Get a transaction account for easy access to money, or a savings account to earn interest.
Suncorp Bank began operations in 1902, and while it remains an important part of Queensland’s banking system, it now boasts of a national presence. Suncorp Bank has more than 200 branches and 2,000 ATMs across Australia, and it provides its customers with online and mobile banking platforms.
- Transaction Accounts
- Savings Accounts Interest Rates
- Term Deposits Interest Rates
- How do Suncorp Bank savings accounts compare?
Awards that Suncorp Bank has earned
- Money Magazine Best of the Best Awards, 2015. Suncorp Bank awarded Bank of the Year
- Money Magazine Best of the Best Awards, 2015. The Suncorp Bank Kids Savings Account awarded Best Kids Savings Account
Who is Suncorp Bank?
Suncorp Bank offers a range of personal banking, small to medium enterprise banking, commercial lending, and agribusiness banking solutions. As part of its personal banking solutions, it offers transaction accounts, savings, accounts, term deposits, credit cards, personal loans, home loans, and more.
While its transaction accounts give you easy access to funds in your account, you can consider opening a savings account or a term deposit if you wish to earn interest.
What about the mobile app?Image Source: App Store
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What transaction accounts are provided by Suncorp Bank?
- Everyday Basics Account - This transaction account does not attract any account keeping fees, and all Suncorp Bank transactions are free. You can access funds in your account through a Visa debit card at ATMs and EFTPOS terminals, which you can also use it to make online and over the phone transactions. You can pay bills using BPAY, and you can look forward to banking at Suncorp Bank branches.
- Everyday Options Account - This everyday account enables you to earn interest, while providing you with easy access to funds. You can link up to 9 sub-accounts to this account, in which case, they earn interest as well. This account attracts a monthly account keeping fee, which the bank would waive for the first 12 months if you apply online. Access to funds comes through a Visa debit card, branch banking, and a chequebook. Account holders can use BPAY to pay bills.
- Everyday Essentials Account - This account is for low income earners, and it does not attract any account keeping fees. Account holders get a Visa debit card, they can pay bills using BPAY, they can set up direct debits, and they can transact at Suncorp Bank branches. You don’t require a minimum deposit to open this account.
- 55 Plus Account - You can open this account if you’re over 55 years of age. This account does not attract account keeping fees, and account holders stand to earn interest in a tiered manner. You get a Visa debit card with this account, you get a chequebook, and you can look forward to transacting at branches. You also get the ability to pay bills using BPAY.
What high interest savings accounts are offered by Suncorp Bank?
- eOptions Account - This online savings account does not attract any account keeping fees, it does not come with a minimum opening balance requirement, and you have the option of locking away part of your funds with flexiRates. Access to funds comes through online, mobile, and phone banking, and you can make deposits at Suncorp Bank branches.
- Kids Savings Account - This savings account does not attract any account keeping fees, Suncorp Bank transaction fees, or coin handling fees, and it offers account holders one monthly withdrawal. By adding at least $20 per month as combined deposits and not making any withdrawals, account holders stand to earn bonus interest. Account access comes via online, mobile, phone, and branch banking. Suncorp Bank also provides account holders with an array of banking related teaching tools.
What term deposits are offered by Suncorp Bank?
- Term Deposit - Suncorp Bank term deposits give you the ability to earn high interest on locked-away portions of your money. You can invest as little as $1,000 in a Suncorp Bank term deposit, and terms vary from one month to 60 months. Depending on the term of the deposit, you can choose to get interest every month, quarter, bi-annually, annually, or at maturity.
What are the pros and cons of Suncorp Bank accounts?
- Number of options. No matter whether you require easy access to money in your account, or wish to make the most of your money by earning interest, you can be certain that Suncorp Bank has an account to suit your needs.
- Branch and ATM network. Suncorp Bank has more than 200 branches spread across Australia, making it ideal for people who like banking in person. Account holders with Visa debit cards can access over 2,000 ATMs for free.
- Award winning account for kids. The Suncorp Bank Kids Savings Account is an award winner, and provides children with tools that they can use to understand the complexities of banking.
- Lack of branches. Compared to the big four, Suncorp has a lesser physical presence.
How do I apply for a Suncorp Bank account?
Depending on the account you wish to open, you can apply online, over the phone, or by visiting a branch. If you wish to apply for an account that accepts online applications, simply click on the ‘Go to Site’ button, but make sure you meet the following eligibility criteria.
- You meet account specific age requirements
- You are an Australian resident
- You meet minimum account opening balance requirements (if any)
Completing the application successfully requires that you provide the following information.
- Details from identification documents like your Australian passport or driver’s licence
- Your residential address, email address, and phone number