Curious to know what our ozbargainers favourite business banking accounts are? I need to open a new business account soon and can't decide on what would be the most beneficial. Leaning towards commonwealth bank.
Would love to hear everyones experiences.
NAB. NAB is what Commonwealth Bank used to be, it's the people's bank, it's practically the default bank in Australia just because they don't sting you with basic account fees.
they don't sting you with basic account fees.
CBA don't have any fees on their basic business accounts if you only transact online.
I'd never trust NAB after all the stuffups in recent years.
What if you're a business that deals with cash every now and then?
Deposit ATM
What if you're a business that deals with cash every now and then?
pocket it.
Post office
Since JV is dancing with an ING Hoola Hoop things have changed.
Others cash in with Ubank!
Others cash in with Ubank!
Do Ubank offer business accounts?
favourite business banking accounts are?
Bankwest, but they're getting out of business banking now.
As a long term business user with Bankwest this actually is a pain in the ass. At least make an auto handover to cba as an option ffs
Agree with you 100%
I still got a little money left in my bank west business account as some customers keep paying their account into it… so frustrating
I use CBA. Fee free if you use online/ATM. Mostly I like the app which is so well designed and easy to use. They have lots of handy tools built into it too. I find that all CBA transactions go through really fast.
I find that all CBA transactions go through really fast.
Yes, that's because they use Oompa Loompas.
Thanks! Makes sense and I do have good personal banking experience with them.
With the fee free CBA business account, can you bank cheques for free via the Smart ATM? Is there a $ limit for the cheque value? Or is it $3 a cheque?
Pretty sure any ATM transactions are free.
Yeah I pulled the trigger to replace the bankwest bus account, opening the CBA bus account was surprisingly quick given I already had a personal account.
@Sweet3st Do you have to use the CommBiz app / site? The app has horrendous ratings and looks the same so I am guessing you don't have/need to use that (for business accounts)?
No I don't use CommBiz, just a simple business transaction account.
The main problem with all business accounts for companies or trusts is that they pay almost no interest on the funds deposited.
Rabo Bank used to pay same interest on personal accounts and on business accounts, but not any more.
Macquarie is probably the best option
Check out Suncorp business saver — pays 2%
Thank you for the suggestions. Unfortunately nothing close to the 4.5-5% you can get on personal accounts.
I wonder why they keep business accounts so low. Money is money regardless of who's account it is. Or not?
it is not the same.
APRA APS210 assumes 'retail' money is sticky especially in accounts <$250k as it is government guaranteed. Anything over $250k is less sticky and can disappear quickly in a bank run. Less sticky money attracts different risk weightings and therefore less appealing for banks.
@stingysydney: Ok, but why would a deposit from a trust under$250k be considered less "sicky" than a deposit from an individual?
To the tune of 5% interest for an individual vs 2% interest for a trust?
That's a huge difference
@EveryLastCent: That is a question for APRA.
Type in APS210 in google. On page 22 of the document, first paragraph:
For the purposes of the LCR, retail deposits are defined as deposits placed with an ADI by a natural person. Deposits from legal entities, sole proprietorships or partnerships are captured in wholesale deposit categories.
Don't forget with the Suncorp Business Saver Account, you are eligible to set up flexiRates within it, which is currently 4.3% for 3 months term, and 4.8% for 6/12 months term
Following
Jack and Gerry: No rules, pay Jack for NO service 1.9%
Same CBA white box runs at 1.1%……
Depends on what your business is and what it requires. Retail — eftpos facilities, online banking? or just a run of the mill account for your shell company for work that just requires the basic transfers here and there?
Just online banking. I saw an add for macquarie today and was thinking it looks pretty good.
if just for online banking and your only concern is the highest interest rate to stash cash then the Macquarie CMA is the best at 2.25% (and if you have a financial advisor accredited with Macquarie, the option to have the Accelerator account which pays even more, 3.6% up to 2M).
The only negatives with Macquarie at the moment is they don't have osko and bank transfers are limited to 100k (but unlimited BPAY). If you need something with osko then Suncorp's Business Banking Saver pays 2% and you can also negotiate a very high transfer limit.
*rates pre increase this month
@pixpotato: interesting that existing Macquarie business customers cannot apply (although the Macquarie Accelerator is still better for those who have an advisor)
Whats the best with eftpos please?
What are everyones thoughts on Macquarie?
Macquarie would be my second choice.
Whats your cba net saver rate?
What is the best that includes card sales / EFTPOS / Electronic Funds Transfer at Point of Sale
(Doesnt have to be lowercase eftpos brand EFTPOS but could be)
what has low fees?
Depends on your needs really. For me I went NAB as it was fee free and did everything I wanted.