Can you guys recommend which bank to go with for a Business account? I have my family trust deed ready and just wondering what bank is best?
As in for ease of depositing and changing money etc.
Thanks guys
Which Bank for a Business Account? Thanks
[Deactivated] on 08/06/2021 - 11:52
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Use a major. More for ease and practicality
I have the same issue. One of the main issues are with when paying for services in USD and getting charged a massive international transaction fee on top of the exchange rate.
CBA, $0 monthly fee for electronic transactions only.
Merged from Business bank account bank recommendation
I know ING is OzB's favourite bank for Everyday bank account. Any recommendation for business banking for Pty ltd company? Is ING as good?
I used Suncorp bank after moved from another big bank. That other big bank charges monthly fees and close to nothing saving account. Suncorp has no monthly fees and saving gives out decent 0.2% interest. The good thing about this saving account it can handled most internet banking payments directly from it rather than having to have transferred to transaction account. Bpay still need to be done from transaction account but I don't do that many in a month. Note though they don't have that many branches in Sydney, thus if you need to do a lot of deposits then it's not for you. I combo Suncorp with ME bank saving account which I believe has the highest business saving interest.
Why people make such a big deal out of this?
Best bank for family trust, best bank for pty ltd, best bank for smsf etc. You are overthinking it.
As long as the bank charges no monthly fee and has internet banking (which all of them have) then it's good enough. What more do you want from the bank?
My recommendation is to have your personal accounts and your business bank accounts with the same bank. Instant transfers will be invaluable when you need to inject personal funds into the business or the other way around on moment's notice.
How is ING for business accounts for Pty LTD company if you don't have to deal with cash/ cheque deposits?
ING's business account is an online saving account that must be linked with a transaction business account with anothger institution. Therefore it is likely not the product you are looking for.
There has been quite a few previous discussions on family trust bank account here — check those out.
As for "ease of depositing" — you would want to look at banks with branch close by? Or would electronic fund transfer be fine (which most banks would have that).