Suncorp Growth Saver Review (2026)
Rates and conditions verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Bonus rate
5.50%
p.a. when conditions met
Balance growth required
$200
net per month (excl. interest)
Annual fee
$0
no account keeping fee
About the Suncorp Growth Saver
The Suncorp Growth Saver is a variable-rate savings account that pays a competitive bonus rate of 5.50% p.a. when you grow your balance each month. The condition is straightforward: your net balance (excluding interest credited by Suncorp) must increase by at least $200, and you must make no more than one withdrawal in that month.
Suncorp Bank was acquired by ANZ in July 2024 but continues to operate independently under the Suncorp brand. Your money is protected by the Australian Government's Financial Claims Scheme up to $250,000.
Current Interest Rates
| Rate type | Rate | Condition |
|---|---|---|
| Bonus rate | 5.50% p.a. | Balance grows $200+ net; max 1 withdrawal |
| Base rate | 0.05% p.a. | Conditions not met |
Effective 15 May 2026. Variable — check Suncorp's website for the latest rate.
The Monthly Conditions — Explained
To earn 5.50% p.a., in each calendar month you must:
Condition 1 — Net balance grows $200+
Your Growth Saver balance must be at least $200 higher at the end of the month than at the start — not counting interest credited by Suncorp. In practice, deposit at least $200 more than you withdraw.
Condition 2 — No more than 1 withdrawal
You may make at most one withdrawal from the Growth Saver in the month while still qualifying for the bonus rate. A second withdrawal disqualifies you for that month.
Both conditions apply to the same month — grow your balance by $200+ AND limit withdrawals to one. The $200 growth requirement is one of the lower bars among high-interest savings accounts in Australia.
Pros and Cons
Pros
- ✓ 5.50% p.a. — one of the highest ongoing rates in Australia
- ✓ Simple $200 net growth condition (low bar)
- ✓ 1 withdrawal per month allowed
- ✓ No minimum opening deposit
- ✓ No account keeping fees
- ✓ Government deposit guarantee up to $250,000
Cons
- ✗ Maximum 1 withdrawal per month — limited flexibility
- ✗ Base rate (0.05%) is very low if conditions are missed
- ✗ Suncorp now under ANZ ownership — brand continuity risk
- ✗ No balance cap benefit — same rate on any balance amount
How It Compares
- Rabobank HISA: 5.90% intro (4 months), 4.00% ongoing — no conditions; best for intro rate
- ubank Save: 5.85% intro, 5.10% ongoing — grow balance each month
- ING Savings Maximiser: 5.50% — deposit $1,000 + 5 card purchases
- Suncorp Growth Saver: 5.50% — net $200 growth + max 1 withdrawal
- Macquarie: 5.10% intro, 4.75% ongoing — no monthly conditions
FAQs
What is the Suncorp Growth Saver rate?
5.50% p.a. (effective 15 May 2026) when your balance grows by at least $200 net of interest and you make no more than one withdrawal in that month.
Is Suncorp safe since the ANZ acquisition?
Yes — Suncorp Bank is an APRA-regulated ADI and deposits are covered by the Australian Government's Financial Claims Scheme up to $250,000 per depositor. The ANZ acquisition doesn't affect this protection.
Can I link Suncorp Growth Saver to any transaction account?
You can transfer to/from any external bank account. No linked transaction account is required, though Suncorp offers its own Everyday Options account.
Information verified 18 May 2026. Rates variable and subject to change. Confirm current rates and conditions on Suncorp Bank's website before applying. This is not financial advice.