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Suncorp Growth Saver Account

Interest rate
0.15% p.a.(for $0 and over)
Maximum rate
1.65% p.a. (for $0 and over)

Mozo editorial review Suncorp Growth Saver Account

Last updated: 25 June 2020.

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What's hot
  • 1.65% p.a. maximum ongoing rate
  • No account keeping fees
  • Unlimited phone and internet transactions
What's not
  • Low standard 0.15% p.a interest rate
Mozo snapshot

With the Suncorp Growth Saver Account, strict savers are rewarded with a special 1.65% p.a. interest rate on your savings when you grow your account's net balance by at least $200 each month (excluding any interest earned) and make no more than one withdrawal in the month. Plus, the account comes with no regular account keeping fees and a handy mobile app, so you’ll be able to grow your savings with ease in no time.

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Key features

The Suncorp Growth Saver Account rewards savers with a maximum interest rate of 1.65% p.a. for balances from $0 as long they meet the minimum account conditions each month.

To make sure you get your hands on the monthly bonus interest, you'll have to grow your net balance by $200 or more (not counting interest) and have made no more than one withdrawal in the calendar month. That means that on the last day of the month, your closing balance needs to be at least $200 more than it was on the last day of the previous month. Got it?

Keep in mind, interest earned in the calendar month won't count towards the balance growth requirement for the bonus interest. If you don’t meet the requirements one month, you still be able to qualify for the next, but try your best to meet them - if you don't, the interest rate drops to a much less enticing 0.15% p.a.

Transactions with the Suncorp Growth Saver Account are made easy through unlimited free internet, phone banking and branch deposits. And best of all, this account also has no monthly account keeping fees and no minimum balances, so your savings won’t be eaten up.

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Who is it good for

If you're serious about reaching your savings goals and are committed to growing your savings stash by at least $200 a month, then the Suncorp Growth Saver Account and its 1.65% p.a. interest rate might be a good choice for you.

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Any catches

The additional 1.50% of interest only applies if you meet the monthly conditions by growing your net balance by $200 or more each month and not making more than one withdrawal. interest doesn't count towards this amount either. So, keep in mind that if you don't meet these conditions, you'll only get the 0.15% p.a. standard interest rate, so this might be a good pick for the super dedicated savers.

Details

Rates and fees information correct as at 10 July 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.15% p.a.

  • Balances from $0: 1.65% p.a.

  • Grow your net balance by at least $200 (excluding interest) and make no more than one withdrawal in the month.

Fees
  • $0.00

  • n/a

  • unlimited free transactions from internet, phone, branch deposits.

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • no

  • no

  • none

  • none

  • none

Customer Reviews

How are Suncorp savings accounts rated by the Mozo community?

Overall customer rating
8.0/10
Price
7.3/10
Features
6.9/10
Customer service
8.1/10
Convenience
8.0/10
Trust
8.0/10

Latest reviews of Suncorp Growth Saver Account

  • Overall 9/10
    Beware when withdrawing funds

    Was caught out not getting my bonus interest of $600 because I didn't replace the money withdrawn with at least $200 more by the end of the month. Thought you had to make 1 deposit a month and 1 withdrawal to get the bonus. Didn't realize the balance at the end of the month had to be $200 higher than at the beginning. Wasn't well explained to me when we signed up. An expensive lesson.

    Read full review

    Was caught out not getting my bonus interest of $600 because I didn't replace the money withdrawn with at least $200 more by the end of the month. Thought you had to make 1 deposit a month and 1 withdrawal to get the bonus. Didn't realize the balance at the end of the month had to be $200 higher than at the beginning. Wasn't well explained to me when we signed up. An expensive lesson.

    Price
    7/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Sylvia, Queensland reviewed 22 days ago
  • Overall 10/10
    No fees, good interest and service.

    Transparent no fees, good interest, good customer service and online service. I have no cons so far.

    Read full review

    Transparent no fees, good interest, good customer service and online service. I have no cons so far.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Titik, New South Wales reviewed about 2 months ago
  • Overall 5/10
    Competitive interest rates.

    Competitive interest rates. Easy online setup and access. Nothing to complain about so far.

    Read full review

    Competitive interest rates. Easy online setup and access. Nothing to complain about so far.

    Price
    8/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    8/10
    Trust
    5/10
    Less
    Lindsay, New South Wales reviewed 7 months ago
  • Overall 9/10
    I'm happy with Suncorp bank.

    Good interest rate with the growth saver account.

    Read full review

    Good interest rate with the growth saver account.

    Price
    8/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Kim, Queensland reviewed 9 months ago
  • Overall 10/10
    Perfect

    Great service never had a problem.

    Read full review

    Great service never had a problem.

    Price
    6/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Nakeah, Queensland reviewed almost 2 years ago
Suncorp

About Suncorp

From small beginnings as a Queensland agricultural bank, Suncorp has grown to become Australia's sixth largest bank. Today Suncorp provides term deposits, savings accounts, home loans, personal loans and other financial services to over 800,000 customers through 178 retail outlets, 680 ATMs, 46 Business Centres, online banking and 24-hour call centres. Suncorp's branches are spread mainly throughout Queensland, Victoria and New South Wales, but are expanding into other states.

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