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.
With online banking tools exclusive to Suncorp you can set goals and then monitor your saving progress.
What are the features of the Suncorp Kids Savings Account?
There are a number of Australian banks who now have customised accounts to get kids started on saving for the future. Compare the features of those various accounts with the Suncorp Kids Savings Account to help you in determining where your child’s money is getting the most benefit.
A competitive, variable interest rate of 2.60% 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 1.40% 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.
Available for children under the age of 18
If you are under 11, a parent or guardian must give you permission to open the account. Once you turn 18, the account will automatically be converted to a Suncorp Everyday Basics Account.
Access through phone, Internet and mobile
The Suncorp Kids Savings Account can be accessed through telephone, online and mobile banking as well as inside of a branch. You will need to transfer the money to another Suncorp transaction account and then withdraw it as you normally would, or at a Suncorp branch.
How do I deposit into the account?
Electronic credits can be set up for no charge, or you can deposit cash and/or cheques at your local Suncorp branch.
$0 Account keeping fees
With this account you are not charged any monthly fees. There are no fees for making withdrawals or deposits, not even when they are made in all spare change.
Education and teaching tools
Suncorp Bank has established a special website where kids and parents can learn the value of saving and how to conduct basic banking transactions. Among the activities are tools to help set and monitor savings goals, keep records of how much has been saved, instruction on how to transfer money between accounts, make donations, and games to play. If you like the features of these accounts it might be a good idea to look over some of the other Suncorps Accounts, including ones designed specially for students, retirees and almost anyone else who wants to save more money.
To see how much interest you will actually earn, in real dollar amounts, you might also consider using a savings calculator to compare accounts in detail.
- Easy access of your funds through internet, telephone and mobile banking
- Bonus interest is offered to account holders with minimum deposit of $20 and only 1 withdrawal is made during the month
- Children under 11 years of age require consent from their parents.
How do I apply for the Suncorp Kids Savings Account?
Due to the specific nature of this account you must apply in person at a Suncorp Bank branch.
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.
- Depository requirements. There is no minimum deposit requirement to meet when activating the account, yet do keep in mind that in order to earn your bonus interest you need to deposit at least $20 each month.
Documentation for your application
Before going to the Suncorp Bank branch you will also need to bring with you some documentation that will help in filling out the application.
- Tax file number. Your tax file number (TFN) or TFN exemption code is used to make sure that you are not being subject to withholding tax on your interest earnings.
- Identification. In order for an account to be opened solely in your name, you will need to bring a copy of your Australian birth certificate and if possible a photo identification documents.
What happens after I apply?
The Suncorp Bank representatives will go over the documents you provide along with the application before activating the account in your name. Once activated you may begin to make your deposits into the savings account.