Suncorp Bank fee change could save customers up to $60 a year

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on March 09, 2020
Suncorp Bank fee change could save customers up to $60 a year

Photo by David via Adobe Stock

From today, Suncorp Bank will scrap all account keeping fees on deposit accounts for personal and business customers.

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. 


4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Account (Amounts < $24k)

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    High Interest Savings Account (< $250k)

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver ($1-$100k)

        0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Mighty Saver

          000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Online Savings Account (<$250k)

            4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Lifestyle Account (< $75k)

              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                Rates based on a savings balance of $10,000. Introductory bonus interest rate products not included. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions. Rates correct as of May 25, 2022. 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."

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                Emma Duffy is Assistant Editor at Your Mortgage and  Your Investment Property Mag, which are part of the Savings Media Group. In this role, she manages a team of journalists and expert contributors committed to keeping readers informed about the latest home loan and finance news and trends, as well as providing in-depth property guides. She is also a finance journalist at which she joined shortly after its launch in early 2019. Emma has a Bachelor in Journalism and has been published in several other publications and been featured on radio.


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