Suncorp Bank customers with a personal deposit account could save up to $60 a year per account, and small business customers could save up to $240 annually per account, depending on the account type and balance.

The change makes Suncorp the first of the major and regional banks to permanently remove all account keeping fees. 

Recent research from Suncorp also found that account keeping fees are one of the biggest bugbears for bank customers in Australia.

Suncorp Bank EGM Deposits and Payments Bruce Rush said today's announcement shows the bank is committed to its customers. 

“We’ve been listening to our customers and know that account keeping fees on deposit accounts is their number one frustration,” he said.  

“As a regional bank, we’re proud to be leading the way in removing these fees for all customers. Collectively, we’re helping both small business and personal customers save millions of dollars as a result of these changes.”

The table below displays a snapshot of savings accounts with some of the highest non-introductory interest rates on the market. 

Provider

02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest

Save Account

  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Boost Saver

    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of June 24, 2024. View disclaimer.

    The decision comes as new research from Deloitte revealed fees - not interest rates - are the biggest determining factor for people when choosing an everyday bank account. 

    According to the Deloitte Choice in Banking Report, 62% of customers consider fees 'very important' compared to 45% who thought the same about interest rates, which could be because of the low interest rates being offered by most banks in the wake of recent rate cuts.

    The savings are already stacking up for small business-owner Mark Johnstone, who estimates he will save over $1,000 per year on his seven accounts. 

    "Running and owning a business can have its challenges. Every dollar saved is a dollar I can invest back into my business to grow for the future," he said.

    "It's always better to see money coming in, than going out, so I'm very happy to not be paying account keeping fees on my different accounts. I'll be saving more than $1,000 a year, which I'll be putting back into my business.

    "I have been a Suncorp Bank customer for more than 15 years so it's nice to see a bank making simple changes that will have a big and positive impact on people like me."