The Suncorp Bank Kids Savings Account is designed for Australian children under the age of 18 to learn the value of stockpiling spare change for the future. Kids have the chance to earn bonus interest on top of the base rate every month with this versatile account that does not eat away at your savings with fees.
Suncorp Kids Savings Account
- Maximum variable rate
- 4.45% p.a.
- Base interest rate
- 0.95%p.a.
- Minimum deposit
- $20
Our verdict
Start putting your dollars away in a different type of bank and see how quickly bonus interest can fatten up your savings
With online banking tools exclusive to Suncorp you can set goals and then monitor your saving progress.
Pros
-
$0 account keeping fee
-
Easy access of your funds through internet, telephone and mobile banking
-
Bonus interest is offered to account holders with minimum deposit of $20 and only 1 withdrawal is made during the month
Cons
-
Children under 11 years of age require consent from their parents.
Details
Key details
| Product Name | Suncorp Bank Kids Savings Account |
| Maximum Variable Rate | 4.45% p.a. |
| Standard Variable Rate | 0.95% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
Congratulations, Suncorp!
Suncorp received the following highly commended awards in the 2024 Banking Product Awards:
- 'Transaction Accounts'
- 'Travel Debit Card'
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Alison Finder
Editor
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Alison Banney Finder
November 03, 2021
Hi Shanheer,
For children’s savings accounts you do need to visit a branch so they can verify the ID of your child. If you’re simply opening a Suncorp bank account for yourself and you’re over 18, you can verify your ID online.
Thanks,
Alison
Julya
March 12, 2019
Can I apply kids saving account if I do not have Suncorp account? I understand that If I need to transfer money, it can only be done within Suncorp account. If I apply for Suncorp account for this reason, is there any monthly fee?
Joshua Finder
March 14, 2019
Hi Julya,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
You can make deposits at any Suncorp branch or set up a direct credit transfer each month. However, when it comes to withdrawing money, you need to first transfer it through another Suncorp Transaction Account.
Thankfully, most Suncorp savings account does not come with account keeping fees. You can confirm with Suncorp upon opening an account.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
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Artemis
December 01, 2018
Hi
My mum and I would like to open a savings account for her grandson/My nephew, he is only 8. Could it be in either of our names with his?
What would we be required to bring to the bank if we can? We been looking for a bank that would allow a grandparent or aunty to open a child account as my mum been ill often so she wants a bank account opened for her grandson so when she does pass away the money in her Will for him goes straight to his account.
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John Basanes Finder
December 05, 2018
Hi Artemis,
Thank you for reaching out to finder.
You may check on this link to get to the comparison table specific to kids savings accounts. Once there, you may click on any of the banks names to be directed to their review pages. This is where you would see the requirements as well as how to apply for them. Once ready, clicking on the “Go to site” button will route you to the provider’s website where you could start the application.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
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Grace
November 05, 2018
I’d like to open an account for my 3yo grandson,
what type of account would be most suitable ?
I’m not planning any withdrawals
John Basanes Finder
November 05, 2018
Hi Grace,
Thank you for leaving a question.
While we do not provide specific product recommendations, we can help guide you through the process of comparing options. You may click on this link to go to the comparison table for kids savings accounts. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.Hope this helps!
Cheers,
Reggie
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Emelda
October 24, 2018
It says that it only covers up to $250,000, what happens when the child ends up having more than that?
Jhezelyn Finder
October 24, 2018
Hello Emelda,
Thank you for your comment.
The Australian Government guarantees deposit up to $250,000 which means that this money is guaranteed if the institution collapses. If you have more than $250,000 in a single account, you won’t be covered for the amount over $250,000.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn
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Shaheer
October 30, 2021
I just opened an account recently online and was wondering if I could verify my ID online