The move follows research that the fees were one of the public’s biggest frustrations and a major factor when selecting an everyday bank account.

Suncorp Bank executive general manager of deposits and payments Bruce Rush said as a regional bank, Suncorp was 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,” he said.

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

Suncorp used the example of one customer, Mark Johnstone, who potentially could save more than $1000.

“Running and owning a business can have its challenges. Every dollar saved is a dollar I can invest back into my business to grow for the future,” he said.

“I have been a Suncorp Bank customer for more than 15 years so it’s nice to see a bank making simple changes that will have a big and positive impact on people like me.”