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Suncorp Everyday Options Account - No Monthly Account Keeping Fee for 12 Months

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Suncorp Everyday Options Account - No Monthly Account Keeping Fee for 12 Months
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andy19363 on 12/03/2010 - 11:10 suncorp.com.au (104 clicks)

Apply online and pay no monthly account keeping fee for 12 months +. (usually $5 per month)

Nothing special in itself, but the account allows you to link up to 9 'sub accounts' (I have one for regular bills, unexpected bills, one for saving, etc). These pay a reasonable amount of interest, (4.25% at time of writing), or, you can set up 'flexi rates' on any amounts if you have 'spare' money floating about (5.45% for 3 months, 6.45% for 12 months etc). You can pay bills, direct debit, etc from these sub-accounts, just not draw money out….. (however, can be transferred easily and instantly to the 'main' account by phone/internet etc)
Yes…..not quite up with Ubank's rates, but perhaps a bit more flexible and perhaps slightly less complicated….

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  • ozblogger on 12/03/2010 - 11:13

    "Nothing special in itself"
    you said it yourself :)

  • Turd on 12/03/2010 - 11:15

    Better if you join Everyday Basics Account with $50 free - http://www.ozbargain.com.au/node/22292

    • andy19363 on 12/03/2010 - 12:12

      but zero % interest on your money….

  • macfanboy on 12/03/2010 - 11:17

    Nothing really special.
    The ING account easily beats this for value + extra money.
    The Ubank also beats this one.

  • cacbm on 12/03/2010 - 11:38
    +3

    I don't understand why people still pay monthly account keeping fees to banks when there are heaps of alternatives out there.

    HSBC, for example, charges no fees whatsoever. You can use Westpac's ATM for free as well.

    It annoys me when a bank thinks "no fee" is a huge concession and runs promotion with it. It annoys me more that the no fee period is only 12 months.

    Sorry andy19363, it's nothing personal but I have to neg this.

    • rack on 12/03/2010 - 12:43

      agree

      • [Deactivated] on 15/03/2010 - 18:44

        Rack -= You know the rules on negative voting - abide by them or this vote will be deleted - 12 hours to fix your comment. You vote negative enough to know the rules - please stick by them. You are entitled to vote the way you do BUT give a more detailed explanation as per the guidelines.

        http://www.ozbargain.com.au/wiki/help:voting_guidelines

  • retiredfeline on 12/03/2010 - 12:13

    You can get better offers elsewhere, e.g. ING is offering a transaction account with no fees and you can link that to a savings account. That ING offer gives you $60 bonus when you use your new transaction account in the three specified ways. You can have 2 transaction accounts. You also get $20 for registering. So you can get up to $140 bonus. See the archives for this ING offer, it's good till 31 March.

    I won't -ve this, but I think you won't get many +ve votes for this.

    • andy19363 on 12/03/2010 - 12:29

      I won’t -ve this, but I think you won’t get many +ve votes for this.

      I suspect you'll be right :)
      but….might be good for some, particularly those who don't want to be doing too much in the way of transferring money around…..

  • Turd on 12/03/2010 - 12:19

    One bad thing about Suncorp is if you want to transfer money to other EXTERNAL BANK accounts you'll need to pay $20 for a token to be sent to you - http://www.suncorp.com.au/suncorp/personal/internet_banking/…

    • andy19363 on 12/03/2010 - 12:27
      +1

      no…that's a choice…..you can do it with just a password. The token adds an extra layer of security….if you want it

      • Turd on 12/03/2010 - 12:40

        Are you sure?? I have a Everyday Basics account and when I goto External Transfer it says I need that Token thingy

        • andy19363 on 12/03/2010 - 13:57

          Can I transfer funds to an account at another financial institution?

          Yes you can. To do this you need apply for either an external transfer password (ETP) or Security Token.
          Applications for each security measure can be located under Security on the left-hand menu of Internet Banking.
          Once you have obtained either an external transfer password or Security Token you will be able to perform transfer to other financial institutions.

          http://www.suncorp.com.au/suncorp/personal/internet_banking/…

  • andy19363 on 12/03/2010 - 12:25

    I guess my thoughts are more about account features than it's cost against other less/different featured accounts….
    for example….
    with ubank, you cannot use bpay and cash is less accessible
    HSBC has poor interest rates etc etc

    On personal experience, this a very good account……I have never actually 'paid' fees on this account, as the interest earned monthly always more than covers the fee……and at the moment, the account's a lot cheaper than it normally is….which I guess might constitute a bargain.

    bloody hell…..me defending a bank!…..where's it all going to end :)

    • cacbm on 12/03/2010 - 13:04

      Good on you for sharing this deal anyway Andy.

      The way I manage my bank account is (not counting other forms of investments) to have a transaction account and a high-interest account.

      I keep the balance in my transaction account to a minimum and move most of my fund to a high-interest earning account.

      I use HSBC as my transactional account and UBank as my high-interest account.

      You mentioned that you've never paid any "fees" because the interest you earned is always more than the fees. But essentially you're still paying fees. I encourage you to switch to a bank that doesn't charge monthly account keeping fees. I know $5 a month, $60 a year might not sound much but it's a fee that can easily be avoided.

      • andy19363 on 12/03/2010 - 13:29

        thanks :)
        I kind of do the same as you, (although earn slightly less interest). It just means with them all in the one place, I can see all of my accounts within the same tab, and any transactions I make are reflected instantly, and I can pay bills etc straight from my interest bearing accounts….. works for me…. :)

        On a slightly different tack, I also use https://www.neobudget.com/ which I find very useful in keeping tabs on what's in my accounts….(although not really a bargain, just a recommendation :) ….)

        • macfanboy on 15/03/2010 - 08:57

          Why not just use the completely 100% free yodlee..?

          • andy19363 on 15/03/2010 - 11:05

            @macfanboy: a bit too complicated for me…..I quite like the 'envelope' way of budgeting on neobudget. It also doesn't actually directly link to any bank accounts, which eased my slightly paranoid mind…..

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