Money reveals its 2021 Business Bank of the Year
BUSINESS BANK OF THE YEAR: SUNCORP
Money's Bank of the Year, Suncorp, has also been named Business Bank of the Year for the fourth year running.
According to Alex Dunnin, Rainmaker Information's head of research, business services is where Suncorp is strongest.
Once again, this year it has the lowest priced business loans, with rates from 2.99%pa and lots of loan products, with a presence in most parts of the country.
To win this category, Suncorp ranked highly across all the major business banking categories of business loans, business transactions and savings accounts for multiple balance accounts and business credit cards. Eligible products were ranked according to interest rates and charges available at the end of March.
Suncorp business banking is known for great service and market-leading value, says Clive van Horen, CEO of Suncorp banking and wealth.
"Our focus is on being there when it matters for customers for the long term, whether helping them with their next purchase or investment or helping them through difficult times like COVID, flood or drought.
"For business banking at Suncorp Bank, we take pride in supporting businesses from small to medium enterprises, commercial, property to agribusiness with their transaction banking, merchant, lending and equipment finance needs, backed by relationship managers with deep industry expertise and experience."
This year Suncorp has invested in its digital capabilities, with face-to-face conversations across its national network of branches or on the phone.
Because of the pandemic, 2020 was a challenging year for all banks, and van Horen says Suncorp worked on helping clients through relief packages such as deferring loan repayments and switching from principal and interest to interest-only loans.
"We welcomed each phase of the federal government's small business guarantee scheme to provide the financial support small business required to navigate, plan and invest in their future," says van Horen.
"It's been a big year and it is clear the recovery will go through its ups and downs, so we will continue to do what we can to help customers in their individual circumstances."
Suncorp continues to have a large presence in agribusiness, and its strength in relationship building helps to keep it on top here.
Our runner-up, AMP, has a Business Saver account that offers a bonus rate of 0.8%pa on top of its base rate for balances up to $1 million. It also has the cheapest home equity investment loans, starting at 3.53%pa.
Bank of Queensland was strong in the money minder category and rated well in home lending, investment lending and business banking.
WHY THEY WON
Highest average ratings across all major business categories.
TOP PRODUCTS
Low-priced business loans starting at 2.99%pa.
RANKINGS
1. Suncorp
2. AMP
3. Bank of Queensland
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