Suncorp Everyday Options Account Review & Information

Product details

The Everyday Options account provides a range of options for accessing your money and managing your account. Plus, it lets you to create separate sub-accounts, where portions of your everyday money can be set to the side to earn interest.

This innovative account structure was named as one of the reasons why Suncorp Bank was awarded “Bank of the Year” by Money Magazine

Product Name: Suncorp Everyday Options Account

Monthly Account Fee: $5

Debit Card Access: Visa

ATM Withdrawal Fee: $0

Interest Rate p.a.: 0.01%

Details: Monthly fee waived if you apply online. All Suncorp bank transactions are free.

Joint Application: Yes

Fee Free Deposit p.m.: $0

Overseas ATM Withdrawal Fee: $5

Overseas Eftpos Fee: 3%

Phone Banking: Yes

Fees: $5

Internet Banking: Yes

What are the features of the Suncorp Bank Everyday Options Account?

The structure of this account makes it necessary to not only compare it to other transaction accounts, but to also look at Australian savings accounts with other banks. All of the following features are included with the Suncorp Bank Everyday Options account:

Monthly account keeping fee. There is a $5 monthly account keeping fee that will be waived for the first year is you apply for this account online.
Monthly fee waiver. Full-time students and individuals with impairments that restrict normal access to banking facilities can also have that fee waived.
Sub-accounts. You can have up to nine separate sub-accounts that are linked to your main account all earning interest on the balances. These separate accounts do not incur any extra account keeping fees.
Interest earnings. Your main account balances of over 0.01% are earning a base interest that is calculated daily and paid into the account twice yearly. If you move a portion of that balance into a sub-account it will earn a competitive variable rate of interest that is paid monthly. The funds in that sub-account are still at-call and can be moved back into the main account whenever you need them. The third option for interest earnings is flexiRates.
flexiRates. If you choose to use your sub-account for flexiRates, you will be locking your funds away for predetermined period of time yet earning a higher rate of interest. The terms you choose can be three, six or twelve months, with longer terms earning higher rates. Or you can choose the four month special which gives the highest rate of return for your investment. There is no minimum amount you have to deposit to earn interest, and the rates are fixed for the length of the term.
Account accessibility. You are given a number of options for spending your money as well, without being charged any transaction fees. These include; ATM, EFTPOS, BPAY, phone banking, online banking, mobile banking, in branch and with cheques.
Visa debit card. If you choose the Visa debit card, you are able to make your purchases wherever Visa is accepted.
ATM network. The Visa debit card can also be used to make direct withdrawals from your account fee free at any Suncorp or Bendigo Bank ATM. You will possibly incur charges if you use an ATM outside of this network.

Pros

You can link sub accounts
Different access options for your money
Account keeping fee can be waived if application is made online

Cons

Regular account keeping fee of $5.

How do I apply for the Suncorp Everyday Options Account?

If the unique structure of the Options Account affords you all the options you need to take care of your banking needs, you can visit Suncorp website to begin filling out the online application form. This will ensure that your monthly account keeping fee is waived for the first year that the account is open. You should first check the following eligibility requirements to make sure that you can qualify for this account:

Minimum age. Account holders must be a minimum of 18 years of age.
Residency requirements. You need to be a permanent resident of Australia for tax purposes with a legal Australian residential address.
Depository requirements. Suncorp Bank does not state a minimum initial deposit to open this account.

In addition to being able to provide a current email address so that the bank can update you on the status of your application, you are also going to be asked for the following documentation as you proceed with the application:

Tax file number. If you do not provide your tax file number (TFN) or exemption code Suncorp Bank is required by law to deduct from your interest earnings a withholding tax at the highest marginal rate.
Identification. Single applicants can have their identity verified online by providing details from your driver’s licence or passport. If this is not possible, or if you are applying for a joint account, you will need to complete the application at a local branch.

After your application has been submitted your BSB and account number will be sent to your email along with a temporary code to allow you to access online banking. If your identity is verified your Visa debit card will also be posted to you right away, but if not, you will be given instruction on what steps you need to take.