Suncorp sells its bank to ANZ, but what does that mean for you?

people on mountains shouting to each other about banks

Suncorp making an agreement to sell its banking business to ANZ for $4.9 billion raises all sorts of questions. 

But big banks buying and acquiring smaller banks happens frequently, so there’s no need to panic if you’re banking with Suncorp. Typically when a big bank acquires a new subsidiary, it continues to run under its original name.

For example, at the time of writing this, Westpac owns St. George, Bank of Melbourne and BankSA, and while these banks are under the Westpac umbrella, they operate independently. 

ANZ-Suncorp deal still to be finalised

Be mindful that even though ANZ has bought Suncorp’s baking services, the deal still has to be approved by the Australian Competition and Consumer Commission and the Treasurer. 

Until then, ANZ doesn’t officially own Suncorp’s banking.

Also, once the deal is final, Suncorp will continue to operate under its name for the next five years, according to ANZ. There will be no job losses or changes to the number of branches in Queensland for the next three years.

Is it time to switch banks?

If you’re banking with Suncorp and don’t want to fall under ANZ’s umbrella, there are plenty of other bank options available. Every year, Mozo’s expert judges analyse what banks are the best and crown them winners of the Mozo Experts Choice Australia’s Best Banking Awards^. 

Alternatively, if you’re looking to make your finances greener, consider banks that don’t invest in the fossil fuel industry.

No matter what you choose, you don’t need to rush. Unlike Volt Bank’s shutdown that required customers to find new banks in a fortnight, Suncorp’s acquisition is still in the works, so you’ll have plenty of time to research and decide what's best for you and your finances.

In the meantime, you can stay up to date with the latest Australian banking news here at Mozo.

Bank account comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 235 bank accounts.
Last updated 9 October 2024 Important disclosures
  • Orange Everyday

    $0.00

    Apple Pay, Google Wallet, PayID, PayTo

    0% p.a.

    The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

    Compare
    Details
  • Everyday Options Account

    $0.00

    Apple Pay, Google Wallet, PayID

    0.01% p.a.

    Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.

    Compare
    Details
  • Glide Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay

    0% p.a.

    Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.

    Compare
    Details
  • Everyday Global Account

    $0.00

    Apple Pay, Google Wallet

    0% p.a.

    Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^

    Compare
    Details

^See information about the Mozo Experts Choice Bank Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.