How to open a bank account with Suncorp. The requirements, account types and fees.

In operation since 1902, Suncorp is a financial services provider that offers both insurance and banking products within Australia and New Zealand.

As part of their banking operations, Suncorp offers a range of personal banking solutions including everyday transaction and savings accounts.

In this guide, we’ll take a detailed look at some of the different types of bank accounts available with Suncorp, covering any related fees, what's involved with opening an account and other important information. Ensuring you can make an informed decision about whether Suncorp is right for you.

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Types of accounts available with Suncorp

Suncorp offers several different types of accounts including transaction and savings accounts, kids accounts and term deposit accounts.

In this guide, we’ll be focusing on their everyday transaction and savings accounts, covering two options in each category.

Transaction Accounts

Everyday Options

This Suncorp everyday account provides unlimited access to your funds with options to pay in-person with a linked debit card, online or via mobile wallets.

It also allows you to split the account into up to 9 sub-accounts for easier budgeting and saving.¹

Everyday Essential

Offering basic account facilities, this account is primarily geared towards low-income earners or those receiving government income support.

As with their other transaction accounts, it gives easy access to funds and allows you to make payments via the linked debit card in-person, online or by using a mobile wallet.¹

Savings Accounts

Growth Saver

An independent savings account, this option rewards bonus interest each month so long as minimum deposit conditions are met and no more than one withdrawal is made in the same period.²

FlexiRates

Linked to a nominated Everyday account, this option creates a sub-account in which you can set aside savings for a set time period and earn a higher rate of interest.²

Joint accounts and Suncorp

Suncorp permits joint account access on many of its account offerings.

Where a Suncorp joint account is permitted, you will be allowed to nominate this at the start of the application process.³

How do you open these account types?

Suncorp advises that most account applications can be done online in as little as 5 minutes.³

Alternatively, you can speak with them over the phone or attend a branch in person to make an application.

How to open an account with Suncorp?

Whether you hope to open an everyday or savings account with Suncorp online, the process remains the same. Follow the below steps to set up a Suncorp new account online.

New customers³:

1. From the Suncorp website, select your chosen account product and click ‘open now’.
2. Select who the account is for (individual or joint) and then simply follow the prompts to complete.
3. Submit and wait for approval.

Existing customers⁴:

1. Using either the Suncorp app or NetBank platform, login and then select add/open a new account.
2. Select the chosen account from the list of products provided.
3. Follow the prompts to complete the application, submit once done and wait for approval.

How to open a joint account with Suncorp?

As noted above, should you wish to make a joint account, simply select ‘me and someone else’ when asked ‘who is the account for?’ at the start of your application.³

Does Suncorp cater to migrants and new arrivals to Australia?

Currently, there is no specific Suncorp migrant account option listed on Suncorps website nor any mention of which accounts are suited to new arrivals.

However, within their required documentation specifications they do outline which documents foreign applicants can use to verify their identity. Thereby indicating non-residents or citizens of Australia can apply for an account with them.⁵

Cost, running fees that come with the Everyday account

Depending on the action taken, account fees may apply when using the Suncorp Everyday Options account.

Below is a summary of the main Suncorp account fees and charges associated with the Everyday Options account. For context, we have compared these against an everyday account option offered by Wise.

Fees	Suncorp - Everyday Essentials Account⁶	Wise Account
Account fees (monthly)	AUD$0	AUD$0
International transfer fee	AUD$0.00 per transfer initiated online. AUD$30.00 per transfer made with staff assistance. This is in addition to any third-party fees levied by intermediary banks en route.	Payout fee + variable conversion fee starting from 0.42% (e.g. for a transfer of AUD$1,000 to GBP, the total fee charged is $5.32 AUD) You can make a fee calculation here.
Currency conversion fee	No fee	0.48% variable fee for AUD to GBP. Click to check up to date fees.
ATM withdrawals	AUD$0 fee for withdrawals made within Australia or overseas. **Note: **ATM service providers may charge additional fees. Check their terms of use.	You can withdraw money for free twice a month — as long as the total amount is under AUD$350. After that, there is a fixed fee of AUD$1.50 charge per transaction. If you take out over AUD$350 in one month, there is a 1.75% on the amount exceeding that. See card fees here. **Note: **ATM service providers may charge additional fees. Check their terms of use.
Card maintenance fees	None	None

Reference rate only - actual rate may vary. Information last checked on 04 April 2024

What do I need to open an account? Eligibility, documents and other key details.

Who is eligible to open an account with Suncorp?

To be eligible to open an account with Suncorp and to complete the application process, Suncorp requires that you³:

• Be at least 11 years of age or older
• Can can prove your identity via a list of approved documentation

Which documents do I need to open an account?

When opening an account with Suncorp and depending on your circumstances, you’ll need the following documents to hand⁵:

• An Australian or foreign passport with a valid Australian visa
• An Australian driver's licence

Foreign applicants will also need to supply an additional form of ID such as a:

• Foreign birth certificate
• Council rates notice or recent utility bill
• Tax assessment notice issued within the past 12 months

For foreign applicants, all documents supplied must be in English or accompanied by a translation from an authorised provider.⁵

Do I need to deposit money to open a Suncorp account?

No, there is no minimum deposit required to open an account or minimum balance that must be maintained.⁶

Do I need to go to a bank branch, can I do this online or from abroad?

As most account applications can be completed online, there is typically no need to attend a Suncorp branch in person. This means that Suncorp may allow you to open an account from overseas.

However, this may not be possible if you do not yet have a valid Australian visa or other necessary documentation.

What else do I need to know?

A Suncorp account may not necessarily be well suited to your needs, we recommend considering the following before opening an account:

• As a smaller financial institution there are a limited number of physical branch locations through which to access in-person assistance.
• Due to limited branch access, account holders ideally need to be comfortable managing their accounts primarily online or by phone

You can find out more by contacting Suncorp here.

For assistance with setting up a Suncorp account in Australia or from overseas, you can contact them by phone as follows:

• 13 11 55 in Australia
• +61 7 3362 1712 from abroad

These numbers are attended by customer care representatives Monday to Sunday between 8 am to 10 pm (AEST).

Alternatives to Suncorp

Should Suncorp not offer the most suitable banking solution for your needs, you may like to consider account options available through one of the big four banks in Australia, these being:

• Commonwealth Bank
• Westpac
• ANZ Banking Group and
• National Australia Bank

As larger financial institutions, the number of available products and services offered by these banks may be broader, potentially including specialised migrant accounts and other more tailored solutions.

Alternatively, non-bank solution Wise offers superior flexibility and convenience. Enjoy simplified transactions with minimal, competitive fees and easy access to your funds whether you are in Australia or overseas.

The Wise Account

If you’re looking for an option that is great for daily spending in Australia and overseas, the Wise is worth a look.

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You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.

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Sources:

1. Suncorp - Everyday Accounts
2. Suncorp - Savings Accounts
3. Suncorp - Applying For An Account
4. Suncorp - Application Process
5. Suncorp - Documentation
6. Suncorp - Everyday Essentials Fees & Charges pgs. 6, 22, 25

Sources checked on: 04 April 2024