Suncorp Everyday Options Account
Link up to nine interest-earning sub-accounts to your Everyday Options Account to help you manage your budget.
The Everyday Options account acts as your transaction account for day-to-day spending. You can also link up to nine sub accounts, which act as individual savings accounts, and can be used to save towards separate goals.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This is an everyday transaction account with no monthly account keeping fees. You can use your Visa Debit Card to make free ATM withdrawals at all Suncorp, Westpac, NAB, ANZ and CBA ATMs in Australia, and you can also link it to Apple Pay, Google Pay. If you’re planning to use the card overseas, there's also no international transaction fee and no ATM withdrawal fee by Suncorp (the ATM operator fees may still apply though).
What’s most unique about this account is that you can link up to 9 mini sub-accounts that pay interest, which is rare for a transaction product. This means you can put some of your money in different sub-accounts, for example for different bills and expenses. You’re not penalised for moving money out of the sub-accounts either, so you can set up direct debits for recurring bills and still earn interest.
$0 monthly account keeping fee
This account charges no monthly account keeping fees.
Link up to nine sub-accounts
You can have up to nine separate sub-accounts that are linked to your main account all earning a small amount of interest on the balances, currently 0.05%. 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, you can opt to have some of it automatically redirected into your sub-accounts (this feature is set by you).
Earn 0.05% on your sub-accounts
Balances in your sub accounts will earn 0.05% 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 and you may earn a higher rate of interest. You can choose a term length from 1-12 months.
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.
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.
For younger customers aged 11-15 years an eftpos Debit card is issued. This card can only be used for face to face purchases in Australia or to withdraw cash in Australia and cannot be used for online or overseas purchases.
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.
No overseas ATM fees and international transaction fees when using your Suncorp Visa Debit card.
There's no international transaction fee when using your Suncorp Visa Debit card overseas, and no overseas ATM withdrawal fee charged by Suncorp (the ATM operator may charge its own fee though).
How to apply
You can apply online for the Suncorp Everyday Options account in a matter of minutes.
- Minimum age. Account holders must be a minimum of 11 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.
- 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.
What happens after I submit my application?
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 instructions on what steps you need to take.