In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.

Suncorp Kids Savings Account

Suncorp Kids Savings Account
Maximum variable rate
4.45% p.a.
Base interest rate
0.95%p.a.
Minimum deposit
$20

Our verdict

Start putting your dollars away in a different type of bank and see how quickly bonus interest can fatten up your savings

With online banking tools exclusive to Suncorp you can set goals and then monitor your saving progress.

Pros

  • $0 account keeping fee
  • Easy access of your funds through internet, telephone and mobile banking
  • Bonus interest is offered to account holders with minimum deposit of $20 and only 1 withdrawal is made during the month

Cons

  • Children under 11 years of age require consent from their parents.

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

The Suncorp Bank Kids Savings Account is designed for Australian children under the age of 18 to learn the value of stockpiling spare change for the future. Kids have the chance to earn bonus interest on top of the base rate every month with this versatile account that does not eat away at your savings with fees.

Details

Key details

Product Name Suncorp Kids Savings Account
Maximum Variable Rate 4.45% p.a.
Standard Variable Rate 0.95% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0

Key features

A competitive, variable interest rate of 4.45% when you deposit at least $20 and make no more than one withdrawal

To reward kids for savings, Suncorp will award a bonus interest rate when the above conditions are met. Otherwise, a standard rate of 0.95%will apply for that month.

How do I earn interest?

Every cent of your deposited money will earn interest at a base rate. For each month that you deposit at least $20 and make only one withdrawal from the account you will be rewarded with a competitive bonus interest rate. Interest is calculated daily on the balance and paid into the account monthly. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.

Launch savings calculator


How to apply

Due to the specific nature of this account you must apply in person at a Suncorp Bank branch.

Eligibility

Before heading out, make sure that you are able to meet the following eligibility requirements.

  • Minimum age. Only children under 18 are eligible for this account. If you are under 11 you will need to provide parent or guardian consent before the account can be activated.
  • Residency requirements. You need to be an Australian resident with a residential address in order to be able to apply for this account.

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Staff Finder

Writer

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

Shaheer

October 30, 2021

I just opened an account recently online and was wondering if I could verify my ID online


Avatar

Alison Banney Finder

November 03, 2021

Hi Shanheer,


For children’s savings accounts you do need to visit a branch so they can verify the ID of your child. If you’re simply opening a Suncorp bank account for yourself and you’re over 18, you can verify your ID online.


Thanks,

Alison


Avatar

Julya

March 12, 2019

Can I apply kids saving account if I do not have Suncorp account? I understand that If I need to transfer money, it can only be done within Suncorp account. If I apply for Suncorp account for this reason, is there any monthly fee?


Avatar

Joshua Finder

March 14, 2019

Hi Julya,


Thanks for getting in touch with Finder. I hope all is well with you. 😃


You can make deposits at any Suncorp branch or set up a direct credit transfer each month. However, when it comes to withdrawing money, you need to first transfer it through another Suncorp Transaction Account.


Thankfully, most Suncorp savings account does not come with account keeping fees. You can confirm with Suncorp upon opening an account.


I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.


Have a wonderful day!


Cheers,

Joshua


Show more Show less
Avatar

Artemis

December 01, 2018

Hi


My mum and I would like to open a savings account for her grandson/My nephew, he is only 8. Could it be in either of our names with his?


What would we be required to bring to the bank if we can? We been looking for a bank that would allow a grandparent or aunty to open a child account as my mum been ill often so she wants a bank account opened for her grandson so when she does pass away the money in her Will for him goes straight to his account.


Show more Show less
Avatar

John Basanes Finder

December 05, 2018

Hi Artemis,


Thank you for reaching out to finder.


You may check on this link to get to the comparison table specific to kids savings accounts. Once there, you may click on any of the banks names to be directed to their review pages. This is where you would see the requirements as well as how to apply for them. Once ready, clicking on the “Go to site” button will route you to the provider’s website where you could start the application.


Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!


Cheers,

Reggie


Show more Show less
Avatar

Grace

November 05, 2018

I’d like to open an account for my 3yo grandson,

what type of account would be most suitable ?

I’m not planning any withdrawals


Avatar

John Basanes Finder

November 05, 2018

Hi Grace,


Thank you for leaving a question.


While we do not provide specific product recommendations, we can help guide you through the process of comparing options. You may click on this link to go to the comparison table for kids savings accounts. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.


Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.Hope this helps!


Cheers,

Reggie


Show more Show less
Avatar

Emelda

October 24, 2018

It says that it only covers up to $250,000, what happens when the child ends up having more than that?


Avatar

Jhezelyn Finder

October 24, 2018

Hello Emelda,


Thank you for your comment.


The Australian Government guarantees deposit up to $250,000 which means that this money is guaranteed if the institution collapses. If you have more than $250,000 in a single account, you won’t be covered for the amount over $250,000.


Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.


Regards,

Jhezelyn


Show more Show less
Go to site