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Suncorp Kids Savings Account

Shirley Liu
Shirley Liu
Last updated:  

Start putting your dollars away in a different type of bank and see how quickly bonus interest can fatten up your savings

The Suncorp Bank Kids Savings Account is designed for Australian children under the age of 18 to learn the value of stockpiling spare change for the future. Kids have the chance to earn bonus interest on top of the base rate every month with this versatile account that does not eat away at your savings with fees.

1.2% p.a.

Maximum variable rate

0.7% p.a.

Base interest rate

0.5% p.a.

Bonus interest rate

$20

Minimum deposit

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Details

Product NameSuncorp Kids Savings Account
Maximum Variable Rate1.2% p.a.
Standard Variable Rate0.70%
Bonus Variable Rate0.50%
Monthly Account Fee$0
Minimum Opening Deposit$0

Expert review

Shirley Liu

Review by

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

With online banking tools exclusive to Suncorp you can set goals and then monitor your saving progress.

Key features

A competitive, variable interest rate of 1.2% when you deposit at least $20 and make no more than one withdrawal

To reward kids for savings, Suncorp will award a bonus interest rate when the above conditions are met. Otherwise, a standard rate of 0.7%will apply for that month.

How do I earn interest?

Every cent of your deposited money will earn interest at a base rate. For each month that you deposit at least $20 and make only one withdrawal from the account you will be rewarded with a competitive bonus interest rate. Interest is calculated daily on the balance and paid into the account monthly. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.

Launch savings calculator

How to apply

Due to the specific nature of this account you must apply in person at a Suncorp Bank branch.

Eligibility

Before heading out, make sure that you are able to meet the following eligibility requirements.

  • Minimum age. Only children under 18 are eligible for this account. If you are under 11 you will need to provide parent or guardian consent before the account can be activated.
  • Residency requirements. You need to be an Australian resident with a residential address in order to be able to apply for this account.

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28 Comments

  1. Default Gravatar
    julya
    March 12, 2019

    Can I apply kids saving account if I do not have Suncorp account? I understand that If I need to transfer money, it can only be done within Suncorp account. If I apply for Suncorp account for this reason, is there any monthly fee?

    Reply
    • Avatarfinder Customer Care
      Joshua
      March 14, 2019

      Hi Julya,

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

      You can make deposits at any Suncorp branch or set up a direct credit transfer each month. However, when it comes to withdrawing money, you need to first transfer it through another Suncorp Transaction Account.

      Thankfully, most Suncorp savings account does not come with account keeping fees. You can confirm with Suncorp upon opening an account.

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

      Have a wonderful day!

      Cheers,
      Joshua

      Reply
  2. Default Gravatar
    Artemis
    December 1, 2018

    Hi

    My mum and I would like to open a savings account for her grandson/My nephew, he is only 8. Could it be in either of our names with his?

    What would we be required to bring to the bank if we can? We been looking for a bank that would allow a grandparent or aunty to open a child account as my mum been ill often so she wants a bank account opened for her grandson so when she does pass away the money in her Will for him goes straight to his account.

    Reply
    • Avatarfinder Customer Care
      John
      December 6, 2018

      Hi Artemis,

      Thank you for reaching out to finder.

      You may check on this link to get to the comparison table specific to kids savings accounts. Once there, you may click on any of the banks names to be directed to their review pages. This is where you would see the requirements as well as how to apply for them. Once ready, clicking on the “Go to site” button will route you to the provider’s website where you could start the application.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!

      Cheers,
      Reggie

      Reply
  3. Default Gravatar
    Grace
    November 5, 2018

    I’d like to open an account for my 3yo grandson,
    what type of account would be most suitable ?
    I’m not planning any withdrawals

    Reply
    • Avatarfinder Customer Care
      John
      November 5, 2018

      Hi Grace,

      Thank you for leaving a question.

      While we do not provide specific product recommendations, we can help guide you through the process of comparing options. You may click on this link to go to the comparison table for kids savings accounts. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.Hope this helps!

      Cheers,
      Reggie

      Reply
  4. Default Gravatar
    emelda
    October 24, 2018

    It says that it only covers up to $250,000, what happens when the child ends up having more than that?

    Reply
    • Avatarfinder Customer Care
      Jhez
      October 25, 2018

      Hello Emelda,

      Thank you for your comment.

      The Australian Government guarantees deposit up to $250,000 which means that this money is guaranteed if the institution collapses. If you have more than $250,000 in a single account, you won’t be covered for the amount over $250,000. This is explained on this page.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

      Reply
  5. Default Gravatar
    FVDB
    October 9, 2018

    I would like to open a kids saver account, but am based in Alice Springs where we have no local branch. How can I open a kids saver ?

    Reply
    • Avatarfinder Customer Care
      John
      October 9, 2018

      Hi FVDB,

      Thank you for leaving a question.

      Yes, you would still be able to open a Kids Savers account with Suncorp but for you to start the application process you would need to apply for it in person at a Suncorp Bank branch. Hope this helps!

      Cheers,
      Reggie

      Reply
  6. Default Gravatar
    Melanie
    August 15, 2018

    for the Suncorp Kids account does the child need to be a resident in Australia?

    Reply
    • Avatarfinder Customer Care
      John
      August 16, 2018

      HI Melanie,

      Thank you for leaving a question.

      Yes, the Suncorp Kids Savings account require that the child needs to be a resident in Australia.

      Cheers,
      Reggie

      Reply
  7. Default Gravatar
    Tina
    August 1, 2018

    What does “Joint” mean? Does this mean I can open one account for two children?

    Reply
    • Default Gravatar
      Nikki
      August 1, 2018

      Hi Tina!

      Thanks for leaving an inquiry on our page.

      For Suncorp Kids Savings account, as per the terms and conditions of the card:

      If the Child is under 11 years of age:
      — A parent/guardian must give their consent to opening the account;
      — The parent/guardian will have full access to operate the account. The Child is not
      permitted to transact on this account.

      If the child is 11 years of age or older, the account can be opened and operated on by the
      Child either solely or as a shared account (JOINT) with a parent/guardian.

      Only 1 child is allowed per Kids Savings Account.

      Hope this clarifies!

      Regards,
      Nikki

      Reply
  8. Default Gravatar
    Trevor
    March 8, 2018

    Does the account have an debit or ATM card option?

    Reply
    • Default Gravatar
      Ash Munoz
      March 9, 2018

      Hi Trevor,

      Thank you for visiting finder.

      Unfortunately, the Suncorp Kids Savings Account does not have a Debit Card with it. You may withdraw the needed money by transferring it through another Suncorp Transaction Account which has a Visa Card for easy access.

      I hope this helps.

      Let us know if there is anything else that we may assist you with. Enjoy the rest of your day!

      Cheers,
      Ash

      Reply
  9. Default Gravatar
    Andrea
    March 6, 2018

    Can I open an account for a grandchild, and what documents would I need when i go into a branch to open the account, ie, what documents would i need for myself and my grandson

    Reply
    • Avatarfinder Customer Care
      May
      March 7, 2018

      Hi Andrea,

      Thank you for your inquiry.

      Your grandson can actually open an account under his name. You can be his guardian when applying if he’s under 11 years of age, so he needs your consent for him to open account. So that’s the only document you’d need for yourself. But if you also like, you can bring a valid ID in case the bank may ask. The birth certificate of your grandson is also needed. If the boy is under 16 years old, he’s not required to bring TFN, though ensure the account is marked “Under 16 – TFN Exempt”.

      Meantime, if you also want to check some other children/kids savings account, please check this guide.

      Hope this helps.

      Cheers,
      May

      Reply
  10. Default Gravatar
    Fiona
    February 28, 2018

    Am I able to open a Suncorp kids savings account online- no branches near us?

    Reply
    • Avatarfinder Customer Care
      Jhez
      March 3, 2018

      Hi Fiona,

      Thank you for your comment. It looks like Suncorp Kids Savings Account is not available for application online that’s why you’re advised to visit the nearest branch near you. This is because some documents might be needed and a parent/guardian consent must be given prior to opening the account. Best to contact Suncorp directly too so they can provide you advise on what to do next.

      Regards,
      Jhezelyn

      Reply
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