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.
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.
What are the features of the Suncorp Bank 55 Plus Account?
This account offers the following features, which you should compare with other similar accounts in the market before making your decision as to which is right for you.
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.
Enjoy easy access to your funds.
You will be able to access the money in your account through ATMs, EFTPOS, BPAY, the linked Visa Debit Card, phone and Internet banking, mobile banking, in a branch and with a free cheque book.
Free Visa Debit Card with Visa PayWave.
Your transaction account is linked to a Visa Debit Card which can be used to make cash withdrawals at ATMs, in-store purchases wherever Visa is accepted around the world, and purchases online and over the phone. The Visa PayWave feature will allow you to make point of sale purchases of under $100 without swiping the card or entering your PIN.
Access 3000+ Suncorp ATMs fee-free.
You'll pay no ATM withdrawal fees at more than 3000 Suncorp and rediATMs Australia wide. Note that if you use an ATM outside of Suncorp's network, ATM fees may apply.
Overseas ATM fees and international transaction fees apply.
Your linked Visa Debit Card can be used to make overseas cash withdrawals, but you will be charged $5 per transaction, and local ATM operator fees may also apply. 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.
Suncorp offers a free mobile 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 on the go.
Interest up to 2.40%.
Interest for this account is given on a tiered basis, where the rates differ for different portions of the balance. The portion of your balance over $100,000 will receive the highest rate of interest of 2.40%. The interest is calculated on your daily balance and will be paid into the account once a month.
flexiRates allow you to earn up to 2.55% p.a. interest by locking part of your balance away
The flexiRates feature allows you to allocate portions of your balance into a fixed term for two, three, six or 12 months with a higher fixed interest rate. You can earn up to 2.55% p.a. on the part of your balance our lock away for 12 months. It's similar to a term deposit account, and you can't access the funds while they're locked away. The interest is calculated daily and will be paid into the account at maturity. Setting up and managing your flexiRate is all done online through your Internet banking platform, not requiring any additional application processes.
- $0 monthly account keeping fees
- $0 ATM fees at 3000+ Suncorp and rediATMs
- Unlimited fee-free Suncorp Bank transactions
- Earn up to 2.40% p.a. on your funds
- Overseas ATM withdrawal fee applies
- International transaction fee applies
How do I apply for the Suncorp Bank 55 Plus Account?
Suncorp Bank also makes applying convenient with an online application. 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.