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.
The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.
Minimum Age Requirement
18
Joint account availability
Yes
Min Deposit
$0
Available to children
Not available for children
Pros
Unlimited transactions online
$0 monthly account fee
Cons
Charges on external transfers may apply
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.
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.
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.
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