Suncorp Bank axes all account keeping fees for deposit customers

The announcement comes as new Deloitte research revealed fees are the biggest determining factor when selecting an everyday bank account and Suncorp research* found the charge is the biggest frustration for bank customers nationally.

Suncorp Bank EGM Deposits and Payments Bruce Rush said today’s announcement is an example of how Suncorp is making banking simple and easy for customers.

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

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

Customers are already seeing the benefits of this change, including business-owner Mark Johnstone who will save more than $1,000.  “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,” Mark said. 

“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.”

The announcement follows a series of significant investments in the Bank’s everyday digital banking capabilities, including the introduction of real-time payments, Apple Pay and Google Pay, as well as major advances to the Suncorp App. 

Note to editor:
*Suncorp Cost of Living Report, 2019 survey of 1,500 Australians 18+ years.
**Choice in Banking Report, October 2019, Deloitte and ABA