Suncorp Growth Saver Account

Suncorp Growth Saver Account

Maximum Variable Rate

2.60

Standard Variable Rate

0.20
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Earn bonus interest each month you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal.

  • Maximum interest rate of 2.60% p.a.
  • No monthly account keeping fees
  • Grow your balance by just $200 per month to earn the bonus interest

Product details

This account is designed to help you grow your savings balance. It offers bonus interest each month you grow your balance by $200 or more (excluding any interest earned in the month) and make no more than one withdrawal.

Read on to learn more about the features of this high interest savings account, and how the bonus interest works.

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There’s no debit card attached to the account, so you won’t fritter your money away on everyday purchases, which is great if you’re trying to save for a long-term goal.

Product Name
Suncorp Growth Saver Account
Maximum Variable Rate
2.60% p.a.
Standard Variable Rate
0.20% p.a.
Bonus Variable Rate
2.40% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$200
Internet Banking
Yes
Phone Banking
Yes
Minimum Age Requirement
11
Maximum Age Requirement
No Maximum Age

Features

No account-keeping fees

There are no monthly account-keeping fees or fees to set up the account, so every dollar you save helps you get closer to your savings goal.

Earn up to 2.60% p.a. interest on your balance

This account offers a competitive maximum interest rate of 2.60% p.a. each and every month you meet the account conditions. To earn the maximum interest rate, you simply need to grow your closing balance on the last day of the calendar month by $200 or more compared to the closing balance on the last day of the previous month, and make no more than one withdrawal. Any interest earned within the calendar month does not count towards the minimum $200 growth requirement for bonus interest.

Earn 0.20% p.a. if you don’t meet the account conditions

If you don’t meet the conditions, you’ll earn the standard interest rate of 0.20% p.a. on your money. But don’t worry, if you don’t meet the conditions one month, you’re still eligible for bonus interest the next.

Online-only account

This savings account is online only, so there’s no debit card attached. This is good if you’re often tempted to spend as you won’t have easy access to your funds for daily purchases. However, if you do need to withdraw some money, simply transfer some money to your linked Suncorp transaction account via mobile or Internet banking. You are also not able to perform direct debits or BPAY transactions with the Growth Saver account.

Mobile app available

Keep an eye on your savings and check your balance wherever you are via Suncorp’s mobile banking app. Use the app to make quick and easy transfers between your Suncorp accounts and manage your money on the go. Remember, you're able to make one withdrawal from your Growth Saver to your linked transaction account each month, but you must replace the money withdrawn plus grow your balance by at least $200 (excluding interest) to earn the bonus interest.

You can log in to the app securely with a PIN, your fingerprint or even facial recognition. The app is free to download via Apple's App Store or Google Play.

Internet banking available

When you’re in front of a computer, you can use Internet banking to manage your money instead of using the app. Plus, you can take advantage of the free-to-use Budget Tracker within the Internet banking portal to keep on top of your savings progress.

Pros

  • Maximum interest rate of 2.60% p.a.
  • No monthly account keeping fees
  • Grow your balance by just $200 per month to earn the bonus interest

Cons

  • Standard interest rate of just 0.20% p.a. if account conditions are not met

How to apply for the Suncorp Growth Saver account?

If you’ve compared your options and have decided this is the right account for you, you can easily apply in less than 10 minutes. Before you do, make sure you meet the eligibility criteria and have the necessary documents handy.

Eligibility

  • Minimum age requirement. You must be at least 11 years of age to apply for this account.
  • Residency requirement. You must be an Australian permanent resident or citizen with a residential address in Australia.

Documentation needed

  • Personal identification. To verify your identity, Suncorp will need information from two separate forms of ID, such as your driver’s licence, proof of age card, passport, Medicare card or birth certificate.
  • Existing account details. If you already have an account with Suncorp, you won’t need to verify your identity again when opening this account.
  • Personal details. You’ll need to provide your full name, date of birth, phone number and your Australian residential address.
  • Tax File Number (TFN). This isn’t mandatory, but if you don’t supply Suncorp with your TFN, Suncorp will apply the highest marginal tax rate to your interest earnings.
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6 Responses

  1. Default Gravatar
    StanMarch 25, 2019

    In order to qualify for the bonus interest does it mean that although you are allowed to make one withdrawal in a month, you need to replace at least that withdrawal amount plus the $200 dollars deposit by the end of the last day of the next month? In other words, the account must never fall below the the original deposit amount plus $200 each month, for the bonus interest to apply?

    • Avatarfinder Customer Care
      JeniMarch 26, 2019Staff

      Hi Stan,

      Thank you for getting in touch with Finder.

      That’s right. So long that you grow your balance by more than $200 (excluding interest) and make no or just one withdrawal each month then you meet the bonus interest criteria.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    GordoMarch 22, 2019

    Maximum account balance?

    • Avatarfinder Customer Care
      JeniMarch 23, 2019Staff

      Hi Gordo,

      Thank you for getting in touch with Finder.

      No maximum account balance. This Growth Saver Account is a high interest savings account designed to reward you for regular saving and there is no minimum or maximum balance requirements, no monthly account keeping fee, bonus interest is available, and full store access to make deposits and withdrawals.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  3. Default Gravatar
    KamillaMarch 14, 2019

    Do I have to have any other accounts open with Suncorp to be able to have Suncorp Growth Saver Account?

    • Avatarfinder Customer Care
      CharisseMarch 15, 2019Staff

      Hi Kamilla,

      Thanks for reaching out to Finder.

      No, you are not required to open or link another Suncorp account like an Everyday account to be able to open a Suncorp Growth Saver Account.

      I hope this helps.

      Cheers,
      Charisse

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