Our verdict

Earn bonus interest each month you grow your net balance by at least $200 (excluding interest) and make no more than one withdrawal.

This account offers a maximum bonus rate of 4.8% on your balance. This is an ongoing bonus rate too, so it’s not going to expire after a few months after opening the account.

To earn this rate you need to grow your net balance (excluding interest earned) by $200 each month. This means that if you withdraw money from the account, you need to replace that money plus add another $200 during the month to earn the bonus interest.

You can make no more than one withdrawal during the month in order to be eligible for bonus interest. This account is designed to help you save and motivate you to leave the money in the account earning interest. If you’d prefer the flexibility of being able to access your savings whenever you need to you could consider a savings account with no withdrawal restrictions, although you might need to settle for a lower interest rate.

Pros

Maximum interest rate of 4.80% p.a.
No monthly account keeping fees
The monthly growth requirement of $200 to earn bonus interest is lower than what's required with some other savings accounts available

Cons

Standard interest rate of just 0.35% if account conditions are not met

This account is designed to help you grow your savings balance. It offers bonus interest each month you grow your net balance by $200 or more (excluding any interest earned in the month) and make no more than one withdrawal.

Read on to learn more about the features of this high interest savings account, and how the bonus interest works.

Details

Key details

Product Name	Suncorp Bank Growth Saver Account
Maximum Variable Rate	4.80% p.a.
Standard Variable Rate	0.35% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	11

Congratulations, Suncorp!

Suncorp received the following highly commended awards in the 2024 Banking Product Awards:

'Transaction Accounts'
'Travel Debit Card'

Full list of 2024 winners

Key features

No account-keeping fees

There are no monthly account-keeping fees or fees to set up the account, so every dollar you save helps you get closer to your savings goal.

Earn up to 4.8% p.a. interest on your balance

This account offers a competitive maximum interest rate of 4.8% p.a. each and every month you meet the account conditions. To earn the maximum interest rate, you simply need to grow your closing balance on the last day of the calendar month by $200 or more compared to the closing balance on the last day of the previous month, and make no more than one withdrawal. Any interest earned within the calendar month does not count towards the minimum $200 growth requirement for bonus interest.

Earn 0.35% p.a. if you don't meet the account conditions

If you don't meet the conditions, you'll earn the standard interest rate of 0.35% p.a. on your money. But don't worry, if you don't meet the conditions one month, you're still eligible for bonus interest the next.

Online-only account

This savings account is online only, so there's no debit card attached. This is good if you're often tempted to spend as you won't have easy access to your funds for daily purchases. However, if you do need to withdraw some money, simply transfer some money to your linked Suncorp transaction account via mobile or Internet banking. You are also not able to perform direct debits or BPAY transactions with the Growth Saver account.

Mobile app available

Keep an eye on your savings and check your balance wherever you are via Suncorp's mobile banking app. Use the app to make quick and easy transfers between your Suncorp accounts and manage your money on the go. Remember, you're able to make one withdrawal from your Growth Saver (by transferring money from your Growth Saver to another account) each month, but you must grow your closing balance on the last day of the month by at least $200 (excluding interest) compared to the closing balance on the last day of the previous month to earn the bonus interest. This means if you make one withdrawal during the month, you'll need to replace the amount withdrawn plus meet the $200 (excluding interest) growth requirement.

You can log in to the app securely with a PIN, your fingerprint or even facial recognition. The app is free to download via Apple's App Store or Google Play.

Internet banking available

When you're in front of a computer, you can use Internet banking to manage your money instead of using the app. Plus, you can take advantage of the free-to-use Budget Tracker within the Internet banking portal to keep on top of your savings progress.

How to apply

If you've compared your options and have decided this is the right account for you, you can easily apply in less than 10 minutes. Before you do, make sure you meet the eligibility criteria and have the necessary documents handy.

Eligibility

Minimum age requirement. You must be at least 11 years of age to apply for this account.
Maximum age requirement. N/A
Residency requirement. You must be an Australian permanent resident or citizen with a residential address in Australia.

Documentation needed

Personal identification. To verify your identity, Suncorp will need information from two separate forms of ID, such as your driver's licence, proof of age card, passport, Medicare card or birth certificate.
Existing account details. If you already have an account with Suncorp, you won't need to verify your identity again when opening this account.
Personal details. You'll need to provide your full name, date of birth, phone number and your Australian residential address.
Tax File Number (TFN). This isn't mandatory, but if you don't supply Suncorp with your TFN, Suncorp will apply the highest marginal tax rate to your interest earnings.

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Name	Maximum Variable Rate p.a.	Base interest rate	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Suncorp Bank Growth Saver Account	Maximum Variable Rate p.a. 4.80%	Standard Variable Rate p.a. 0.35%	Intro/Ongoing Ongoing	Government Guarantee	Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Go to site View details Compare	Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.	loading Fetching your data...
P&N Bank Savvy Saver	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Deposit $500 5 Access Account debit card purchases Balance under $100,000	Go to site View details Compare	Get 5.1% p.a. ongoing when you deposit $500 and make 5 debit card purchases per month. Make withdrawals and still earn bonus interest.	loading Fetching your data...
Bank of Queensland Smart Saver Account - 36+ years	Maximum Variable Rate p.a. 4.90%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Deposit $1,000 5 eligible purchases Balances up to $250,000	Go to site View details Compare	Aged 36+? You can earn 4.9% p.a. on balances up to $250,000 when you meet the account conditions each month.	loading Fetching your data...
BCU Boss Saver	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Deposit $500 5 Access Account debit card purchases Balance under $100,000	Go to site View details Compare	Earn an ongoing 5.1% p.a. when you deposit $500 per month and make 5+ card payments from your BCU Access Account each month. You can make withdrawals and still earn bonus interest.	loading Fetching your data...
Rabobank High Interest Savings Account	Maximum Variable Rate p.a. 5.45%	Standard Variable Rate p.a. 4.10%	Intro/Ongoing 4 months	Government Guarantee	Balances up to $250,000	Go to site View details Compare	Earn a high interest rate of 5.45% for the first 4 months and then 4.1% thereafter, with $0 account keeping fees and no monthly balance requirements.	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	Maximum Variable Rate p.a. 5.15%	Standard Variable Rate p.a. 4.45%	Intro/Ongoing 4 months	Government Guarantee	Welcome rate applies up to $500K	Go to site View details Compare	Ideal for higher balances, savers can earn up to 5.15% for the first 4 months and up to 4.45% thereafter. There are no conditions and $0 account-keeping fees.	loading Fetching your data...
Westpac Life	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 1.60%	Intro/Ongoing Ongoing	Government Guarantee	Make a deposit Grow your balance Keep the balance above $0 at all times	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Simple Saver Account	Maximum Variable Rate p.a. 4.55%	Standard Variable Rate p.a. 4.55%	Intro/Ongoing Ongoing	Government Guarantee	Balances up to $5,000,000	Go to site View details Compare	Open up to 9 accounts to take control of your savings and don't worry about meeting fiddly conditions or paying frustrating fees.	loading Fetching your data...
Westpac Bump Savings Account	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 1.75%	Intro/Ongoing Ongoing	Government Guarantee	Make a deposit Grow balance Keep balance above $0	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account	Maximum Variable Rate p.a. 4.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
ING Savings Maximiser	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
Westpac Life (18-29 year olds only)	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 1.60%	Intro/Ongoing Ongoing	Government Guarantee	Make a deposit Grow your balance 5 debit card purchases Balances up to $30,000	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Future Saver Account - 14 to 35 years	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Deposit $1,000 5 eligible transactions Balances up to $50,000	Go to site View details Compare	loading Fetching your data...
St.George Incentive Saver	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 1.85%	Intro/Ongoing Ongoing	Government Guarantee	Grow balance $50 ($0.01 if under 21) Balance up to $249,999.99	Go to site View details Compare	Extra 0.10% p.a. for 3 months for new customers who apply online, balances under $250k.	loading Fetching your data...

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Alison Finder

Editorial Manager, Money

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Fran

February 02, 2025

If we have a joint account, would there be bank guarantee be $500K rather than $250K?

Sarah Megginson Finder

February 03, 2025

Hi Fran,

Under the Financial Claims Scheme, deposits are protected up to $250,000 for each account holder at each bank, building society or credit union, including deposits with any other banking businesses they operate under a different trading name. So yes, in a joint account with $500k, you are covered for $250,000 each. Hope this helps!

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Graham

November 23, 2024

When is interest calculated and distributed

Angus Kidman Finder

November 25, 2024

Hi Graham, On this account, interest is calculated daily and paid out at the end of the calendar month (including any bonus interest if you meet the conditions for that).

Fred

September 17, 2019

Is the Suncorp Growth Saver Account covered by the covered by the Government Guarantee Scheme up to $250,000?

Jhez Finder

September 19, 2019

Hi Fred,

Thank you for your comment.

Upon checking, Financial Claims Scheme (FCS) under the Banking Act 1959 applies to the deposit accounts you have with Suncorp. Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution.

Yes, Suncorp Growth Saver Account is covered by FCS.

Regards,

Jhezelyn

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Josh

September 12, 2019

Can you have joint names on this saver?

Charisse Finder

September 12, 2019

Hi Josh,

Thanks for reaching out to Finder.

Yes. Suncorp Growth Saver account can be opened by joint applicants, 11 years of age or older.

The joint account will be set up as “any to operate” which means that either account holder is authorised to withdraw funds from the account and complete transactions on behalf of both account holders.

You can also contact Suncorp at any time to change your account permissions.

I hope this helps.

Cheers,

Charisse

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Stan

March 25, 2019

In order to qualify for the bonus interest does it mean that although you are allowed to make one withdrawal in a month, you need to replace at least that withdrawal amount plus the $200 dollars deposit by the end of the last day of the next month? In other words, the account must never fall below the the original deposit amount plus $200 each month, for the bonus interest to apply?

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Jeni Finder

March 25, 2019

Hi Stan,

Thank you for getting in touch with Finder.

That’s right. So long that you grow your balance by more than $200 (excluding interest) and make no or just one withdrawal each month then you meet the bonus interest criteria.

I hope this helps.

Thank you and have a wonderful day!

Cheers,

Jeni

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Suncorp Growth Saver Account

Pros

Cons

Congratulations, Suncorp!

Key features

No account-keeping fees

Earn up to 4.8% p.a. interest on your balance

Earn 0.35% p.a. if you don't meet the account conditions

Online-only account

Mobile app available

Internet banking available

How to apply

Eligibility

Documentation needed

Compare other savings accounts

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