Money's 2023 Business Bank of the Year revealed
Suncorp has been named Money's 2023 Business Bank of the Year as part of the Consumer Finance Awards.
Taking out the same award for two consecutive years is a sure sign you're doing something right. That's exactly what Suncorp Bank has achieved, having collected this award in 2022.
Suncorp's generous product suite makes it a one-stop-shop for Australian businesses.
Along with the basics, such as transaction accounts, credit cards and commercial loans, Suncorp offers extras that can streamline operations, including merchant services designed to help a business manage receivables, or pay employees or creditors.
"Our offering for businesses is focused on providing a strong value proposition, particularly for small to medium businesses, and providing products and solutions that bring tangible benefits to our customers," says Dean Cleland, executive general manager, business banking, at Suncorp Bank.
More than just products, Suncorp prides itself on its dedicated business banking team. Cleland explains that his team regularly communicates with business customers. This contact allows products to be reviewed and enhanced, so they continually meet the evolving needs of business customers.
"It's this customer-focused relationship management model that sets us apart," he says.
On the product front, stand-out offerings include Suncorp Bank's fee-free transaction and savings accounts, and low, flat-rate pricing for businesses requiring merchant facilities. Cleland describes these as "the things that really make a difference for business customers".
Suncorp is also leading the way with innovative products. The bank's Business Essentials term loan includes market-leading features, such as a 100% offset facility.
It works in the same way as a home loan offset, meaning every dollar held in Suncorp's Business Premium Account is offset against the term loan balance. This reduces interest payable on the loan, helping a business put cash to work saving on interest charges.
"This product is incredibly popular," says Cleland. "Three out of five Business Essentials loan accounts are now linked to a business offset account."
Suncorp is also thinking outside the box with its business deposit accounts. Along with a savings account and term deposits, Suncorp offers "flexiRates".
These allow businesses to earn a higher yield on surplus cash holdings while still being able to access the funds.
Cleland says eligible customers can manage flexiRates themselves via internet banking, by nominating the sum of money (up to $1 million) in their transaction account to earn a higher rate of interest for terms between one month and 12 months.
At the time of writing, flexiRates ranged from 4.30% for terms of three months, and up to 4.80% for 12 months.
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