Suncorp Kids Savings Account

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.

Shirley Liu

Last Updated Jan 1, 2021

0.85% p.a.

Maximum variable rate

0.45%p.a.

Base interest rate

$20

Minimum deposit

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Product Name	Suncorp Kids Savings Account
Maximum Variable Rate	0.85% p.a.
Standard Variable Rate	0.45% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Pros

$0 account keeping fee
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

Cons

Children under 11 years of age require consent from their parents.

Review by

Shirley Liu

shirley@finder.com.au

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 0.85% 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 0.45%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.

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.

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.

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 $20each month.

Documentation needed

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 submit my application?

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.

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30 Comments

Shaheer
October 30, 2021

I just opened an account recently online and was wondering if I could verify my ID online

finder Customer Care

Alison
November 3, 2021

Hi Shanheer,

For children’s savings accounts you do need to visit a branch so they can verify the ID of your child. If you’re simply opening a Suncorp bank account for yourself and you’re over 18, you can verify your ID online.

Thanks,
Alison

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?

finder 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

Artemis
December 1, 2018

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.

finder 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

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

finder 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.

Cheers,
Reggie

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?

finder 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.

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

Regards,
Jhezelyn

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