Product details
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.
Choose to link a Visa debit card and take advantage of shopping wherever Visa is accepted.
- Product Name
- Suncorp Everyday Options Sub Account
- Maximum Variable Rate
- 1.50% p.a.
- Standard Variable Rate
- 1.50% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $5
- 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
- 18
- 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 Everyday Options with sub accounts?
There are a number of banks in Australia who are now offering customers cash management accounts to manage both spending and saving needs. Compare the features of those accounts with what the Everyday Options with sub accounts is offering you to see which account is best suited for the way you handle your finances. If this account isn't right for you, check out the other account options offered by Suncorp.
Monthly fee of $5
There is a $5 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.
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 $5 per month.
- A fee applies for a bank cheque purchase.
How do I apply for the Suncorp Everyday Options with Sub-accounts?
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 criteria
- 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 next?
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.
What is the maximum amount that can be put into the Suncorp everyday account and still get the 3.75 % interest
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