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Suncorp Growth Saver Account

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

This account is designed to help you grow your savings balance. It offers bonus interest each month you grow your net 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.

1.65% p.a.

Maximum variable rate

0.15% p.a.

Base interest rate

1.5% p.a.

Bonus interest rate

$200

Minimum deposit

Details

Product NameSuncorp Growth Saver Account
Maximum Variable Rate1.65% p.a.
Standard Variable Rate0.15%
Bonus Variable Rate1.50%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age11

Expert review

Alison Banney

Review by


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.

Expert review

This account offers a maximum bonus rate of 1.65% on your balance. This is an ongoing bonus rate too, so it’s not going to expire after a few months after opening the account.

To earn this rate you need to grow your net balance (excluding interest earned) by $200 each month. This means that if you withdraw money from the account, you need to replace that money plus add another $200 during the month to earn the bonus interest.

You can make no more than one withdrawal during the month in order to be eligible for bonus interest. This account is designed to help you save and motivate you to leave the money in the account earning interest. If you’d prefer the flexibility of being able to access your savings whenever you need to you could consider a savings account with no withdrawal restrictions, although you might need to settle for a lower interest rate.

Key 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 1.65% p.a. interest on your balance

This account offers a competitive maximum interest rate of 1.65% 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.


How to apply

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.

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10 Comments

  1. Default Gravatar
    Fred
    September 18, 2019

    Is the Suncorp Growth Saver Account covered by the covered by the Government Guarantee Scheme up to $250,000?

    • Avatarfinder Customer Care
      Jhez
      September 19, 2019

      Hi Fred,

      Thank you for your comment.

      Upon checking, Financial Claims Scheme (FCS) under the Banking Act 1959 applies to the deposit accounts you have with Suncorp. Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution.

      Yes, Suncorp Growth Saver Account is covered by FCS.

      Regards,
      Jhezelyn

  2. Default Gravatar
    Josh
    September 12, 2019

    Can you have joint names on this saver?

    • Avatarfinder Customer Care
      Charisse
      September 13, 2019

      Hi Josh,

      Thanks for reaching out to Finder.

      Yes. Suncorp Growth Saver account can be opened by joint applicants, 11 years of age or older.

      The joint account will be set up as “any to operate” which means that either account holder is authorised to withdraw funds from the account and complete transactions on behalf of both account holders.

      You can also contact Suncorp at any time to change your account permissions.

      I hope this helps.

      Cheers,
      Charisse

  3. Default Gravatar
    Stan
    March 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
      Jeni
      March 26, 2019

      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

  4. Default Gravatar
    Gordo
    March 22, 2019

    Maximum account balance?

    • Avatarfinder Customer Care
      Jeni
      March 23, 2019

      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

  5. Default Gravatar
    Kamilla
    March 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
      Charisse
      March 15, 2019

      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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