Term deposit

Yes, Qudos Bank Term Deposits are available for SMSFs. To open a Term Deposit account, please send us an enquiry or call us on 1300 747 747.

Yes, your savings are safe with us under the government guarantee on deposits.

The Financial Claims Scheme (FCS) also known as Australian Government Deposit Guarantee, provides protection for customers in the unlikely event that a financial institution fails. This includes providing customers with quick access to deposits in banks, building societies and credit unions.

Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other ADI that is incorporated in Australia and authorised by the APRA.

For more information, head to our Government Guarantee page.

Selecting the right interest payment frequency for your Term Deposit is important as it impacts how much interest you earn at the end of term.

If you opt to be paid monthly:

• Interest earned on your deposit gets paid to you monthly for the length of your term
• Often comes with a lower interest rate.

If you opt to be paid at maturity:

• Interest is paid as a lump sum payment at the end of the term of your deposit.
• Generally these come with a slightly higher interest rate.

At Qudos, there is no difference in the interest rate when comparing the frequency at which interest is paid to you.

You'll receive written notice one month prior to maturity with options allowing you to withdraw funds or reinvest for a new term. If we don't hear from you, your Term Deposit will automatically renew or transfer as per your latest confirmed arrangement.

To access your Term Deposit before maturity give us a call on 1300 747 747, send us a Secure Mail message or visit us in branch.

Once you've invested in a Term Deposit, your funds are invested for the term you have chosen. You may withdraw or transfer the balance of your term deposit early by giving us 31 days notice.

However, if you do, we'll reduce the interest on the term deposit from the date it was opened until the date of withdrawal or transfer by 2% per annum, or the Term Deposit rate if it is less than 2%.

We have the discretion to delay the withdrawal or transfer until the end of the notice period (but not beyond the maturity date). If you have already been paid interest, the reduction will be deducted from the balance of the term deposit.

You can choose to have your funds transferred to your Qudos Bank savings account. Otherwise, when setting up your term deposit online you can choose to have the interest paid into an external bank account.

A Term Deposit is an investment product offered by banks and financial institutions. Term deposit products involve depositing a specific sum of money for a predetermined term, typically spanning from a few months to several years, which earns interest at a fixed rate of interest during the term.

A Term Deposit is an account designed to help you grow your savings. Customers with a Term Deposit choose a certain amount of time to lock up their savings, during which they are unable to access and use the funds but earn interest on that amount. At the end of the agreed term, customers will have grown their initial savings amount.

Finding a Term Deposit which meets your needs can provide benefits, including:

• Fixed returns: Enjoy a fixed interest rate throughout the entire term, providing a clear projection of the returns you’ll accumulate over the term.
• Safe: Term deposits in Australia are generally considered to be low-risk investments, as account balances up to $250,000 are protected by the Australian Government’s Financial Claims Scheme.
• Regular income: Opting for interest on the Term Deposit to be paid at regular intervals, be it monthly, at maturity or annually, can provide a reliable source of income.

The answer to this question depends on your saving and investment goals.

Term Deposits can be a great option if you don’t need to access your savings for a period of time but would like to earn a fixed interest rate regardless of economic conditions. For example, people looking to save for a deposit on a home or wanting their money to work for them into retirement, might find term deposits to be suitable. Term deposits are a low-risk way of diversifying your investment portfolio. Because of their safe, low-risk nature they generally come with lower return compared to other investments.