With Suncorp Bank’s online savings account you get competitive interest rates, no monthly fees and the ability to sweep your funds when needed or increase your interest earnings with flexiRates. This versatile savings account makes it easy to manage your money and make a financial plan towards your future.
What are the features of the Suncorp eOptions Saver account?
In order to ensure that you are giving your saved money the best opportunity to grow, you should first compare the features of various bank’s savings accounts with those that you will get when you open an eOptions Saver:
- Monthly account keeping fees. You will not be charged any monthly fees with this account.
- Transaction fees. All Suncorp Bank transactions and electronic transfers to other banks are unlimited and free of charge.
- Sweep facility. A funds sweep protects your linked transaction account from being overdrawn by automatically transferring the necessary money out of your savings account and into the linked account. You will be charged $1.50 each time that this automatic transfer takes place.
- Accessibility. You are able to access your account and make transfers using internet, mobile and phone banking. Deposits are also allowed at a Suncorp branch.
- Other transactions. With this account you have the ability to set up periodic transfers, BPAY and direct debit and credit.
- Interest rates. A variable interest rate is applied to the account balance.
- Interest calculation. Interest is calculated daily on the balance and paid into the account once a month.
- flexiRates. With flexiRates, you are given the opportunity to grow a portion of your savings balance at a higher interest rate, similar to a term deposit account. There is no minimum balance, and the terms are no longer than one year, with the option to renew the term when it ends. The interest rate on this portion of your balance will be fixed, and higher than the standard rate for the eOptions Saver. There is no charge for this feature, and it can be set up easily through internet banking.
- Nominated account. In order to be able to have complete access to your money, you will need to nominate a separate account for this one to be linked to. That account can be with Suncorp Bank or any other Australian financial institution.
- $0 Account keeping fees
- Sweep facility available
- Lock portions of money away with flexiRates and earn a higher interest rate
- Link to any Australian bank account
- No bonus interest
- Deposit only at branches
How do I apply for the Suncorp eOptions Saver account?
If the eOptions Saver seems right for your savings goals, you can start an application online. Before getting started, look over the following eligibility requirements to ensure that you will qualify:
- Minimum age. Applicants who have reached their 12th birthday are eligible for this account, but you must be at least 18 years of age to apply online.
- Residency requirements. Suncorp Bank requires that all applicants be permanent Australian residents with an Australian residential address.
- Depository requirements. There is no minimum deposit needed in order to open this account.
You will also need to be able to provide a valid email address when applying so that Suncorp can update you on the progress of your application. It will also be helpful to have the following documentation ready in order to ensure that your application is completed in its entirety:
- Tax file number. Although not a requirement if you do not provide your tax file number (TFN) or exemption details when applying, Suncorp Bank is required to deduct from any interest earnings an amount of tax that is calculated at the highest marginal rate along with a Medicare levy.
- Identification. Single applicants may be able to have their identity verified by using a passport or driver’s licence. If not, or if you are applying for a joint account, you will need to visit a branch or Australia post in order to complete this portion of the application.
If there are no problems with the information provided on the application and your identity is able to be verified online, your new BSB and account number will be sent to you immediately through the email address you provided. Along with it will be a temporary code to use to access Suncorp’s internet banking. You can then access your account and begin transferring money to start earning interest on your savings.