Money Compare

This account is a basic online saver with a high interest rate of 6.45% p.a. fixed for 12 months and relatively easy access. It is a cheap way to save with no requirements or restrictions, so if you are looking for an uncomplicated account to keep your money in, this could be it.

Is This the Account For Me?

This account is a great option for anyone who needs a simple, no-strings savings account, but might not want constant and instant access to their funds. Perhaps students looking for somewhere to put savings or loans and moderate how much they spend might find it useful. It is also a cheap option, so if you are on a low income but still need to save, this is a good option for you.

The Advantages of This Account

As always with savings account products, the high interest rate is the main attraction, which this account has. In fact, the eOptions account comes with fixed interest rates, which customers can choose with Suncorp’s flexirates policy. As well as this, there are no monthly fees and no transaction fees, so your hard earned savings won’t be eaten up suddenly by the cost of the account.

There are charges for some services, so it’s best to check out the terms and conditions before signing up to be on the safe side. Access to the actual cash in the account is limited in some respects, which can be useful for customers prone to temptation. Funds can be withdrawn by transferring them online from the eOptions account to an everyday Suncorp account, and the eOptions account itself does not come with a cash card, so impulse buying using your savings is not a risk with this product.

Aside from this, phone and internet banking is unlimited, free and available 24/7. As an added bonus, deposits in Supcorp eOptions online savers are guaranteed by the Federal Government for free.

Eligibility

To open this account, you must be 12 years of age or more, and be an Australian resident with the appropriate identification.

How Do I Open a Suncorp eOptions Online Savings Account?

You can open one of these accounts by visiting your nearest branch and speaking to an advisor. Alternatively, you can open an account over the phone, or, for the quickest account set-up, you can apply online. Online applications are secure, quick and simple, and if you are not already a Suncorp customer, you just need to take or post your ID documents to the bank afterwards. It’s simple!

Summary

The Suncorp eOptions Online Savings Account is a simple, cheap and efficient way to save money. The lack of fees means that more of your savings can earn interest for you, whilst the restriction of access whilst you are out and about means that you will be less able to make impulse purchases that eat into your savings.