Suncorp Everyday Options Sub-account

Mozo snapshot:

Saving for more things than one? Suncorp’s Everyday Options sub-account feature on their Everyday Options bank account could be the perfect way to set up your multiple stashes. The sub-account works as a savings account, but the difference is that customers can set up nine separate accounts, each of which can be specifically named for a different savings goal. Not only that, the sub-accounts also give access to Suncorp’s flexiRate which allows savers to lock their money away to receive a higher interest rate of up to 1.75%.

Key features:

If you’ve got your heart set on a new set of wheels but also want to save up to go travelling, why let your savings get all muddled up in the same account? With Suncorp’s Everyday Option sub-accounts you can cut out the confusion and open up to nine separate accounts for each of your savings goals - all from your Everyday Options bank account.

Each account can be individually named to correspond with your savings aim and each will receive the 0.55% interest rate. Not enough interest for you? Well, this feature also gives Suncorp customers access to the flexiRate option if you decide to lock your savings away anywhere between 1 to 12 months. These higher interest rates start at 1.10% and go up to 1.75%, and flexiRate can all be easily set-up through Internet Banking on the Suncorp Mobile Banking App. 

And speaking of locking away your funds, ever heard of breaking chains? With the flexiRate option, if savers want to dip into their money before their selected term is up, they can, without being slapped with a hefty fee! Just keep in mind that an interest rate adjustment will apply if you take the early release option. 

Wait, there’s more! There are also no account keeping or minimum deposit restrictions with the sub-accounts, and unlike a regular savings account, customers can pay bills directly from any of their sub-accounts at no extra charge. This can be done via BPAY or direct debit, and you can even set up automatic payments for regular bills - simply set and forget! 

Who it's good for:

Everyday Options sub-accounts could be a great option for anyone with multiple savings goals and that can take advantage of having up to nine separate accounts.