Lender review

Suncorp

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LoanCaddie Opinion

Suncorp is a mid-sized bank that be very competitive on interest rates.

Facts and lender background
History

Suncorp Group Limited is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia. It is one of Australia's mid-size banks (by combined lending and deposits) and its largest general insurance group, formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation. Metway Bank started as the Metropolitan Permanent Building Society which was founded in 1959. In the late 1980s, Metropolitan joined the trend among Australia's building societies to expand into being full-scale banks. In 1988, Metropolitan abandoned its status as a building society to reincorporate as a bank. Metway, as the new bank was called, listed publicly and began acquiring a number of rival banks and building societies. Metway became the largest Queensland based bank by the mid 1990s. Metway's operations also extended into the other eastern states and the assets of the bank were more than $7 billion.

Size

Suncorp has total assets of about $100bn.

Credit Rating

Suncorp Bank is rated A+ by S&P. The Australian Government's guarantee on deposits under the Financial Claims Scheme applies to deposits held with Suncorp Bank.

Ownership

Suncorp is publicly listed on the ASX.

Funding

33% of Suncorp's funding is from the wholesale capital market.

Customer service
Product Review Rating
1.4

average is 2.1 / 5

Branch network

You are able to transact at more than 3,200 Australia Post outlets that display the Bank@Post sign. This provides you with real-time deposits and the ability to draw cash.

Internet banking

Internet banking is available.

ATM/EFTPOS

Customers can withdraw cash free of charge from any of the major banks ATMs.