Suncorp Growth Saver Account
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.
Maximum variable rate
Base interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This account offers a maximum bonus rate of 0.8% 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.
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 0.8% p.a. interest on your balance
This account offers a competitive maximum interest rate of 0.8% 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 0.05% 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 0.05% 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.
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 (by transferring money from your Growth Saver to another account) each month, but you must grow your closing balance on the last day of the month by at least $200 (excluding interest) compared to the closing balance on the last day of the previous month to earn the bonus interest. This means if you make one withdrawal during the month, you'll need to replace the amount withdrawn plus meet the $200 (excluding interest) growth requirement.
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.
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.
- 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.
- 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.