Calculate the interest you can earn on your savings.
Can’t decide whether to open a savings account or a term deposit? It's important to think about what access you need to your money, how much you can deposit and also if you're able to top-up the balance regularly or not.
Funds in a Suncorp Everyday Options sub-account are at call which means they're accessible at any time. You must hold an Everyday Options main account to open a sub-account and you can open up to 9. Name them, pay bills from them and earn interest on main and linked sub-account balances.
Funds in a Suncorp flexiRate (available with the Everyday Options account) are locked away for a fixed term of your investment (terms up to 12 months). Unlike a Term Deposit you can deposit as little as $1 into a flexiRate making it a good option for smaller savings. You can also have up to 15 flexiRates running on your Everyday Options main account and each optional sub-account providing a lot of flexibility for everyday saving.
Funds in a Suncorp Growth Saver account are at call which means they're accessible at any time but to earn bonus interest you must grow your net balance by at least $200 each month (excluding interest) and make no more than 1 withdrawal in the calendar month. This means it may not be suitable if you need regular access to your money or cannot afford to top-up the account with a regular deposit to grow your net balance by at least $200 each month-end
Funds in a Suncorp Term Deposit are locked away for the fixed term of your investment (terms up to 60 months). Outside of hardship you can only access these funds with 31 days notice. You also need at least $5,000 as an initial deposit to open a Suncorp Term Deposit.
Deposit Products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882. Please read the Product Information Document for Personal Deposit Accounts before opening an account. Fees, charges, terms and conditions apply and are available on request. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. For that reason, before acting on the advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should consider the Product Disclosure Statement before making any decision regarding the product. Contact us 13 11 55 for a copy.