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Suncorp Bank 55 Plus Account

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Earn interest on your everyday funds with this interest-earning transaction account for customers aged 55 and over.

Designed to help Australians who are 55 years or older, the Suncorp 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.

0.85% p.a.

Maximum variable rate

0.85% p.a.

Base interest rate

Details

Product NameSuncorp 55 Plus Account
Maximum Variable Rate0.85% p.a.
Standard Variable Rate0.85%
Bonus Variable Rate0.00%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age55

Expert review

Shirley Liu

Review by


Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

This account is quite unique; there's not many transaction accounts that also pay interest on your funds. The interest is stepped, so the rate of interest you earn depends on your balance.

Key features

Designed for over 55s

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.

No monthly account keeping fees

You will not be charged an account keeping fee with the 55 Plus Account.


How to apply

Suncorp Bank also makes applying convenient with an online application. Check the following conditions before proceeding to the application ensure that you are eligible:

Eligibility

  • 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.

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12 Comments

  1. Default Gravatar
    david
    September 19, 2019

    Hi,

    If I open a Suncorp 55 Plus account and lock in say $250000 for 12 months out of the $260000 deposit what interest rate will I get on the $250000 and is it gov’t guaranteed?

    Regards,
    David

    • Avatarfinder Customer Care
      Jeni
      September 21, 2019

      Hi David,

      Thank you for getting in touch with Finder.

      With Suncorp 55 Plus Account, deposits for $100,000 and over earn 1.75% p.a. and deposits up to $250,000 is covered by the Government Guarantee.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    Geoff
    August 12, 2019

    Is this account suitable/available to SMSF?

    • Avatarfinder Customer Care
      Jhez
      August 12, 2019

      Hi Geoff,

      Thank you for your comment.

      The Suncorp 55 Plus Account is not available for SMSF. You may want to check self managed super fund (SMSF) accounts here.

      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.

      If you want to find out more about a product, simply click the “More Info” link, or if you want to open an account, click “Go to Site”.

      Regards,
      Jhezelyn

  3. Default Gravatar
    Linda
    May 31, 2019

    How do I open an account? My term deposit has just matured and I am looking at your over 55 account

    • Default Gravatar
      Bella
      June 1, 2019

      Hi Linda,

      Thanks for your inquiry.

      You can apply for this account via Suncorp website. Please 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.

      I hope this helps.

      Kind regards,
      Bella

  4. Default Gravatar
    chris
    May 27, 2019

    I AM AFTER BEST INTEREST RATE BASED UPON THE FOLLOWING:
    AMOUNT: $400000
    TIME: 9 MONTHS
    AGE: over 55

    • Default Gravatar
      Nikki
      May 28, 2019

      Hi Chris,

      Thanks for getting in touch! You can find the best high-interest savings account on our page here.

      On the page, you’ll find a table that shows the banks offering high-interest rates. on top of the table, there is a calculator where you will be asked to enter the initial deposit, monthly deposit and period. Upon using that calculator, it will compute for an estimate of interest earned for each bank that will help you compare for the best banks. We encourage to read the entire page as it shows more tips on how to choose the best account for your needs.

      As a friendly reminder, review the eligibility criteria and the T & Cs of the account before applying. Feel free to reach out to the bank if you need any clarifications.

      Cheers,
      Nikki

  5. Default Gravatar
    Diane
    February 27, 2019

    What are the interest rates for your 55 Plus account? What are the tiered rates? I have an account with Suncorp.

    • Avatarfinder Customer Care
      Jeni
      March 1, 2019

      Hi Diane,

      Thank you for getting in touch with Finder.

      You could earn the maximum interest of 2.40% p.a. for balances at $100,000 and above then 1.15% p.a. for balances from $10,000 to $99,999 and 0.30% p.a. from $0 to $9,999.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  6. Default Gravatar
    Linda
    October 15, 2018

    What is the daily withdrawal limit from 55plus account?

    • Avatarfinder Customer Care
      Jeni
      October 15, 2018

      Hi Linda,

      Thank you for getting in touch with finder.

      The combined cash out and withdrawal limit for ATMs and EFTPOS is $1,000 per day per card. This limit can be increased to $2,000 per day per card by contacting them directly or visiting your local Suncorp Bank Branch.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

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