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.
*Data accurate as at 21 September 2020. 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.
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."
- Josh Frydenberg wants to make it easier for you to get a home loan
- Illawarra Credit Union introduces a sub-2% home loan, Tic:Toc winds down fixed rate
- Average renovation costs $86,000 less than minimum $150k HomeBuilder criteria
- JobSeeker cut from today: What you need to know
- Workers spent $1,138 on average to set up WFH stations