.10% p.a.
8 month 3.10% p.a.
9 month  3.40% p.a.
10 month 3.40% p.a.
11 month  3.40% p.a.
1 year 4.10% p.a.
2 year  4.10% p.a.
3 year 4.10% p.a.
4 year 4.10% p.a.
5 year 4.10% 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 – For Term Deposit accounts opened or reinvested prior to 20 March 2022

When a term deposit is withdrawn before the maturity date.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 Early Redemption Fee – For Term Deposit accounts opened or reinvested from 20 March 2022

When a term deposit is withdrawn before the maturity date. An early withdrawal notice period applies.

The Early Redemption Fee is based on the proportion of the term completed 
Proportion of term completed Interest adjustment (i.e. Early Redemption Fee) 
0% - 25% 80% of the interest earned up to the date we allow you to withdraw your deposit
>25% - 50% 60% of the interest earned up to the date we allow you to withdraw your deposit
>50% - 75% 40% of the interest earned up to the date we allow you to withdraw your deposit
>75% - 99.9% 20% of the interest earned up to the date we allow you to withdraw your deposit

How to set up your RACQ Bank Term Deposit

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    Get in touch with us
    Contact RACQ Bank via phone, in-store or online enquiry.
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    We'll run you through the process
    We’ll get back to you to discuss how the terms and rates we have available may suit your needs.
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    We'll open your account
    We’ll then open your Term Deposit account and provide you with all your account details.

Award-winning Bank Accounts

RACQ Bank is the winner of Money Magazine’s Customer-Owned Money Minder of the Year award.

Who can take advantage of RACQ Bank’s term deposits?

All you need to apply for your Term Deposit today is:

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    Age confirmation
    Only adults aged 18+ can enquire online. If you’re aged 13-18, phone 13 1905 or visit an RACQ store.
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    Queensland residential address
    RACQ Bank is for locals just like you
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    Australian mobile number
    Linking your account to your mobile phone keeps you secure
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    Australian licence or passport
    Photograph your ID and leave the paperwork to us

Why choose RACQ Bank?

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    Bank securely with RACQ Bank
    RACQ Bank is built on our member’s safety.
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    Queenslanders trust RACQ
    We help 1.7 million members on the road and at home.
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    Tap into membership benefits
    Fixed term deposit rates are just the beginning.
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    RACQ Bank is owned by our members
    We put people before profits.

Experience the rewards RACQ members enjoy~~

Start saving at on your weekly shopping
Tap into your 4% discount on Woolworths eGift cards.
Make your petrol budget go further
Save 4c a litre at participating Puma Energy and new Caltex service stations.#
Take time out to have fun for less
Treat yourself to discounts at Event Cinemas and BCC Cinemas.
Put your dollar towards helping the community
Your membership helps keep the RACQ Choppers and Rescue Network flying.

Term deposit FAQs

Things to note

*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 and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. 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, and consider if appropriate for you 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.

~~ Terms and conditions apply to all offers. View the individual offer for full details. Offer is subject to availability and may be withdrawn at any time without notice.

#Conditions apply. Offer available at participating Puma Energy and new Caltex stations. Visit for details.