Suncorp Everyday Options Transaction Account: $0 Account Keeping Fees for Life @ Suncorp

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Update: $5 monthly account keeping fee waived indefinitely.

$0 account keeping fee when you open a new Everyday Options account before 30 June 2019, normally $5 per month. Monthly account keeping fee waived for new Everyday Options accounts opened from 3 December 2018 until 30 June 2019. Fee will be waived for as long as the account is held.

Comparison of Suncorp's transaction accounts shows this Everyday Options account offsets home loan and bears interest (in sub-accounts), with current deposit interest rate of 1.15% p.a. and a 3-month bonus offer of 2.35% p.a.

Account holders should be eligible for Suncorp Benefits.

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Comments

  • +2 votes

    Does this give access to Suncorp rewards?

    • +2 votes

      yea i opened one during a cashback deal

    •  

      Yes but they closed my account in like a week or something :(

      I was playing around with the account and it doesn't even have payid or fast payments.

      •  

        PayID available in the Suncorp App according to the article. (Not available in the Suncorp Bank App.)

      •  

        Why was your account closed? What were the reasons?

        Been using the Everyday Basics account for roughly 2 years.

        Been using the Everyday Options account for roughly 2 months.

        No problems.

        •  

          Probably no money in it and they closed it in 2 months.

          They never sent out a card anything though, and I actually tried opening another account yesterday and I can't even deposit $10 into it, keeps saying error…

          I donno man I'll try again tomorrow.

          •  

            @Zeral: Can't edit post so just an update.

            Had an SMS the next day saying that the account was active and ready.

            Osko/fast payment worked too.

    •  

      I have access to Suncorp rewards but don’t have any accounts with them
      I think you can sign up to rewards without needing an account (can’t exactly remember how I did it though)

    •  

      I still can't get access to my rewards and it's been more than 2 weeks.

      • +1 vote

        Would suggest you send them a secure message within the internet banking system

  • +1 vote

    Looks good. Must be 16+. Does anyone know a bank that will do a similar fee free for life account that a kid can open?

  •  

    thanks. i have this account already, will look into opening new account then transferring $ across to get zero fees.

  • +1 vote

    I have a home loan with Suncorp but no offset account. Could this act as an offset account for me without affecting my interest rate?

  • +3 votes

    Suncorp used to pay you $100 to open one.

    • +5 votes

      This is better value after 20 months holding the account.

      • +5 votes

        Clearly not a true Ozbarginer as you didn't take into account the interest you would have earnt after 20 months on the original $100. Hand in your licence!

        Jokes aside some people view these as worthless so they'd rather the $100 then close it.

      •  

        Not when you compare it to any of the other free accounts that exist.

    •  

      then it became $50

  •  

    Suncorp has had no fee account for years.

    • +1 vote

      Not on this account type it didn't.

      •  

        What the diff between this vs free account?

      • +2 votes

        Does if you have a home loan. Anyone who pays monthly fees on an account needs to tell them to piss off. This crap stopped years ago.

        Just a way for the banks to make more money.

        • +2 votes

          Can you show us an interest-bearing transaction account with no account keeping fee, no monthly deposit requirement, no relationship requirement, no age limit, no concession requirement, and is offered on an ongoing basis? That would be a great deal.

          The banks do offer (mostly) fee free premium banking packages to their home loan customers, but they are paying for the services in other ways.

          •  

            @alvian: It's not all the bells and whistles for everyone. Some people will gain advantage but shop around. My annoyance lies with banks offering these paid accounts when they do not consider the customers requirements.

            There are a few that offer what you stated above but lower interest rate ~$1.5%. Like banks you never head of which I won't list.

            Those considering who are saving check these out:

            UBank USaver 2.87%
            - $200 p/m dep no account fee (this is actually an incentive for some, I personally would prefer a monthly dep)

            AMP Saver Account 2.75%
            ANZ Progress Saver 2.40%
            HSBC Serious Saver 2.85%

            • +1 vote

              @Korban Dallas: These are not transaction accounts. I can find and open a fee free savings account easily.

              • +1 vote

                @alvian: Well in a word that is correct.

                Ubank offer a linked transaction account option.

                Not much benefit to have an interest bearing transaction account. It's nice but better off keeping most of your savings out of there.

          •  

            @alvian: Plenty of free online savers, transaction accounts. ING, ubank, Macquarie, Citibank etc. Probably more.

            They all have min 1%+ interest without any deposits.

            •  

              @ko0l: Care to give an example that satisfies the criteria? Let me give you a counterexample, one which you have mentioned. ING: Its transaction account is Orange Everyday which pays no interest. Its interest bearing accounts are not transaction accounts. Over to you.

              •  

                @alvian: Ubank transaction and saver account. The funds auto transfers into the transaction account when you spend. So you can leave all funds in the savings account earning interest and use your transaction to spend and make BPay payments at the same time.

                •  

                  @ko0l: That's two accounts. I can find and open a fee free savings account and team it with a fee free transaction account easily. The criteria call for one interest bearing transaction account.

                  Ubank's Sweep (automatic transfer) is a great feature that I have not seen before. Thanks for the introduction.

                  •  

                    @alvian: There's also the Citibank global currency account. Gives 2% interest on Aud balances no annual fee.

                    •  

                      @ko0l: "Up to 2%". A minimum deposit of $250,000 is required to earn that interest. I can argue that it pays no interest (0% for balance below $5,000).

                  •  

                    @alvian:

                    That's two accounts.

                    It's basically one because of the sweep feature.

                    The criteria call for one interest bearing transaction account.

                    Who do you want an interest bearing transaction account?
                    It's always going to have worse interest than a savings account.

                    The small amount of money you keep in it and the small amount of interest you would get are negligible.

                    Ubank's Sweep (automatic transfer) is a great feature that I have not seen before. Thanks for the introduction.

                    I think they are the only bank to use it.

      •  

        I've had one on this account type for well over a decade

  •  

    Most of the E gift Cards in the rewards program do you get them immediately or not ?

  •  

    How do I close the Basics account once I have this new account?

  •  

    Do they have Bunnings gift cards in the reward program ? How many percent discount?

  •  

    Opened a Business Everyday Account last week - $5/mth fee waived for life if opened this month.

    Also opened the normally free Business Saver Account with 2.25% until 15/7, before dropping back to usual 1.3%.

    •  

      Requires ABN?

      •  

        You'd have to check. I didn't as not in business - it's a trust account. Haven't even provided TFN - discussed with ATO, yet to apply.

    •  

      I also took advantage of the Business Saver Account offer - 2.25% until 15/7. Website now shows 1.25% special available until 15 July, effective 1 July (which is to be expected after the promo).

      Common sense would say those of us who opened the account during the promo period will get 2.25% until 15/7 - but worth keeping an eye out when the interest arrives, I suppose.

      I tried to find cache copies which mentions the 2.25% until 15/7, but failed (only your comment here). There were flyers in-store when I opened the account, which stated the same, but I did not have the foresight to pick one up. Did you keep any screenshots/flyers which state this rate & expiry?

      PS I was trying to call branch & central number to confirm, but have not got through. Had left my number for a callback.

      • +1 vote

        Only had word of branch manager (although I think her title was Coach!). I invested majority of $ at higher rate, so wasn't concerned.

        Watch out for fees - did a direct debit to a council & had $2 fee😱 Business accounts are a bit different to personal accounts.

        •  

          My contact at branch has title of Store Leader. Hmm .. Coach is probably more senior :-)
          I am awaiting her call-back.

          Thanks for the tips - will be careful. I did notice that transfer out to external accounts also incur $2.
          I think the trick is to transfer to the Everyday Options Acct and then transfer out.

  •  

    I'm wondering whether its worth opening this just to take advantage of the Suncorp Benefits program if you are already part of AGL Rewards? The main benefit being that you will receive the gift cards immediately rather than having to wait up to 3 days with AGL Rewards.

    I would also prefer to wait for a cashback deal for opening an account or is that asking too much?

  • +4 votes

    Not sure where the deal is, as i dont any one pays account fees anymore

    •  

      Same. I have accounts with 5 banks and don't pay fees on any. If they're charging you fees, just call up and ask them not to, that's what I did with ANZ, NAB, and CBA. Never needed to for Bankwest and Westpac because of linked products.

      • +1 vote

        Wait, so you just simply call them and asking to waive the monthly fee?

        • +3 votes

          Yep. Most banks have the ability to consistently waive account keeping fees for a variety of reasons and have a low bar for doing it. Some may need you to switch to a different account type, but none have in my experience. Some you may need to threaten to leave, but most will just do it if you ask nicely but firmly.

  •  

    That’s nice so one phone call no more CC yearly fees on premium cards . Away from BS back to thread .

    The reward program power for me mainly is instant cards of EB Games 8% and can buy to the $ eg $67 .
    Coles 5% off not offered by many anymore . No. CC fees .

  • +6 votes

    who pays bank fee these days?

    • +3 votes

      If I’m missing the point on how this is better than other banks in anyway , please correct me

      It’s a saving account with no fees?

      Big whoop

      •  

        Useful for those not living in big cities.

        Is there any other bank that allows deposits & withdrawals at the Post office for no charge, and no monthly fees while, paying some interest?

      •  

        Why don’t you remove your neg now you’ve been corrected?

  • +2 votes

    I can never link up my account to Suncorp app. I opened an account last time when a similar deal was posted, it kept showing "something went wrong" when I link up the account to the app, I called the hotline as instructed, the lady had spent and hour and tried everything she could on the phone but can't work out a solution. She promised to called me back but of course she didn't…

    • +1 vote

      App riddled with bugs. Cost them millions. I know someone on the dev team. Said it was a shit fight.

    •  

      Been using App for years. Never had a problem adding new accounts to App on Android.
      Had authority over a family member's accounts - was easy to control their accounts by adding to my App.
      Created 2 business accounts at branch last week - showed up straight away when added to App.

      •  

        I know some of you have no problems with it as people keep posting deals with this bank and many of you can get discount vouchers from their app. But I do have a problem with them and there is only one branch in Perth. Rather then driving half an hour to the city, pay for the CPP parking, wait in the branch until someone can help (who knows how much time he will spent this time) I prefer not using it

        • -1 vote

          I know some of you have no problems with it

          Like to point to others with this issue?
          Others may report having this issue now you've raised it - but nothing yet. Maybe create a Forum to discuss it, so it gets more attention.

          If it is a common problem as you imply, a neg would be appropriate… If it's an issue isolated to your phone, then a neg is inappropriate.

          Nothing showed in a long Google search "Suncorp app problem adding accounts". If it is a common problem, it should show.

          Have you tried the obvious - installed app on a different phone? Did problem disappear? Worked for me with problems with some finance apps with 1 phone, but not another. Using latest update?

          Yours is first I knew of problem. Checking the rare negs for the many Suncorp banking deals - yours seems to be only one about this issue!

          Surprised there is a problem, as adding accounts easily is something I use regularly & count on working.

          I had trouble making future dated transfers after an update months ago. Contacted them by secure message - no help.

          Found the issue was only with that phone. Used different phone with longer screen - problem disappeared.
          Problem went away next update.
          Had a similar issue with ING App on same phone, but not on other phone. Now use the other phone for finance Apps - problem solved!

          I'm no lover of Suncorp - inexperienced branch staff have made errors in advice & accounts costing the family accounts I manage - thousands of $😠
          Now need to spend more time with AFCA to get the $ back - Suncorp just blame customers for their errors!

          I would not recommend Suncorp!!
          It's just that family accounts have been with them for decades.

          •  

            @Infidel: I'm not interested in spending any much time on solving the problem, it took me 1.5 hr on phone that day, you are right it MAY work on a different phone or I'm so lucky that I'm the only person on earth that have problem with them, but I'm not interested in the reason why, I just pointed out it's easier for me to give up using it.
            I'm more interested in why your targeting my problem with the app.

            • +1 vote

              @klaiwy: You certainly take things personally! You promptly negged my comments.

              Nothing personal other than to put my different experience with the app & suggest some problem solving.

              You negged the Deal for free fees for life bank account. Negs require a valid reason!

              Negs must be based on the guidelines. Under neg voting, the limited reasons are:
              The deal is not the cheapest available (it's free)
              Defective product (the product is the account, but possible?)
              Major issues with retailer (is a problem on your phone with App, & lack of useful support a major issue with retailer? If supported by others with this problem - possibly.)

              Your reason for a neg - you couldn't get a useful feature to work in the App on your phone. And Suncorp didn't help.

              While that's a very valid warning for others, it probably isn't a basis for a valid neg.

              So I offered a different viewpoint that it hasn't been a problem for me in years of using the App. As this is an important feature I use, I wanted to check in case there was a problem I needed to be aware of. There seems to be no other complaints. My comment was not an atrack on you.

              With experience operating a help desk in IT, I suggested some basic problem solving as issues can be due to your device, and not be a general problem. Again, not an atrack on you.

              If the problem is with your phone, there would seem no basis for a neg vote.

              You admit you don't know if it's a problem with your device & won't investigate! You're not interested in a solution to the problem you complain about!

              You want to vent😱
              Little anyone else can do to help you!!
              This is pretty well straight from the psychological of complaining.

  •  

    what's the eligibility criteria for suncorp benefits?

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