Waveform design is a crucial factor in electronic surveillance (ES) systems. In this paper, we introduce an algorithm that designs a low probability of intercept (LPI) radar waveform. Our approach directly minimizes the detection probability of summation detectors based on FFT filter banks. The algorithm is derived from the general quadratic optimization framework, which inherits the monotonic properties of such methods. To expedite overall convergence, we have integrated acceleration schemes based on the squared iterative method (SQUAREM). Additionally, the proposed algorithm can be executed through fast Fourier transform (FFT) operations, enhancing computational efficiency. With some modifications, the algorithm can be adjusted to incorporate spectral constraints, increasing its flexibility. Numerical experiments indicate that our proposed algorithm outperforms existing ones in terms of both intercept properties and computational complexity.