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Summary

Maximise your business’s savings with a flexible account that allows for a higher rate of interest on portions you don’t need.

Suncorp Bank’s Business Saver Account provides you with a safe haven for your excess working capital. Pay no monthly fees, yet still earn on the cash from a competitive interest rate on the entire balance. You are also given the option of flexiRates, a unique feature that permits you to further set aside a portion of the balance to receive a fixed rate for a set period of time.

Pros

Unlimited transactions online
$0 monthly account fee

Cons

Charges on external transfers may apply

Details

Key details

Product Name	Suncorp Business Saver Account flexiRates
3 month interest rate	4.20%
6 month interest rate	4.60%
9 month interest rate	4.15%
12 month interest rate	4.70%
Minimum Opening Deposit	$0
Minimum age requirement	18
Government guarantee	Yes

Eligibility

Minimum Age Requirement	18
Joint account availability	Yes
Min Deposit	$0
Available to children	Not available for children

Key features

$0 monthly fees

This account is free from any fees or charges applied monthly.

No transaction fees

You are allowed an unlimited number of transfers to and from the account at no charge, with the exception of any external transfers. Those will incur a fee of $2 per transaction.

0% interest on your balance

The variable interest rate is applied to your balance daily and paid into the account once a month. Note, the variable interest rate is subject to change in line with movements of the RBA Cash Rate.

Save more with flexiRates

This unique feature allows you to set aside a portion of your savings balance and lock it in a term for a higher fixed interest rate. Terms range from one month to one year, and you can have up to 15 separate flexiRates for one account. There are no extra fees or minimum balance requirement, but like a term deposit the interest rate will be adjusted if you choose to end the term early. You are able to set up your flexiRate through online banking by choosing the amount you wish to set aside and the length of time you wish the terms to be.

Options to access your account online and more

This account can be accessed using internet or phone banking. You can also make deposits at a branch using cash or a cheque.

Set up direct credits and debits

You can set up this account for electronic direct credits and debits.

Transfer cash with a linked account

You will need to nominate a separate business banking account with Suncorp Bank or another Australian financial institution to facilitate the transfer of your money. Compare more bank accounts from Suncorp.

Launch savings calculator

How to apply

Eligibility

If after comparing the various business savings accounts available, you have found this one meets your needs, you can begin filling out an online application. There will be some initial eligibility requirements that you will have to confirm before proceeding to the actual application:

Minimum age. Applicants must be at least 18 years of age to apply for this account.
Residency requirements. All applicants must be an Australian resident for tax purposes. In addition, the business needs to be registered to operate within Australia.

Depository requirements. There is no minimum deposit requirement set forth by Suncorp Bank.

Documentation needed

The following documentation will be needed in order to help you in verifying that you are eligible for the Business Saver Account:

Tax file number. Yours or the business tax file number (TFN) or TFN exemption code is not obligatory, but it does help to make sure that when tax is withheld on your interest earnings it is at the correct rate.
Identification. Your driver's licence, Medicare card or passport will be used to help verify your identity. If your business is a partnership, you will also need to provide that information for all those listed.
Business number. The Australian Business Number (ABN) or Australian Company Number (ACN) issued to your business will also be required.
Linked account. The account number and name of a separate business account that you will be using to transfer money in and out of your savings. This account must be in the same name as the one in which you are applying for.

What happens after I submit my application?

After you have submitted your application you may be contacted by Suncorp Bank for more information and documentation. Once they have all they need and verify the information you provided, you will be notified with the details of your new business savings account.

Compare other business savings accounts

1 - 6 of 53

Name	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Intro Period	Government Guarantee	Monthly Max Rate Conditions
Zeller Business Savings Account	Maximum Variable Rate p.a. 2.00%	Standard Variable Rate p.a. 1.40%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
AMP Cash Manager	Maximum Variable Rate p.a. 4.80%	Standard Variable Rate p.a. 4.80%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
ANZ Business Online Saver	Maximum Variable Rate p.a. 1.25%	Standard Variable Rate p.a. 1.25%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
The Mutual Bank Cash Management Account	Maximum Variable Rate p.a. 0.05%	Standard Variable Rate p.a. 0.05%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
ING Business Optimiser	Maximum Variable Rate p.a. 1.00%	Standard Variable Rate p.a. 0.60%	Intro Period 6 months	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
The Mutual Bank Business Maximiser Account	Maximum Variable Rate p.a. 1.85%	Standard Variable Rate p.a. 1.85%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...

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Alison Finder

Editor

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Jerome

February 01, 2023

Is the Suncorp Business Saver Account (flexiRates) 4% for 6 months only for businesses?

Alison Banney Finder

February 22, 2023

Hi Jerome,

The Business Saver Account is for business customers only. However, you can also access the flexiRates via a Suncorp Everyday Options account, which is for personal customers: https://www.finder.com.au/suncorp-everyday-options-account

Thanks,

Alison

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Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

Suncorp Business Saver Account (flexiRates)

Pros

Cons

Key features

$0 monthly fees

No transaction fees

0% interest on your balance

Save more with flexiRates

Options to access your account online and more

Set up direct credits and debits

Transfer cash with a linked account

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other business savings accounts

Sources

Your reviews

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