Second tier to snare customers with fixed rate move

by Caroline Dann31 Jul 2012

A second-tier is heavily promoting its fixed rates in the face of growing competition between non-majors.

Suncorp Bank's fixed rates now range from 5.74% for a one-year fixed term to 5.57% for a three-year term, which places the bank ahead of St George for the three-year rate.

Suncorp's executive manager personal lending, Tony Meredith, said borrowers holding out for further cash rate cuts would be "gambling"  and fixed rates offered "some peace of mind."

He also added fuel to the debate over second tier vs. major banks, claiming Suncorp could offer better rates and customer service.

“As the leader of the second tier banks, Suncorp Bank is in the best position to provide Aussies with a genuine alternative to the major banks, backed by customer satisfaction consistently ahead of the majors," he said.

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