Suncorp ditches account keeping fees on ALL deposit accounts

Polly Fleeting

09 Mar 2020

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No one likes paying pesky account keeping fees, so how would you feel if you could bid farewell to all of them? Well, with Suncorp, now you can.

Today, Suncorp announced that it’s permanently cut account keeping fees across all its personal and business deposit accounts, making it (in its own words) the first major and regional bank to do so.  

The decision came in response to the banks own research and Deloitte’s 2019 Choice in Banking Report, which revealed that 62% of Aussies consider fees a ‘very important’ factor when choosing an everyday bank account. 

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

According to Suncorp, deposit account customers will be able to see real savings now that these fees have been removed - up to $60 a year per personal account and up to $240 a year per business account (depending on which account they hold). 

However, while this is a good move from Suncorp, they aren’t the first and only provider to be offering this feature. 

According to Mozo’s database, of 149 bank accounts compared on site, 106 products don’t have account-keeping fees. And for those that do, banks typically offer a fee waiver as long as customers meet minimum deposit requirements. 

But if you’re interested to see what Suncorp has to offer, introduce yourself to two of its deposit account products.

Suncorp Bank Account 2020

Promoted

Suncorp Everyday Options
  • Create up to nine sub accounts

  • Up to 0.55% interest on sub accounts

  • No account fees

Need an everyday bank account to help you manage your day-to-day spending that also comes with no pesky account-keeping fees? The Suncorp Everyday Options does just that. The account comes with a bunch of options that allows customers to split up their funds into up to nine different accounts to put towards various financial goals, all at a 0.55% special rate. And if you are looking for flexible payment options, you may be pleased to know, not only will you receive a debit card, you can also use Apple Pay, Google Pay, PayID or Samsung Pay - whatever suits you. 

Suncorp Savings Account 2020

Promoted

Suncorp Growth Saver Account
  • No account keeping fees

  • Unlimited phone and internet banking

  • No minimum balance requirements

If you consider yourself a strict saver, Suncorp’s Growth Saver Account could be the one for you! As long as you deposit $200 each month and make no more than one withdrawal in that month, you’ll receive the maximum rate of 1.90%. In addition, there are no account keeping fees on this account so you don’t need to worry that your savings are going anywhere other than back in your pocket.

Which other Suncorp accounts are account fee free? 

Suncorp has dropped all account keeping fees across its deposit accounts, so here are the savings accounts and bank account options available: 

Suncorp Bank Accounts: 

Everyday Basics 

Everyday Options 

Everyday Options Kids

Everyday Options Students 

Suncorp Savings Accounts: 

Cash Management Account 

eOptions 

Everyday Sub-account 

Growth Saver Account 

Kids Savings 

RELATED ARTICLE: Australia’s Best Savings and Bank Account for 2020 Unveiled 

Want to find out which other bank accounts come with no account keeping fees? Check out our bank account comparison table to weigh up your options!

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