Suncorp Savings Accounts

Find out more about Suncorp’s savings options and compare accounts with Savvy to help you secure the best one for your savings.

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, updated on August 8th, 2023       

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Founded as a bank for rural Queenslanders, Suncorp Bank has undergone several name changes and mergers over its 120-year history and is now one of the country’s largest financial institutions.

The Brisbane-based bank offers financial services to more than nine million customers and employs 1,300 people across its more than 230 branches. While many of these branches are in Queensland, there are some scattered across other Australian cities.

Comparing with Savvy gives you the best chance possible of finding the right Suncorp savings account for you. Read our review to weigh up interest rates, fees and terms to help you find the right place for your money.

*Please note that Savvy does not represent Suncorp for their banking products. All product information and rates are correct as of May, 2022.

More about Suncorp savings accounts

What savings products are available through Suncorp?

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.

How do I open a savings account online with Suncorp?

Among the many advantages of savings accounts is the fact that they’re easy to open. Suncorp says accounts such as the Growth Saver or Everyday Option can be opened in between five and ten minutes online. The process of opening an account online involves:

  • Your details: Submit your details on Suncorp’s secure portal, including your name, contact details, address and tax file number (TFN).
  • Your ID: You must submit two forms of ID to open your account. This can be in the form of a driver’s licence, passport, Medicare card or utility bill.
  • Last checks: Double-check the information you’ve provided is correct before lodging your details.
  • Account opened: You’ll receive your BSB and account number, as well as your internet banking login, so you can start saving.

Double-check that you meet the eligibility criteria when opening an account, which includes being over 18 years old and an Australian resident. Term deposits, kids savings accounts and FMDAs can be opened at a branch or in some cases over the phone.

Pros and cons of Suncorp savings accounts


Ample savings products

Suncorp Bank offers a wide range of savings accounts, from bonus savers to locked savings accounts. This gives you plenty of choice when weighing up which one is right for your money.

Competitive term deposit rates

Depending on the balance in your account, you could earn up to more than 3% p.a. interest on your term deposit. These are some of the highest rates on the market when compared to other banks.

Easy access to your money

Suncorp offers a unique ‘flexiRate’ option on some of their accounts, which lets you split your funds to earn high fixed interest on one part while still being able to spend the other portion.


High minimum term deposit investment

Suncorp requires you to invest a minimum of $5,000 to open a term deposit, whereas some other banks have much lower opening balance requirements.

Low bonus interest rates

The bonus interest you can earn on a Growth Saver is up to five times lower than some of Suncorp’s competitors, so you may not get the best return on your savings.

Interest adjusted for early release

Applying for early release of your flexiRates funds will result in an interest adjustment. Your interest adjustment is determined by how much of your term you’d completed. For example, if you were 40% of the way through your term, you’d lose 60% of the interest earned up to the date your funds were released.

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