Suncorp Launches Leading Deposit Rate


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Suncorp today launched the best deposit rate in the market of 8.70%pa fixed for 12 months on eOptions.

On $10,000 fixed for 12 months this represents $870 in interest, which is up to $265 in additional interest earnings for Suncorp customers over the majors (see tables below).

eOptions is an internet account which allows savers the ability to fix the interest rate to a portion of their savings for a set period of time, providing higher fixed term interest rates not usually available with online accounts.

Suncorp General Manager Deposits Terry Wasmund said the current higher-interest market presented an ideal opportunity to review savings arrangements.

“The set and forget attitude with savings is an opportunity lost, it could mean people aren’t getting the best rate in the market and are not maximising interest. Making sure money is working as hard as it can is the best way to moving toward financial goals,” he said.

“eOptions is available to all savers as there is no minimum balance needed to open an account. Previously, this type of fixed rate option was provided through term deposit accounts requiring a minimum deposit amount.

“eOptions customers can choose to fix the interest rate on as much or as little of their savings as they choose for a period between one month and one year helping them to align their savings to their goals such as a holiday or wedding.”

Notes to Editor

eOptions accounts are opened online at www.suncorp.com.au\eoptions. The rates apply until 30 June 2009. Accounts must be opened between 23 June 2008 and 30 August 2008 to secure the rate. eOptions accounts can be accessed via Phone and Internet banking. Customers have easy access to their money like a savings account and can withdraw cash through a bank transfer to any everyday transaction account. Unlike most on-line accounts, eOptions allows customers to set up BPAY and direct debits.

Comparison of Suncorp eOptions and other term deposits

eOptions vs Term Deposits $ 10,000 Difference Interest rate (pa) Suncorp 10870   8.70% CBA 10780 -90.00 7.80% Westpac 10790 -80.00 7.90% NAB 10605 -265.00 6.05% ANZ 10800 -70.00 8.00%

For further information, contact Michelle Barry on 0402 892 789

24 June 2008