Recommend Business Bank Account - Aussie Stock Forums

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  1. #1

    Default Recommend Business Bank Account

    Started a small Business, got my ACN, just awaiting my ABN. I would like to open an account for the business so it can receive payments and pay bills.

    The business doesn't need an overdraft, however if it could have a high interest online savings account linked to it, that would be good as it is expected there will be times when the business has some spare cash on hand. All so, a credit card for the business may be handy. Not fussed re. interest rates as the card would be paid off in full before the due date.

    Basically, it doesn't need any bells and whistles. Paying monthly fees for a bank account annoys the heck out of me!

    I personally have a banking relationships with CBA and BankWest. I will give them a call and see what the best no frills business account they can offer is, but I'm not holding my breath.

    One thing that annoys me about modern day banking is that they don't seem to care if you've been with them for 20 years or for 2 minutes. Infact, quite the opposite; often new deals are for new customers only and exisiting customers can go jump.

    So if anyone recommends any Business Bank accounts, please let me know. Thanks.

  2. #2

    Default Re: Recommend Business Bank Account

    Perhaps a little larger than your enterprise--- I spread mine around.
    St Georges for Property Developement and CBA for Business banking.

    CBA have a business banking division and my guy is a gem.
    I needed vehicals last year and he arranged the finance for the fleet instantly.He even came personally to my home after hrs to sign documents that were needed next morning---caught a train then drove as well!!---Impressed!

    Have dealt with NAB--NEVER EVER AGAIN---you know how good a bank is when it gets tight.---these guys are the goon squad!

    So Id go CBA and see if there is a Business Banking division in your area.
    Get on a first name basis with your financial partner.
    Business is all about building relationships in every area.
    best of luck.

  3. #3

    Default Re: Recommend Business Bank Account

    I'm using HSBC as my main - no monthly fees if the balance is over $10K. I think you get about 5 free transactions?

    I link it to a RaboDirect high interest savings account to park extra cash.

  4. #4
    short- to medium-term trader pixel's Avatar
    Join Date
    Feb 2010
    Perth, WA

    Default Re: Recommend Business Bank Account

    I'm using Macquarie CMA's for both companies (one of them is an SMSF)
    They pay RBA rates, currently 4.5%, calculated daily.
    Can have chequebook, electronic banking around the world (SWIFT), and BPay.
    The only drawback: No plastic; but I don't need one, because I have Visa with another bank (ANZ), which I always pay in full by Direct Debit.
    Artificial Intelligence is no match for Innate Stupidity.

  5. #5

    Default Re: Recommend Business Bank Account

    Quote Originally Posted by tech/a View Post
    Perhaps a little larger than your enterprise--- I spread mine around.
    St Georges for Property Developement and CBA for Business banking.
    Thanks for the reply Tech. Hoping to build my Engineering Enterprises to the likes of yours one day.

    Being with CBA since a dollarmite; I would like to stay with them. Was recently put off by them when they offered new customers fee free monthly accounts but customers with 20 years history were told to go jump.

    Understand what you say re. building relationships. Would like to get to a similar point where you can make a phone call, email and say "hey, need this by x, get it done, thanks!"

  6. #6

    Default Re: Recommend Business Bank Account

    I got CBA premium business, no fee, free cheque, unlimited transfer if you

    have 10K or more in there

    when I got too much I either park in my comsec direct investment account

    account that pay decent interest or go straight to top up my stocks holding...
    "cash - a call option with no expiration date, an option on every asset class, with no strike price. Warren Buffett

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