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$50 Bonus for Opening an Eligible Everyday Transaction Account with Suncorp and Depositing $2000

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$50 Bonus for Opening an Eligible Everyday Transaction Account with Suncorp and Depositing $2000
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shortgum on 13/08/2013 - 22:15 suncorpbank.com.au (3529 clicks)
Last edited 13/08/2013 - 23:18 by 1 other user

Another $50 bonus for those want FREE MONEY again from the bank.

The deal is pretty much self explain.

Just need to do paperwork with the bank and open up a saving account. GO FOR BASIC ACCOUNT (NO FEES)

So, who is gonna join this ?

T&Cs:

Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”). Terms, conditions, fees and charges apply. Please read the Product Information Document before making any decisions regarding our products. Contact us for a copy. *The $50 offer is available to new Suncorp Bank Everyday Basics, Everyday Options and 55 Plus (excluding Passbook) accounts opened between Monday 12 August 2013 and Friday 4 October 2013. Offer is not available if you already hold any one or more, eligible Suncorp Bank accounts at the time of this promotion. ^The payment of $50 is applicable when you set up and have deposited to that account a successful external deposit of $2000 or more within 4 weeks of account opening. The $50 payment will be made into eligible, open accounts within 4 weeks of $2000 or greater being deposited into the account. Transfers between Suncorp Bank accounts (eg eOptions to an Everyday Basics account) are not eligible transactions. Offer is limited to the first Eligible Account opened by a customer and is limited to one $50 payment per account. *Fees apply to link the offset facility. The mortgage offset is only available with the Everyday options account and will only offset a Suncorp Bank loan.

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closed Comments

  • delusioned on 13/08/2013 - 22:15
    +2

    Any fees involved?

    Edit: $5 per month but waived for 12 months if applied online or if full time student.
    Verdict: Apply
    Source: http://www.suncorpbank.com.au/bank-accounts/personal-transac…

    • phatkany on 14/08/2013 - 19:31

      Also for the Everyday basics account there seem to be no fees whatsoever:
      Monthly account keeping fee Nil
      http://www.suncorpbank.com.au/bank-accounts/personal-transac…

      • tko6070 on 14/08/2013 - 19:47
        +1

        Foreign Exchange Commission of 3.00%. If using at all overseas Citibank or ING are far better options

        • Candour on 15/08/2013 - 09:13

          oops how is iNG a good option for forex?

        • Bargain4U on 15/08/2013 - 09:15

          They use OzForex.

        • SummerMan on 15/08/2013 - 09:19

          which isn't that good.

          OzForex is defenitely better than Australian banks.

          But you can still be better of if you let your overseas banks do the Forex. (This is true for many developing countries…)

          I'm talking about fund transfer not cash withdrawal at ATM or purchase… In that case, Citi may be okay: http://www.ozbargain.com.au/node/113317

        • spendinghacker on 15/08/2013 - 10:14

          For outright money transfers to and from overseas, no bank in Australia beats Citibank and their Citibank Plus product. full stop.

        • SummerMan on 15/08/2013 - 10:24

          ???

          For fund transfer, the cost breaks down into two parts:
          * Exchange rate - usually a percentage of your fund. It's called spread/margin
          * Fees - sending party, receiving party, middle men (if any) - usually fixed
          Citi has its own exchange rate and network overseas. In principle, it looks good but I'm still not totally convinced.

          Fee will be waived if you are Citi Gold customer. Fee is still charged for citi plus customer.

          If the overseas recipient doesn't use Citi, a transfer fee will be charged…

          You may be better of transferring AUD from one of the big four in Australia and to an overseas bank and let that bank convert AUD to foreign currency.
          * You get good rate from the overseas bank
          * You save fee as it is direct transfer. No middle man involved. Transaction usually completes on the same day. Fee for the big four is $22-$30 and on the other side may be $20. That's fixed.

          If you want to transfer small amount without these fees, shops in china town or PayPal would do a better job.

          BTW, this should be discussed in corresponding Citi and ING threads rather than here.
          Citi: http://www.ozbargain.com.au/node/113317
          ING: http://www.ozbargain.com.au/node/110723

        • BluebirdV on 15/08/2013 - 18:02

          Does Citibank plus beat Ozforex for overseas money transfers?

        • Bargain4U on 17/08/2013 - 14:45
          -1

          No.

        • spendinghacker on 18/08/2013 - 10:11
          +2

          Why not?

          Please outline calculations and other supporting evidence. Thanks :)

        • cannedhams on 17/09/2013 - 14:13

          I had a look and it seems good. How easy is it to set up? Ongoing fees?

  • Herp on 13/08/2013 - 22:17
    +2

    The payment of $50 is applicable when you set up and have deposited to that account a successful external deposit of $2000 or more within 4 weeks of account opening.

  • shortgum on 13/08/2013 - 22:17
    +1

    basic account or 55option account OPTIONS with no fees

    Need put in $2000 then take it out.

  • easternculture on 13/08/2013 - 22:18
    +7

    The $50 bonus is taxable

    Will be added to your account as interest paid

    So really you are getting ~ $32

    • octagonalman on 13/08/2013 - 22:40
      +2

      Where does it state that?

    • ltwo on 13/08/2013 - 22:41
      +16

      Not if you earn <$18,000/yr.

      • tdw on 13/08/2013 - 23:58
        +4

        that's me :( i'd rather be earning more than that and pay the tax

    • Turd on 13/08/2013 - 22:58

      Tax is only taken out if your monthly interest earnt is > the tax bracket. For $50 it's not over the limit, so you will get full $50 even if you dont provide TFN

      • easternculture on 13/08/2013 - 23:05
        +1

        no true, when i got cashback from ING, i got paid $31 . The rest was deducted as tax.

        And even if they pay you the full $50, it will be downloaded automatically to you eTAX, and you will be taxed for it

        • bonezAU on 13/08/2013 - 23:07
          +17

          Sounds like you didn't quote your TFN when you signed up… the banks are required to deduct tax at the highest rate from interest if you don't supply your TFN.

        • easternculture on 13/08/2013 - 23:09
          -5

          probably not, cant remember

          But you would still get taxed for the bonus at the end of the financial year.

          Unfortunately their is no way around this unless u earn < $18000

        • c64 on 13/08/2013 - 23:36
          +3

          ing direct pays their bonuses as interest. however, other banks i've got bonuses from simply do a miscellaneous credit.

        • ozy on 13/08/2013 - 23:37

          Yes thats true but a free $30+ is a good deal for me!
          Cheers OP

        • easternculture on 14/08/2013 - 00:26
          +1

          but a free $30+ is a good deal for me

          Depends how busy you are. If your free time on your hands, its a great deal.

          But I couldn't be bothered running around certifying my ID by a JP or standing in the line of the Post Office for $30.

        • ozy on 14/08/2013 - 07:48

          If in my spare time, I spend 30mins waiting around for an ID check, and at the end I get
          $50-$30! Then i'm getting paid to do it.
          I'll consider it my second cash in hand job.

    • fchis on 14/08/2013 - 07:47
      +2

      I called ATO long time ago. That bonus is not taxable.

      • sickllama on 06/09/2013 - 20:42

        Absolutely correct. Its not interest, its an incentive payment.

    • SummerMan on 15/08/2013 - 10:40

      The basis account has no interest at all.

      Don't confuse this with ING.

      ING is the only one who wants to help ATO with regards to bonus.

      The rest of the players in the market don't do that!

  • Briefcase Mong on 13/08/2013 - 22:33

    is Suncorp a small bank ?

    • cyssero on 13/08/2013 - 22:39
      +1

      Not Big 4, but not small

    • c64 on 13/08/2013 - 22:41

      a queensland-based bank

    • johnno07 on 14/08/2013 - 00:48
      -1

      Seriously?

    • furythree on 14/08/2013 - 09:24
      +1

      they also own GIO, Bingle, AAMI

      so "too big to fail"

      • suti on 14/08/2013 - 15:50
        -2

        they would have gone under during the GFC if it weren't for the government guarantee

  • c64 on 13/08/2013 - 22:35

    grrr, i've been meaning to close mine

    edit: woohoo! i just checked and i only have eoptions accounts. i qualify!

  • kelea on 13/08/2013 - 22:45
    +5

    They seem to have changed their identification process - can't just go to Australia Post with a printed form anymore. Need to send in 'certified copies' of ID or visit a Suncorp branch.

    There are two ways to present your identification:

    1. Send in a certified copy of your identification;
      1.Print the Australia Post Identification Form** (for joint account holders each person will need to print the form) and
      2.Return it with a certified copy** of your personal identification to:
      Suncorp Bank Operations
      Reply Paid 1453
      RE032
      Brisbane QLD 4001
      or

    2. Visit your local branch.
      1.Simply take your identification with you to your local branch where one of our friendly staff will identify you.

      Once you've done this you'll be able to fully access your account within 2 to 5 business days. You may also like to print a copy of your application for your own records.

    • abc on 13/08/2013 - 23:17

      Who can certify it?

      • easternculture on 13/08/2013 - 23:18

        JP

        • mafmouf on 14/08/2013 - 08:14
          +13

          jv?

      • puffinfresh on 13/08/2013 - 23:30

        There's a massive list; generally the same people that can sign a stat dec. Teacher, doctor, dentist, JP, etc.

        That being said, they still give you a standard Aus Post ID check form, so I don't know what's stopping me from having my ID checked at Aus Post.

        • puffinfresh on 14/08/2013 - 19:50
          +2

          As expected, AusPost accepted the form and did the ID check on behalf of Suncorp. There's no need to get certified copies.

      • c64 on 13/08/2013 - 23:32

        usually JPs are at shopping centres at certain times during the week

      • spendinghacker on 13/08/2013 - 23:55
        +1

        The easiest solution is to go to any police station.

        Any police officer can certify

        • Windows7forever on 14/08/2013 - 12:38

          Only they refused last time I tried that!

        • spendinghacker on 14/08/2013 - 16:09

          What? Really?
          That would be a first for me.

          I would file a formal complaint against the officer that refused. They are obligated by law to do that. They have no discretion and no right to say "no".

          Same thing with giving you their name and Police ID number.

          (at least that's what the law says in QLD)

  • PLANT on 13/08/2013 - 22:48

    Bugger opened last week! :(

  • c64 on 13/08/2013 - 22:52
    -2

    .

  • ycon on 13/08/2013 - 23:02

    Free money, so worth a few clicks. Hope the certification/identification isn't too painful!

  • mirovich on 13/08/2013 - 23:10
    -1

    I closed mine a week ago, can I re-open?

  • mlburnian on 13/08/2013 - 23:15
    +7

    im ashamed to say this..but this is too much work. would have been worthwhile if you could do online verificaiton

    • PresidentClinton on 14/08/2013 - 01:17
      +1

      Just reading OP's post was almost too much work..

      I'm with you, sitting back and watching this time

      • leeroys_dad on 14/08/2013 - 06:46
        +1

        what, you mean going getting id verified at a police station?

    • spendinghacker on 14/08/2013 - 08:31
      +1

      Just out of curiosity and by no means out of disrespect, may I be bold enough to ask if you make more than $50 an hour in your job or business as this is the maximum time I believe getting identified will take out of your life.

      If you have to drive or take public transport especially in order to complete the ID requirements (which I seriously doubt) then yea, you are right. Don't bother.

      • mlburnian on 14/08/2013 - 08:54

        close to 50. but this takes more than an hr..

        • PresidentClinton on 14/08/2013 - 09:14
          +2

          More than an hour plus the hassle of opening bank accounts with uncertainty of fees changing in the future, along with dealing with bank salespeople etc if you have to close it.

  • ptsordos on 13/08/2013 - 23:15

    Applied. Seems like you have to send your verification via mail or you have to go to the branch

  • King Tightarse on 13/08/2013 - 23:19

    Thanks for the free money OP.

  • c64 on 13/08/2013 - 23:29
    +2

    just looking at previous suncorp deals, this promo seems to happen once a year in august

    • fchis on 14/08/2013 - 07:49

      Makes sense, start of the financial year.

  • Astro551 on 13/08/2013 - 23:32
    +4

    luckily there is a local suncorp where i live hehe (lane cove, NSW). our main attractions include a coles and a (sort of) recently opened woolies

  • [Deactivated] on 13/08/2013 - 23:41

    Branches at camberwell and glen Waverley Vic. For those eastern suburbians.

    • [Deactivated] on 14/08/2013 - 08:20

      Dandenong and Frankston for south easterners.

  • King Tightarse on 13/08/2013 - 23:48

    Can anyone from the last Suncorp deal that DINDNT supply their Tax File Number comment as to whether they received the full $50?

  • lostn on 14/08/2013 - 03:16
    +1

    How long does it take to get the $50?

    Will it be a douchy thing to do to close the account as soon as you receive it? I don't know if I can look the teller in the eye and do this… but I don't want to keep the account either. I passed on the last few deals like this.

    • avihs on 14/08/2013 - 12:32
      +8

      How long does it take to get the $50?

      Paraphrasing the OP : "The $50 payment will be made into eligible, open accounts within 4 weeks of $2000 or greater being deposited into the account."

      While I appreciate your feelings, I just want to point the following : When the Reserve Bank of Australia lowers its interest rates by a half point, the other banks take their sweet time in deciding whether or not to lower their own rates, and if they do, by how much. All these weeks of delay earns them BIG, BIG money - meaning they are depriving their loyal clients a benefit they could have shared. If they have absolutely NO sense of loyalty towards their customers, why should we as customers be loyal to them?

      I may be a little shameless, a little insensitive, a little disloyal in saying this, but my suggestion would be to : Open an account when there is a deal, take the benefit, close down, stand in queue for the next offer. Having said that, I would NOT do something like that in my dealings with mates; but with banks, it is an entirely different ball game.

      • Windows7forever on 14/08/2013 - 12:40
        +3

        You heard the man. Stick it to the big greedy banks!

      • PresidentClinton on 14/08/2013 - 12:58

        Agreed, they are money-churning machines. A humble bank teller may judge you, but I can assure you, the CEOs and Executives will eat that $50 for snacks at their next meeting.

      • spendinghacker on 14/08/2013 - 16:11
        +2

        avihs for PM! ;)

    • tdw on 14/08/2013 - 13:30
      +3

      banks and various other industries are always treating us frugal folk as douches.

      loyalty doesn't mean anything to corporate Australia so do what you want with your account.

    • yargnairod on 15/08/2013 - 15:00
      +2

      You shouldn't feel bad about taking the $50. That is the price for them to get you to look at their products. I remember signing up with ING for all their bonuses. Years later I still use their products as my primary account because I feel that their products are the best even without the bonuses. Suncorp's slogan for this promotion is "the account we'd use even without the $50 bonus" (It's on the in-branch flyer). Even though they are not one of the big 4 the banks in this country do quite well. Additionally $50 for some people is just the break even amount for them to apply for a new account because of the paperwork/verification issues.

  • DEvok on 14/08/2013 - 04:58
    -3

    Alot easier and better than the ing one.

    • cooni on 14/08/2013 - 07:16
      +4

      What's easier and better about it?
      ING: completely online, $100 outlay
      Suncorp: need 3rd party ID check, $2000 outlay

  • leeroys_dad on 14/08/2013 - 06:30

    delete

  • cloudy on 14/08/2013 - 07:47

    I'm still waiting for the 50 bucks cba owes me, are they more legitimate than cba in coughing up?

  • gimme on 14/08/2013 - 07:53
    +1

    Don't know about CBA but MEbank are great. They paid me multiple times lol!!

    The ID stuff is a dealbreaker for me. Really can't be bothered.

    • cloudy on 14/08/2013 - 09:13

      Haha that's awesome

  • John Dough on 14/08/2013 - 08:40
    +1

    Just be aware if you are saving for a home or a deposit on a car or something like that, if you change your salary to go into another bank account it adjusts the history of your savings and the bank you have a regular saving history with that can see your financials is potentially 'blocked' from seeing how you spend your money, even if its for a short time. I am sure some banks could be funny about this particularly if you plan to borrow for a home with a tight margin.

    Worth a thought before you go for the cash grab if you are in that bracket ;)

    • Scrooge McDuck on 14/08/2013 - 08:54

      Don't you have $2,000 saved?

    • c64 on 14/08/2013 - 08:58
      +1

      you don't need to change the account your salary is payed in to, you only need to transfer $2000 from an external account into your suncorp account for 1 day

      • vipulrm on 14/08/2013 - 09:11

        Are you sure that the money can be withdrawn before the bonus is credited?

      • John Dough on 14/08/2013 - 11:27

        Oh in that case, its all good. I thought I read somewhere it was have your salary deposited - my mistake

  • snvl on 14/08/2013 - 09:09
    +6

    "How did you find out about us?" ozbargain isn't there.

  • Turd on 14/08/2013 - 10:12

    Did you guys get a confirmation email for registering?

    • King Tightarse on 14/08/2013 - 10:24

      Not me.I think they will go through them and check manually. Probably hear something in a day or two.

    • T-man on 14/08/2013 - 10:25

      No, I didn't get it. Just printed it out for reference.

    • spendinghacker on 14/08/2013 - 16:12

      Nope. No confirmation as yet.

      I think they do indeed process manually.

    • ozy on 14/08/2013 - 19:41

      No email for me either, called them, they said they have no record but somebody will get back to me..

  • Bargain4U on 14/08/2013 - 10:41

    There is also $120 on offer from Citibank, should I post?

    • vipulrm on 14/08/2013 - 10:46

      Please do. Thanks.

    • snvl on 14/08/2013 - 10:55
      +2

      https://www.citibank.com.au/aus/packages/starter_package.htm

      When should I expect to receive the $120 cashback?

      You will receive the $120 cashback 12 months after all your accounts are approved and activated, and you've met all the criteria.

      • vipulrm on 14/08/2013 - 11:02
        +7

        $3000 deposited every month for one year to get $120? Sorry, but I'll pass this one.

        +1 for posting it, though. Better know what the offer is and decide not to take it up rather than not know about it at all.

        This might be good for someone looking to start banking with them.

        • John Dough on 14/08/2013 - 11:28
          +1

          bugger Citi! bunch of crooks…. not that all banks aren't

        • tdw on 14/08/2013 - 13:35
          +1

          tell me about it. my mum had the worst time trying to move her money out of her account there. they mistakenly charged her $10 and it took several angry phone calls before she got her money back just over a month later.

          Shittybank ;)

        • John Dough on 14/08/2013 - 16:42

          shittybank rofl!! well done sir!

        • tdw on 14/08/2013 - 18:03
          +3

          i also haven't had the best experience dealing with them. went to cash a citibank cash cheque at one of their few branches in perth. waited for 15 minutes because there was only one person in the whole room. then told me i had to go to westpac to cash it. lined up there for another 10 minutes only to be told i couldn't cash it there if i didn't have an account with them. so after all that i just went to the post office and had the cheque deposited into my ING account. 7 days to clear.

          what feckless so-called bank can't even cash it's own cash cheque?

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