Suncorp Bank

Since 1902 Suncorp have been providing Queenlanders and now Australians with banking options. With one million customers, including small to medium businesses and agribusiness customers, Suncorp is a top 50 ASX-listed company with a reported $96 billion in assets.

Suncorp is now considered to be Australia’s sixth largest bank. As well as banking, Suncorp offers superannuation products and a national network of stores and fee-free ATMS. Suncorp is also one of the largest general insurers.

Suncorp Bank

Back to Basics Investment Interest Only

Variable
Rate 5.24
Comparison
Rate 5.00

Back to Basics Investment Principal and Interest

Variable
Rate 4.82
Comparison
Rate 4.83

Back to Basics Owner Occupied Interest Only

Variable
Rate 4.57
Comparison
Rate 4.47

Back to Basics Owner Occupied Principal and Interest

Variable
Rate 4.40
Comparison
Rate 4.47

Fixed Rate Investment Loan Interest Only

Variable
Rate
Comparison
Rate

Standard Variable Standalone Investment Interest Only

Variable
Rate 5.87
Comparison
Rate 5.77

Suncorp Clear Options Gold

Purchase
Rate 20.50
Annual
Fee $120.00

Suncorp Clear Options Platinum

Purchase
Rate 20.74
Annual
Fee $129.00

Suncorp Clear Options Standard

Purchase
Rate 12.74
Annual
Fee $55.00

Everyday Options Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.01

Everyday Options Savings Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Farm Management Account

Max Interest rate($10,000) 1000 Base Interest rate($10,000) 0.85

Growth Saver Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.05

Kids Savings Account

Max Interest rate($10,000) Base Interest rate($10,000) 0.55

Farm Management Deposit Account - Fixed Term

90 Days

0.85
1 Yr Paid
Annually 1.05

Farm Management Deposit Account - Fixed Term

90 Days

0.85
1 Yr Paid
Annually 1.05

Farm Management Deposit Account - Fixed Term

90 Days

0.85
1 Yr Paid
Annually 1.05

Term Deposit

90 Days

0.30
1 Yr Paid
Annually 0.40

Term Deposit

90 Days

0.35
1 Yr Paid
Annually 0.45

Term Deposit

90 Days

0.40
1 Yr Paid
Annually 0.50

What products does Suncorp offer to its customers?

Suncorp offers a range of banking products and services to its customers. This includes personal banking, commercial lending, agribusiness and business banking for small to medium enterprises. Suncorp also offers fee-free ATM withdrawals at the Suncorp, rediATMs and all of the Big 4 ATMs.

You can view the products offered by Suncorp in the table below.

What transaction accounts do Suncorp Bank offer?

  • An Everyday Options Account for your daily banking with a monthly account keeping fee. You can have this fee waived for 12 months if you apply online. Once setup you can eart interest whilst having easy access to your funds. You can link up to 9 sub-accounts to your main Everyday Options account. Users will be given a Visa debit card, branch banking and chequebook.
  • An Everyday Essentials Account specifically designed for low income earners with no monthly fees. There is no minimum deposit required to open this account. Account holders have access to a Visa debit card.
  • The 55 Plus Account which as its name implies is for people aged 55 years and older. No monthly account fees and a tiered interest option. All account holders get a Visa debit card, chequebook and the ability to make transactions at Suncorp branches.

What savings accounts do Suncorp Bank offer?

  • Growth Saver Account – lets you earn bonus interest for every month you grow your balance by $200 and make a maximum of one withdrawal. Standard variable interest rate of 0.05% p.a. with a bonus rate of 0.80%p.a.
  • eOptions Account – a purely online savings account with no minimum opening balance and no account keeping fees. Suncorp offers an option to lock away part of your funds with flexirates for up to 12 months.
  • Kids Savings Account – a way to get started saving for under 18s that offers bonus interest for regular savers with a standard rate of 0.55% p.a. and a bonus rate of 0.40% p.a if you deposit at least $20 each month with a maximum of one withdrawal. Kids aged 11 and older are also eligible for the Growth Saver Account.

What term deposits are offered by Suncorp Bank?

Suncorp Bank offers term deposits starting with as little as $1,000 from one to 60 months. You can elect to get interest monthly, quarterly, bi-annually, annually or at maturity.

What home loans do Suncorp offer?

Suncorp recently launched a home loan offer that won gold at the 2020 Australian Mortgage Awards. They pride themselves on a simple, digital process that speeds up the application process. Rates start from 2.15% for a 2 year fixed loan (owner-occupied, principal and interest).

As part of their digital offering, Suncorp provides personalised insights to help customers pay off their loans sooner.

What other products does Suncorp Bank offer?

Suncorp offer a number of different products to consumers including:

  • Home Loans – both lower variable, standard variable and a fixed rate home loan
  • Credit cards – Suncorp offers a variety of credit cards like a Standard, Low Rate Platinum Card, and Rewards based Gold Card
  • Business banking services – accounts to credit cards, business loans, payment and merchant services and agribusiness
  • Insurance and superannuation – Suncorp Group is the third largest general insurance group and offers motor insurance, home contents insurance, life and income insurance as well as commercial insurance.

Does Suncorp Bank offer personal loans?

Suncorp Bank no longer offers personal loans products.

What is the Suncorp ESSI Money Family Challenge?

Suncorp have a vested interest in supporting young people in their financial literacy. The Financial Basics Foundation has developed an online game called ESSI Money – which stands for Earning, Spending, Saving & Investing. This game is available for Suncorp customers aged 10+.

How do I apply for an account with Suncorp Bank?

You can apply for an account online, over the phone or by heading into a Suncorp Bank branch. As with any online application you will need to meet eligibility criteria such as minimum balance requirements, age requirements and evidence of Australian residency.

Have your identification documents ready such as your Australian passport or driver’s license. You will also need your contact information such as email address, phone number and residential address.

What are some of the features with Suncorp Bank?

  • Options – whatever banking needs you have Suncorp generally has the product available to suit your particular circumstances
  • Branchs and ATMs- Suncorp has over 200 branches across Australia which might suit those who require in person banking. They also offer no-fee withdrawals at around 2000 ATMs nationally.
  • Award winning kids account – The Suncorp Bank Kids Savings Account has won awards for improving financial literacy in kids and providing them with the right tools and information to learn the ins and outs of banking.

What are some of the drawbacks of banking with Suncorp Bank?

Although there are a number of branches throughout Australia (particularly in Queensland and New South Wales) there is still not the same physical presence as the Big Four Banks.

Compare Suncorp savings rate with other savings accounts and other term deposits in Australia.