Suncorp Everyday Options sub account

Last updated: Jan 1, 2021

With a range of ways to access your money and interest earning sub-accounts, the Everyday Options Account is a convenient hub to handle all of your financial needs

The Suncorp Everyday Options Account provides you with flexibility in handling your day-to-day banking needs, and the option of earning interest on any funds you don’t immediately need.

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

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Details

Product Name	Suncorp Everyday Options Sub Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International transaction fee	0%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Google Pay, Apple Pay

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	N/A

Pros

Link up to 9 high interest savings accounts.
Access and manage your account online.
There are no fees to pay for Suncorp bank transactions.

Cons

There is an account keeping fee of $0 per month.
A fee applies for a bank cheque purchase.

Expert review

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

Choose to link a Visa debit card and take advantage of shopping wherever Visa is accepted.

Key features

Monthly fee of $0

There is a $0 monthly account keeping fee charged each month. This fee is waived for the first year if you apply for the account online. Full time students and those with impairments that restrict access to banking facilities are also exempt from having to pay the monthly fee.

Access your money for free

You are able to access your money in the following ways; through ATMs, EFTPOS, BPAY, Visa debit, phone banking, internet banking, mobile banking, in branch or with a cheque book. These are all free transactions when conducted through Suncorp Bank.

Visa debit card

Your linked Visa debit card works the same as a credit card, yet deducts the money spent straight out of your account. This allows you to make purchases and cash withdrawals wherever Visa is normally accepted. Account holders under 16 cannot be issued a Visa debit card, but will be provided with a Suncorp Bank transaction card.

Up to nine Sub-accounts

Up to nine savings sub-accounts can be opened in conjunction with this account, providing you with a higher variable rate of interest on the balance.

flexiRates

You have the option of locking in your money in a sub-account for up to a year, increasing the interest rate already being earned. Up to 15 of these fixed rate flexiRate accounts can be added to each one of your sub-accounts.

Interest calculated daily

The interest rates on your sub-accounts are calculated daily on the balance.

Monthly interest payments

For regular sub-accounts, the interest is paid into the account each month. If you add flexiRates, the interest is only paid when the terms are completed.

How to apply

Apply online for the Everyday Options account and you can have your monthly fee waived for the first year. There is some eligibility criteria you need to consider first before applying for this account, and some documents you will need to have handy.

Eligibility

Minimum age. Online applicants must be at least 18 years of age in order to be considered.
Residency requirements. Only a permanent Australian resident with an Australian residential address is permitted to have this account issued to them.

Depository requirements. There are no stated minimum deposit requirements for the Everyday Options Account.
Email address. You will need to be able to provide a valid email address in order for Suncorp Bank to contact you with the details of your new account. Adjust your email settings if necessary to ensure that these notifications are not sent to your junk mail storage.

Documentation needed

Tax file number. If your tax file number (TFN) or exemption code is not provided, then Suncorp Bank is obligated to deduct a withholding tax on your interest earnings at the highest marginal rate.
Identification. If you are applying as a single applicant, Suncorp Bank will use your passport or driver's licence to verify your identity online. If this is not possible, or if you are applying for a joint account then you, or you and the co-applicant, must complete this portion of the application at an Australian post or Suncorp Bank branch.

What happens after I submit my application?

Your new BSB and account number will be sent to your email address immediately after your application has been submitted. An access code will also be provided that will allow you to get started with internet banking. Once your identity has been verified, your Visa debit card or transaction card will be sent to you via post, but if not, you will be given options on how you can complete that part of the application and activate your new account.

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4 Comments

Chris
July 13, 2019

Can I add a sub-account to my Suncorp everyday options account via internet banking or do I have to go to the branch to add the sub account?

finder Customer Care

Joshua
July 14, 2019

Hi Chris,

Thanks for getting in touch with Finder. I hope all is well with you. 😃

That’s an interesting question you got there Chris. Upon checking, the answer to your question is yes, you can simply add a sub account via internet bankking. You can do this by logging into your account, going to ‘Manage My Accounts’, entering in the account, and clicking ‘Add’.

Please note that Internet Banking will only let you add accounts that you have rights or access to. If you can’t add an account, you can contact Suncorp or visit their local branch.

I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

Have a wonderful day!

Cheers,
Joshua

W. Gordon
December 18, 2015

What is the maximum amount that can be put into the Suncorp everyday account and still get the 3.75 % interest

finder Customer Care

Shirley
December 21, 2015

Hi W.Gordon,

Thanks for your question.

The standard rate of interest (2.15%p.a.) is paid on the total of all the credit balances in your accounts, there no maximum.

It applies to balances $0.01 and over.

Cheers,
Shirley

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Suncorp Everyday Options sub account