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Suncorp Bank savings and bank accounts
Suncorp Bank is part of the Suncorp Group, offers several different accounts including a unique transaction account with mini interest-earning sub accounts attached.
A great effort from Suncorp! They've been highly commended at the 2024 Finder Awards across two categories; Best Transaction Account and Best Travel Debit Card.
Suncorp Bank began operating in 1902 in Queensland, and is now a national bank
Suncorp Bank is part of the Suncorp Group which also owns insurance brands AAMI, GIO, Bingle and Apia
Suncorp was one of the first retail banks to launch customer lounge style offices instead of traditional bank branches
Suncorp has a network of bank branches and ATMs across Australia
Different accounts offered by Suncorp Bank
Suncorp has a range of different accounts which you can see in the tables above, however here's an overview of a few of its most popular products.
Suncorp Everyday Options Account
This transaction account acts as your day-to-day account for everyday spending, with a linked Visa Debit card. The unique thing about this account is you can link up to 9 sub-accounts to this account that each earn interest. These sub accounts can be for individual savings goals or to help you budget for different expenses.
This is a simple day-today transaction account for low income earners and concession card holders. It doesn't attract any account keeping fees, comes with a Visa debit card and has no ongoing deposit requirement.
This is Suncorp's high interest savings account product. You can earn bonus interest each month you grow your net balance by at least $200 (excluding interest) and make no more than one withdrawal.
Suncorp Bank term deposits allow you to earn a fixed interest rate on your money when you lock it away for a set period of time. You can invest as little as $1,000 in a Suncorp Bank term deposit, and term lengths vary from 1 month to 5 years. Depending on the term of the deposit, you can choose to get interest every month, quarter, bi-annually, annually, or at maturity.
Suncorp Bank offers many different ways to do your banking.
Suncorp bank branches
Suncorp Bank has more than 200 branches across Australia, as well as some customer lounges where you can go for informal advice help and support with your banking.
Suncorp ATM network
There are more than 2,000 Suncorp ATMs around Australia. Customers with a Suncorp debit card can also make fee-free cash withdrawals at around 10,000 Big Four bank aTMs in Australia.
Bank@Post
If you need to deposit cash into your account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.
Suncorp Bank Internet and mobile banking
You can use Suncorp Internet Banking or the Suncorp Bank app 24/7 to do a range of day-to-day banking. You can make transfer between accounts, transfer to external accounts and pay bills, view and download statements and open new Suncorp Bank products. The Suncorp Bank app has a 4 star rating on Google Play and a 3.6 star rating on the App store.
Contactless payment options
Suncorp Bank offers Apple Pay, Google Pay and Samsung Pay to customers with a Suncorp debit card.
Pros and cons of banking with Suncorp Bank
Pros
Accounts for different customers. Suncorp Bank offers accounts for a variety of customers including kids, over 55s and concession card holders.
Bank branches and ATMs. Suncorp Bank have hundreds of physical branches and ATMs across Australia.
Bonus interest. Its Growth Saver Account offers bonus interest on your balance when you meet the account conditions.
No account keeping fees. Suncorp Bank doesn't charge monthly account keeping fees on its transaction accounts.
Cons
Less branches than the Big Four. While Suncorp has more branches than some smaller banks, it has a lot less Compared to the Big Four.
Lower interest rates. Suncorp's bonus savings account offers a lower interest rate compared to several other savings accounts in the market.
How to apply for a Suncorp account online
You can apply for a new Suncorp account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
Are you looking for another Suncorp product instead?
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
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.
Rather than trying to manage multiple accounts for your range of financial needs, Suncorp provides you with an easy way to divide up your money in one convenient account.
Thanks for getting in touch with Finder. I hope all is well with you. 😃
If you are referring to the Suncorp term deposit accounts, the answer is yes. Your term deposit with Suncorp is protected by the government of up to $250,000.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
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Are your term deposits guaranteed by the government?
Hi Ernst,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
If you are referring to the Suncorp term deposit accounts, the answer is yes. Your term deposit with Suncorp is protected by the government of up to $250,000.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua