What's New - Suncorp eOptions Savings Account Review

Review - Suncorp eOptions Savings Account

Product launched Nov 2007. Review published 26 Feb 2009. Please read our disclaimer.

An online savings account and term deposit all in one? That’s what the Suncorp eOptions Savings Account offers. This account gives you the flexibility to create your own term deposit for any time frame from 1 to 12 months, and allocate your money to earn higher interest.

Besides the options to upgrade some of your savings to a higher-paying term deposit rate, other features include no account-keeping fees or transaction fees. There is also no requirement to keep a minimum balance or to deposit a certain amount each month.

With this account you can choose between fixed or variable interest rates, or both, and change the configuration at any time. All transactions are online and free.

WHO DOES THIS SUIT?

Suncorp’s eOptions account is designed for the serious DIY saver who enjoys making the most of high interest returns by adjusting the mix of online savings and term deposits managed entirely online and without the need to visit a Suncorp branch to transfer funds.

USEFUL LINKS

HOW DOES IT WORK?

Once you have opened the account through any Suncorp branch or Australia Post outlet, you can transfer money via direct credit or through cash or cheque deposit at a Suncorp branch. Every dollar in the account earns interest, as the account does not have any minimum balance requirement. The online account earns a standard interest rate.

Extra interest can be earned through the flexiRate option. You choose the balance and the term you want to earn a higher interest rate. When the fixed term expires the savings and interest earned are either deposited into your account or automatically reinvested for the same time period, as you choose.

FEATURES & INNOVATIONS

An online account that’s open 24/7.
Keep your online savings or lock some away in a term deposit – it’s your call.
Choose your own deposit terms – no requirement to stick to fixed bank terms.
eOptions’ standard interest rate (excluding flexiRate balances) is 3.75% p.a.
eOptions’ current flexiRates are:
3 months: 4.35% p.a.
6 months: 3.30% p.a.
12 months: 4.00% p.a.
Fixed and variable interest rates available, with easy switch facilities.
No minimum balance or deposit amount.
No account-keeping fees.
No transaction fees.

THINGS TO CONSIDER

Suncorp eOptions is strictly an online account with no direct withdrawal facilities, hence no debit/EFTPOS card, pass book or cheque book. Withdrawals must be made by transferring funds over the net into a Suncorp transaction account and following the usual withdrawal procedures from there. A daily combined transfer limit of $5,000 from Suncorp accounts applies, unless agreed otherwise. The fact that eOptions is strictly an online account may not suit some who either do not use the internet or prefer branch access. Restricted withdrawals, however, can be useful if you need to curb impulse spending to keep on track when saving for a particular goal.

As with any term deposit, Suncorp eOptions Savings Account will adjust the flexiRates accordingly if the fixed term of the deposit is broken. A maximum term for flexiRate accounts is 12 months.

There are fees for overdrawing the account, and a dishonour fee for unsuccessful transactions. These fees can be avoided by keeping track of account balances.

Some other fees, terms and conditions apply. See the PDS for full details.

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