Growth Saver

Suncorp’s Growth Saver account rewards you with bonus interest for meeting some modest account conditions. These bonus saver accounts come with a base variable rate of 0.05% p.a. and a bonus rate of 0.55% p.a., totalling 0.60% p.a. This bonus interest is conditional on you growing your balance by $200 every month, excluding any interest earned, and making no more than one monthly withdrawal.

These accounts are fee-free and don’t have any minimum balance requirements. Your money is accessible through Suncorp’s internet banking portal or mobile app, which gives you the ability to schedule automatic transfers from a linked everyday account.

Term Deposits

Locking your money away at a fixed rate for a nominated time frame can give you some assurance over how much you earn on your money. Suncorp’s term deposits give you a swath of term options ranging from one month to five years. Term deposit rates are tiered, meaning different balance brackets have different interest rates. Rates for balances between $5,000 and $99,000 include:

• 0.95% p.a. – six months (interest paid at maturity)
• 2.00% p.a. – 12 months (interest paid at maturity)
• 2.40% p.a. – 18 months (interest paid annually)
• 2.55% p.a. – 24 months (interest paid annually)
• 2.75% p.a. – 36 to 48 months (interest paid annually)
• 2.95% p.a. – 60 months (interest paid annually)

If you hold between $100,000 and $999,999 in your locked savings account, most of these rates would increase by 0.05% p.a., as well as a further 0.05% increase if your balance was between $1 million and $2 million. If you want to estimate how much interest you could earn, you can use Savvy’s compound interest calculator.

You’ll have to make an opening deposit of at least $5,000 and you can’t deposit or withdraw money until your term matures. If you can’t wait or are suffering hardship, you can apply to access your money with 31 days’ notice. Suncorp hardship requests are reviewed on a case-by-case basis.

Kids Savings Account

Kids’ savings accounts are often designed as a tool for parents to help teach the importance of saving and Suncorp’s kids’ product is no different. Your child will earn a base interest rate of 0.45% p.a., but they can qualify for a bonus of 0.40% p.a. if they satisfy modest account conditions, resulting in a total interest rate of 0.85% p.a. These requirements include depositing just $20 into this account and only making one withdrawal. You must be under 18 years old to open an account, and those under 11 years old must have permission from a parent or carer.

Everyday Options Account

This is technically an account for day-to-day spending, but it has an extra feature which allows you to earn high interest on a portion of your money.

Unique to Suncorp, the flexiRate feature allows you to lock part of your savings away at a fixed interest rate. You’re then free to use the remaining balance which earns a variable interest rate of 0.01% p.a. flexiRate interest options include:

• 0.55% p.a. – three months
• 1.00% p.a. – six months
• 1.50% p.a. – nine months
• 2.00% p.a. – 12 months

The Everyday Options Account allows you to create up to nine sub-accounts where you can track spending on bills, entertainment and travel using the mobile app. These accounts are also free of monthly fees.

Business Saver Account

Tailored to those with their own business or self-employed, the Business Saver Account gives you a low-cost way to put money aside. You can earn a base rate of 0.10% p.a., but you can also lock in a flexiRate on a portion of your funds.

This business savings account has no fees or monthly requirements. You also get full access to your money through a linked business transaction account. To open one of these accounts, you must hold an Australian Business Number (ABN) or Australian Company Number (ACN).

Farm Management Deposit Account (FMDA)

This tax-efficient account gives primary producers a place to build up a cash reserve to cushion their business during periods of uncertainty. Eligible producers get a tax deduction when deposits into their FMDA are held for longer than 12 months, allowing them to grow a nest egg they can draw upon when drought or natural disasters impact their production.

A FMDA comes in two forms: a flexible or fixed-term option. The flexible access option earns you an interest rate of 0.50% p.a. if your balance is between $1,000 and $800,000 and gives you access to your funds at call. The fixed-term option operates very similarly to Suncorp’s term deposit, earning you a fixed interest of up to 2.60% p.a. depending on your term length.