Designed to help Australians who are 55 years or older, the Suncorp Bank 55 Plus Account works like a transaction account with multiple ways of accessing your money and as a savings account paying a competitive rate of interest on your daily balance. The convenience of only having to manage one account will make it easier to enjoy your retirement years.
What are the features of the Suncorp Bank 55 Plus Account?
Being comfortable with the way you bank will make it easier for you to transition into retirement. As you look at various accounts designed for older Australians, be sure to compare those features carefully that make managing your money easier for you:
- Availability. This account is only available to Australians who are aged 55 or older. This can also be opened as a joint account so long as one account holder meets the age condition.
- Monthly account keeping fees. You will not be charged an account keeping fee with the 55 Plus Account.
- Access methods. You will be able to access the money inside of your account through ATMs, EFTPOS, BPAY, Visa debit card, phone and internet banking, mobile banking, in a branch and with a free cheque book.
- Visa debit card. Your transaction account is linked to a Visa debit card which can be used to make cash withdrawals at ATMs, in-person purchases wherever Visa is accepted and purchases online and over the phone.
- PayWave. This feature of the issued Visa debit card will allow you to make point of sale purchases of under $100 without swiping the card.
- ATM network. In order to avoid any third party fees when withdrawing cash, you can access your account using ATMs across Australia in the Suncorp and Bendigo Bank networks.
- Overseas withdrawals. Your linked Visa debit card can be used to make overseas cash withdrawals, but you will be charged $5 per transaction.
- Foreign currency conversion. Any purchase made in a currency other than the Australian dollar will result in a charge to your account of 3.00% of the transaction value.
- Mobile banking. Suncorp Bank offers a free app that can be downloaded for both iPhone and android. With this app on your mobile phone you can view your balance and recent transactions, make transfers and even pay bills.
- Sweep facility. This feature links your Suncorp Bank accounts and as per your instructions will automatically transfer funds from one to the other when balance limits are reached. The use of the sweep facility will incur a charge of $1.50.
- Interest calculation. The interest is calculated on your daily balance and will be paid into the account once a month.
- Interest rates. Interest for this account is given on a stepped basis, where the rates differ for different portions of the balance. The first $9,999 will be paid at one rate, while any part of the balance higher than that but lower than $99,999 is paid at a higher rate. The portion of your balance over $100,000 will receive the highest rate of interest.
- flexiRates. A feature unique to Suncorp Bank, flexiRates allows you to allocate portions of your balance into a fixed term of up to one year for a higher fixed interest rate. The interest is calculated daily and will be paid into the account at maturity. You are permitted to add up to 15 of these separate interest earning accounts to your 55 Plus Account. Setting up and managing your flexiRate accounts is all done online through your internet banking platform, not requiring any additional application processes.
- Free cheque book
- Linked Visa debit card
- Unlimited Suncorp transactions
- Age criteria applies
How do I apply for the Suncorp Bank 55 Plus Account?
Suncorp Bank also makes applying convenient with an online application that can be accessed by visiting the Suncorp Bank website. Check the following conditions before proceeding to the application ensure that you are eligible:
- Minimum age. You must be at least 55 years of age in order to qualify for this account, or be applying jointly with someone who is.
- Residency requirements. Applications will only be accepted by permanent Australian residents for tax purposes with an Australian residential address.
- Depository requirements. Suncorp Bank does not require that you make a minimum opening deposit.
Having certain documentation nearby to refer to will help in making filling out your application easier:
- Tax file number. Your tax file number (TFN) or tax exemption details are not obligatory, but if you do not provide them Suncorp Bank must deduct a withholding tax from your interest earnings at the highest marginal rate.
- Identification. Single applicants may be able to have their identity verified online using information from their passport or driver’s licence. If you are applying jointly, you both will need to complete this step in person at a Suncorp Bank branch or participating Australian post office.
- Current email address. This will be used to update you on the status of your application.
Your new BSB and account number will be sent to you almost immediately after submitting your application along with a temporary code to access internet banking. If your identity can be verified online, the account will be activated and the linked Visa debit card mailed to your address. If not, you will be informed of how to complete that last step in order for your account to be activated.