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Non-major bank scraps account keeping fees

Suncorp Bank has announced it is removing all account keeping fees for its personal and business transition deposit customers, claiming it is the first of the major and regional banks to do so.

Suncorp customers with a personal deposit account will save up to $60 annually per account, while small business customers will save up to $240 annually per account, depending on account type and account balance.

The removal of the fees comes as new Deloitte research revealed fees are the biggest driving factor when selecting an everyday bank account.

The Deloitte Access Economics “Choice in Banking 2019” report revealed 62 per cent of respondents consider fees “very important”, while 45 per cent thought the same about interest rates. This could be due to the relatively low interest rates offered on transaction accounts by most banks.

Suncorp’s Cost of Living Report 2019, which surveyed 1,500 Australians 18 years and older, found the charge is the biggest frustration for bank customers annually.

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The announcement follows other investments in the bank’s everyday digital banking capabilities, including the introduction of real-time payments, Apple Pay and Google Pay, as well as advances to the Suncorp app.

Suncorp Bank executive general manager deposits and payments, Brush Rush said: “We’ve been listening to our customers and know that account keeping fees on deposit accounts is their number one frustration.”

“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.”

[Related: Macquarie, ING, among host of non-majors to slash rates]

Non-major bank scraps account keeping fees

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>Suncorp customers with a personal deposit account will save up to $60 annually per account, while small business customers will save up to $240 annually per account, depending on account type and account balance.

The removal of the fees comes as new Deloitte research revealed fees are the biggest driving factor when selecting an everyday bank account.

The Deloitte Access Economics “Choice in Banking 2019” report revealed 62 per cent of respondents consider fees “very important”, while 45 per cent thought the same about interest rates. This could be due to the relatively low interest rates offered on transaction accounts by most banks.

Suncorp’s Cost of Living Report 2019, which surveyed 1,500 Australians 18 years and older, found the charge is the biggest frustration for bank customers annually.

The announcement follows other investments in the bank’s everyday digital banking capabilities, including the introduction of real-time payments, Apple Pay and Google Pay, as well as advances to the Suncorp app.

Suncorp Bank executive general manager deposits and payments, Brush Rush said: “We’ve been listening to our customers and know that account keeping fees on deposit accounts is their number one frustration.”

“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.”

[Related: Macquarie, ING, among host of non-majors to slash rates]

Non-major bank scraps account keeping fees
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Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

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