I am needing to set up a bank account for a new small business, I want to get a bank account separate to my own savings and personal finances naturally.
Can someone give me some advice on what are the best accounts for this with no fees and maybe one of those $100 bonuses like ING or bankwest sometimes have.
TIA
If this is to be in the name of a company, get a cash management account with Macquarie. Been using this account for this purpose for 10 years with no problems.
Westpac have a business account for small businesses with no fees. Charged on per transaction.
Problem is their internet banking feels like a decade behind the rest so I'm hesitant to recommend them.
For Business Transactions, I recommend BankWest.
While Westpac has no monthly fee Business One Account, it charges per transaction. Otherwise $10/m unlimited transactions.
While NAB has no monthly fee, they charge a fee for batch payment such as Payroll Payments.
BankWest has no fee what so ever. The only issue I have is that they have a physical security token you need to carry. For me, I like the enhanced security, even though it's annoying soemtimes.
For Business Savings, I recommend ING for its higher interest. And yes, you can have savings & transactions accounts with different banks.
The only issue I have is that they have a physical security token you need to carry.
There is one way around it. If you ask to have it linked to your personal bankwest account, you will see the Business account on your personal account login (which does not require token).
I like it also because on my personal account, I can access fast payment using NPP, and I can use this to transfer business funds out as well.
Thanks for the help! I went with Bankwest.
Let us know how it goes a few months down the track! I'm interested in starting my own business as well.
will do
NAB