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 - last updated 11 August 2022

Search promoted bank accounts below or do a full Mozo database search . Advertiser disclosure
  • Choice
    account fee
    Payment Options
    interest rate
    $5.00$0 monthly account fee if you deposit min. $2,000 per month or are aged under 30.
    Apple, Pay, Google, Pay, Samsung, Pay, Fitbit, Pay, Garmin, Pay, Digital, Card
    0% p.a.

    $5 account fee waived when you deposit $2,000 each month (conditions apply). No account fee for customers under 30. Cardless cash feature. Apple, Google, Samsung Pay, Garmin, Fitbit and digital card pay. Partner discounts offered through Westpac App.

    Details
  • Everyday Options
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    0.01% p.a.

    An easy, everyday banking account packed with flexible options to help you spend, budget & save better. You could get $25 plus Suncorp Bank will donate 25 meals to Oz Harvest. T&C’s Apply.

    Details
  • Glide Account
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin
    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.

    Details
  • Transaction Account
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID
    1.75% p.a.

    Earn 1.75% p.a. interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2022^.

    Details
  • Classic Banking Account
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, PayID, Samsung Pay
    0.01% p.a.

    No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

    Details
  • Go Account
    account fee
    Payment Options
    interest rate
    $0.00
    Apple Pay, Google Pay, Samsung Pay
    0% p.a.

    Welcome bonus of 5000 Virgin Money Points (ends 31/8/22. Offer criteria & T&Cs apply). Plus earn points on every debit card purchase. Bundled with a high interest savings account. $0 monthly fees. Joint accounts available.

    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.