Product details
The Everyday Options account acts as your transaction account for day-to-day spending. You can also link up to nine sub-accounts, which all earn interest and can be used to save towards separate goals.
You can select how much of your salary you'd like to be automatically transferred into your sub-accounts each time your get paid, which is great because interest is earned on funds in the sub-accounts. It's a great set-and-forget savings solution.
- 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
- Earn 1.40% interest on funds in up to 9 linked sub-accounts. 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?
All of the following features are included with the Suncorp Bank Everyday Options account:
$5 monthly account keeping fee.
There is a $5 monthly account keeping fee for your Everyday Options Account only, not for your sub-accounts. This fee will be waived for the first year for new account holders if you apply online, and it will also be waived for full-time students.
Link up to nine 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. You can use these accounts to save for individual savings goals, for example one could be used to save towards your next holiday and one could be used to save for a new car. When your salary is deposited into your main Everyday Options Account, some of it will automatically be redirected into your sub-accounts (this amount is set by you).
Earn up to 1.40% on your sub-accounts.
Balances in your sub accounts will earn up to 1.40% interest. Interest is calculated daily and paid into the account monthly. The funds in that sub-account are still at-call and can be moved back into the main account whenever you need them.
flexiRates on your sub-accounts.
If you choose to use your sub-account for flexiRates, you will be locking your funds away for a predetermined period of time while earning a higher rate of interest. The terms you choose can be three, six or twelve months, with longer terms earning higher rates. 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 accessing your money without being charged any transaction fees. These include; ATM, EFTPOS, BPAY, phone banking, Internet banking, mobile banking or in branch.
Linked Visa Debit Card.
This account comes with a free linked Visa debit Card to use for day-to-day spending in store and online wherever Visa is accepted around the world.
No ATM fees at Suncorp ATMs.
You can use your Visa Debit Card to make fee ATM withdrawals at more than 3000 Suncorp and rediATMs Australia wide. Fees may apply if you use an ATM outside of the Suncorp network.
Overseas ATM fees and international transaction fees apply.
If you use your Visa Debit card overseas you'll be charged an international transaction fee of 3%. Plus, if you use an international ATM you'll be charged $5 by Suncorp and ATM operator fees may also apply.
Pros
- Link up to nine interest-earning sub-accounts
- Use the sub-accounts to help you save for individual goals
- Make contactless purchases with Google Pay and Apple Pay
- Account keeping fee can be waived if application is made online or if you're a full-time student
Cons
- Monthly account keeping fee of $5.
- Overseas ATM fees and international transaction fees apply
How do I apply for the Suncorp Everyday Options Account?
You can apply online in a matter of minutes. Note that the account keeping fee is only waived for the first 12 months for new customers who open the account online, not via a branch.
Eligibility
- 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.
Documentation needed
- 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.
