Suncorp reduces rates and removes fees to support small businesses and households



Suncorp reduces rates and removes fees to support small businesses and households

Suncorp Bank has strengthened its support for small business and personal customers as communities and industries across the country respond to the challenges of COVID-19.

Suncorp Bank CEO Lee Hatton said we understand this is a difficult and uncertain time for our customers and their communities. 

“We’re keen for our customers to get as much help and support as they can from what is being offered by Suncorp Bank and the government.  

“We know there are many messages of support and assistance being offered during this time - we’re here to help make this support simple and easy. Don’t feel isolated in these challenging times, please get in contact with us so we can help.

“We’re determined to continue to support our customers as we stand together to navigate these unprecedented times,” Ms Hatton said.

We’re here for small business customers

Suncorp Bank is supporting business customers by:

Reducing the interest rate for existing Business Essentials variable loans (fully secured) to a maximum rate of 3.69% p.a. for residentially secured lending and a maximum rate of 3.99% p.a. for commercially secured lending. This move saves our small business customers an average of $1,300 p.a. 

Removing all business account transaction and online international transfer fees on our business deposit accounts from 3 April 2020. This follows Suncorp’s move earlier this month to remove all account keeping fees for business deposit accounts. 

Lowering the Small Business Overdraft and Small Business Line of Credit interest rates by 0.30% p.a.  

Reducing the Business Essential base variable rate for new lending to small businesses by 0.30% p.a. and reducing fixed rates for the following terms (0.30% higher for commercially secured lending):

  • 3.29% p.a. for one and two years; 
  • 2.99% p.a. for three years; 
  • 3.59% p.a. for four years; and 
  • 3.69% p.a. for five-years. 

Offering a six-month deferral of principal and interest repayments for small businesses affected by COVID-19. 

We’re here for households

Suncorp Bank is supporting personal customers by:

Offering 1.70% on term deposits between 6 to 12 months. These fixed rates will give our customers certainty of returns during these challenging times. 

Dropping our fixed rate home loans to 2.29% on two year fixed and 2.49% on three-year fixed to support customers who want certainty. These competitive rates follow the introduction of our market-leading 2.69% five-year fixed rate that came into effect on 20 March 2020. 

Offering support for customers impacted by COVID-19 including deferring loan repayments on a case-by-case basis.

These measures are in addition to Suncorp’s commitment earlier this month to remove all account keeping fees for personal deposit customers forever.

Customers who have questions regarding today’s announcement are encouraged to visit us in store, online or call us.

The new lending rates will come into effect from 3 April 2020.

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