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.