Here are the most common questions our customers ask us about eOptions. It's important
to us that we answer all your questions so you feel comfortable with any decisions
you make. If you have a question that we haven't covered here, please email us.
Opening Suncorp eOptions
Using Suncorp eOptions
Interest, Fees and Charges
Internet and Phone Banking
What is eOptions?
eOptions is a high interest online savings account with no monthly account
keeping fees or transaction fees. It is designed for those who prefer transacting
via Internet and Phone Banking.
You can enjoy the benefits of high interest on your savings account, plus the flexibility
of unlimited online transactions - so your funds are always available when you need
them.
To assist in helping make your money work harder you also have the option to set
up flexiRates
on your eOptions account. This feature allows you to lock some of your savings away
at a higher fixed rate of interest, for a period of your choice. This gives you
the control to maximise your interest on a portion of your savings, but still have
access to the rest of your funds if needed.
Do I need to have an everyday transaction account with Suncorp Bank?
No, eOptions may be used as a stand alone high interest savings account. You can
simply transfer funds to or from any Australian bank account using Internet Banking
– and there are no transaction fees or monthly account keeping fees. You can also
make cash or cheque deposits in branch into your eOptions account.
As a complement to eOptions, you might be interested in a Suncorp Bank account that
gives you direct access to your funds. You can read more about our Everyday Banking
accounts
here.
How do I open my account? – I am a new customer
New customers can
open an eOptions account online.
You simply need to present evidence of your identity at any Suncorp Bank branch
or Australia Post office.
Or, if you wish, you can open an eOptions account at your nearest branch.
How do I open my account? – I am an existing customer
Existing Internet Banking customers who have already been identified by Suncorp
Bank can open an eOptions account quickly and easily via Internet Banking.
However, you cannot open a joint account via Internet Banking.
If you are an existing customer who wishes to open an eOptions account in joint
names please
apply online.
Or, if you wish, you can open an eOptions account at your
nearest Suncorp Bank branch.
How can I make an opening deposit?
If you are a new customer, you can nominate an opening deposit from a non-Suncorp
Bank account at another Australian financial institution via direct debit. You will
be asked to nominate your existing account and the amount you wish to deposit as
part of the application.
Existing Suncorp Bank customers opening an eOptions account via Internet Banking
can nominate to make an opening deposit from an existing account, as part of the
application.
Your can also visit your
nearest Suncorp Bank branch to make deposits into your eOptions account.
Can eOptions be used for business purposes?
No. This account is only available to personal customers.
Can I open eOptions in a Suncorp Bank branch?
Yes. You can open an eOptions account in branch. Just remember
to bring along the
correct identification.
Can we set up a joint eOptions account?
Yes. Two parties can open a joint eOptions account.
Please note either party can authorise transactions or provide
instructions in relation to the account.
It cannot be set up to require both parties to authorise transactions. This
means either party can withdraw funds or close the account without the other party’s
knowledge or consent.
When do I receive my account number?
If you open your account online, your account number is provided to you by mail
within 2-3 business days of Suncorp Bank receiving all of the information
requested.
If you open your account in branch you will receive your account number at the time
of account opening.
How long does it take for my eOptions account to be opened?
When opening your account online, from the time we receive your application and
identification documents (if required), it only takes up to three business days
for your account to be opened and activated.
Do I need to show identification to open an account?
Yes. If you are not an existing Suncorp Bank customer or if you elect to
open a joint account, you will be required to present acceptable identification at any Suncorp Bank Branch or Australia
Post office. The account opening process will guide you through what you need to
bring with you.
How do I know when my account is open and ready to use?
We will advise you when your account is ready via either an Internet Banking secure
message (for existing Internet banking customers) or a letter.
How can I deposit money into my eOptions account?
You can make deposits in any of the following ways:
- Cash or cheques can be deposited at any Suncorp Bank branch
- Salary, government benefits, dividends and other electronic payments can be deposited
by organising a direct credit
- Funds can be transferred from other Suncorp Bank accounts using Telephone and Internet
Banking
- Funds can be transferred from other institutions using their branch, telephone and
internet services as available
Can I arrange for my salary to be directly deposited into my eOptions account?
Yes. You will need to advise your employer of your Suncorp Bank eOptions account
number and of Suncorp Bank’s BSB which is 484-799. You will receive confirmation
of your account number when your account is opened. If you need any assistance in
setting up a direct salary deposit just call us on 13 11 55 for assistance.
Can I use Bpay® ?
Yes. You can use Telephone and Internet Banking to make BPAY® payments. These
transactions are fee free.
How can I withdraw money from my eOptions account?
You can withdraw money in any of the following ways:
- Use Suncorp Bank Internet Banking to transfer funds to any Australian account
- Use Telephone Banking to transfer funds to any other Suncorp Bank account
- Pay bills from your eOptions accounts by BPAY® or direct debit
When can I access my account?
You can access your eOptions account 24 hours a day, seven days a week using Telephone
and Internet Banking, subject to system availability. Funds transferred out of eOptions
to other Suncorp Bank accounts are available immediately.
Can I set up a regular savings plan?
Yes. You can set up a regular credit from an account at Suncorp Bank or another
Australian financial institution. If it is another financial institution, you will
need to contact them directly to set up a recurring transfer. You will need to advise
them of your eOptions account number and the Suncorp Bank BSB which is 484-799.
Can I set up a recurring payment to another account?
Yes. You can set up recurring transfers in Internet Banking, via the ‘Transfers’
section.
Can I link my eOptions account to a transaction card or credit card?
No. To withdraw cash from your eOptions account, simply transfer funds to
your everyday bank account using Telephone or Internet Banking,
then withdraw funds from your everyday bank account as you usually would.
How is interest calculated on this account?
Standard interest is calculated daily on your entire balance, less any flexiRate
balances.
Standard interest is paid into your account monthly.
flexiRate interest is calculated daily and paid at the end of your nominated flexiRate
period – see
flexiRate FAQs for more information.
How do I find out what the current interest rate is?
Current interest rates
are available online.
Is there a minimum or maximum balance to earn interest?
No. Every dollar in your eOptions accounts earns interest.
Are there any monthly account keeping fees or transaction fees?
No. There is no account keeping fee and no transaction fees. Fees for other
services may apply. Refer to the Product Information Document for more details.
How do I do my banking using the phone?
Call 13 11 25 and enter your eOptions account number and your Telephone Access Code
(TAC). Follow the instructions to obtain account balances, transfer funds, pay bills
and more.
If you haven’t yet received a TAC, a customer service consultant will be happy to
guide you through the registration process. Just call 13 11 55 for assistance.
How do I do my banking via the Internet?
Once you have a TAC, register for Internet Banking on the Suncorp Bank website. Internet Banking allows you to view
account balances and information, transfer funds, pay bills and setup flexiRates.
