Suncorp eOptions

Suncorp eOptions

Maximum Variable Rate

1.60

Standard Variable Rate

1.60

Earn interest, avoid fees and get more options with an account that can reward you for money management.

  • No monthly account keeping fees
  • No minimum balance required
  • Phone, internet, mobile and branch access

Product details

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, to fix interest earned on a portion of your balance. This versatile savings account gives you more ways to manage your money and move towards your financial goals.

Product Name
Suncorp eOptions
Maximum Variable Rate
1.60% p.a.
Standard Variable Rate
1.60% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
13
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Suncorp eOptions Saver account?

Compare the features of the Suncorp eOptions Saver account with alternatives, and find one with the options that can help your savings grow. This account has:

No monthly account keeping fees

You will not be charged any monthly fees with this account.

No transaction fees

All Suncorp Bank transactions, all phone transfers and all online transactions 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 it. You will be charged $1.50 each time that this automatic transfer takes place.

Accessibility options

You are able to access your account and make transfers using internet, mobile and phone banking, as well as make deposits at a Suncorp branch.

Transaction flexibility

With this account you have the ability to set up periodic transfers, BPAY and direct debit and credit.

1.60% p.a. interest earned

A variable interest rate is applied to the account balance.

How is my interest calculated?

Interest is calculated daily on the balance and paid into the account once a month.

What are 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 each term is no longer than one year with the option to renew it when the term 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.

Your 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. Compare other Suncorp products.

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Pros

  • $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

Cons

  • 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.

Eligibility to apply 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.

Documentation for your online application

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.

What happens after I submit 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.

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