Best Bank for Small Business

[Noodle]

Hi All,

Just wondering who people recommend for small business banking? I currently use CBA for my main business, but looking to diversify a little so my eggs aren't all in the same basket. My accountant thinks Westpac are pretty decent for my needs, but given the numerous brokers, agents, buyers agents, small business owners etc on here thought I'd ask to gauge your views good or bad?

Thanks again

Noodle

 

[Shahin_Afarin]

what do you specifically mean by small business banking? Are we talking transactional or lending?

 

[Noodle]

Transactional. No borrowing in relation to the business. Essentially I want the most customer service friendly, reasonable savings interest rates as most money will stay put until distributed by the discretionary trust come EOFY and of course an efficient online banking system. Nothing fancy.

 

[pinkboy]

I have used the NAB for the last 7 years for my small business. As I have no overdraft etc, purely transactional. I like their NAB Connect payment system for wages and EOM payments.

I don't have a business manager or anything that looks after me, but the local branch where we base from have great people and great service, and on occasion, the manager there has helped with some serious issues - the biggest when I had lots of wages to pay blokes from a massive shutdown and the NAB banking was down. Was in the branch on a Sunday afternoon, manually processing guys wages.

I don't care too much regarding interest, fees or rates or anything like that - I just want something that works, and have no reason to move anytime soon.

pinkboy

 

[Rolf Latham]

now what day of the week was it again ?
ta
rolf

 

[jonmardell]

If it is purely for transactional basis then you might be best to go into a few of the majors branches in your area to see what level of service you get. You can get different levels of services from the same bank in different branches.

Hi All,

Just wondering who people recommend for small business banking? I currently use CBA for my main business, but looking to diversify a little so my eggs aren't all in the same basket. My accountant thinks Westpac are pretty decent for my needs, but given the numerous brokers, agents, buyers agents, small business owners etc on here thought I'd ask to gauge your views good or bad?

Thanks again

Noodle

 

[Ideo]

I have used the NAB for the last 7 years for my small business. As I have no overdraft etc, purely transactional. I like their NAB Connect payment system for wages and EOM payments.

I don't have a business manager or anything that looks after me, but the local branch where we base from have great people and great service, and on occasion, the manager there has helped with some serious issues - the biggest when I had lots of wages to pay blokes from a massive shutdown and the NAB banking was down. Was in the branch on a Sunday afternoon, manually processing guys wages.

I don't care too much regarding interest, fees or rates or anything like that - I just want something that works, and have no reason to move anytime soon.

pinkboy

I use NAB as well. We have a great business manager at the local branch. Few issues with NAB connect, but always resolved well.

 

[Aaron_C]

Traditionally NAB is the best business bank. Used to bank with ANZ actually for business but then they wanted to charge $500 per month for a business transaction account as we bank a lot of cheques for our other business. Now we do it with Suncorp as their fees are much less.

 

[pinkboy]

I use NAB as well. We have a great business manager at the local branch. Few issues with NAB connect, but always resolved well.

My best stuff up with NAB Connect was my SIL (who was my Financial Controller at the time) hit 'Authorise' and the screen went blank, so she hit 'back', and again hit 'Authorise'. All of a sudden, there was a double payment - of +$100k a pop ! Poor thing was in tears. Such an easy mistake to make, and I was not worried. She spent an extra 30min in the afternoons 'chasing' up the money to be put back (on her own account of course, she was great like that!). Most suppliers were great, seeing the double payment and sending it straight back. Painfully, one of the amounts remained outstanding for some 4 months and it was one of our biggest suppliers who held the money on us. I immediately stopped using their services/supplies after they finally sent the money back! All good, lesson learned the hard way!

Other than that, NAB have always been pretty good!

pinkboy

 

[Mick C]

If you dont need lending or any of the fancy merchant facilities then suncorp, Bank west and ING are decent - no fees and good rate + dedicated manger ( even with no lending)

 

[Jamie M]

I use ANZ (transaction - no lending) - can't complain and I quite like their online banking app.

Cheers

Jamie

 

[Brady]

CBA has same day settlement, this can be a big play for weakend traders.

From memory ~$10p/m, think this can be waived if you bundle it with a eftpos facility.

 

[Peter_Tersteeg]

We don't have any transactional facilities or lending other than a credit card. Our need is primarily to have some trading and savings accounts.

We reviewed the first and second tier banks about 18 months ago and found that there really wasn't one that stands out. At the time they all had similar fees and facilities.

In this case I'd be focusing on the transactional facilities, not worrying about the rest of it because there's not a lot of differentiation.

One thing I try to do however, is to keep my business and personal afairs with different institutions. There are some benefits to a lender knowing all about your business, but I think lending challenges can easily be overcome and the risks associated with the same lender having access to personal and business accounts is far greater than the benefits.

 

[Noodle]

Thanks everyone, really useful as always. Any views on Westpac good or bad?

 

[Peter_Tersteeg]

When I opened a business account with Westpac, they made me use an electronic keyring fob to enable transactions. It was a pain in the neck so I switched banks.

I did like that they have a business visa debit card however. For that particular business account it was more appropriate than a credit card.

 

[moyjos]

I use Bank of Qld and have done for over 20years for all our business banking.

The current accounts are $10 a month account keeping fee. What i like about BofQ is the fact that the branch manager owns the branch. We have always had great customer service. Staff tend to hang around for a while because head office doesnt keep moving them around.

BoQ can be a bit hit and miss for lending though, they do seem to be quite conservative..hence most of our lending is Not with them. I moved our CC away from them because Citibank underwrites their credit cards and citibank are just painful to deal with

 

[John_]

A little off topic but what % do banks need upfront for purchase of an established business not a franchise 30% ?

 

[Qlds007]

John all depends on what sort of business you are referring to.

Most will want some form of property as collateral security and if this is offered then could be 100% of the value of the business subject to valuation.

 

[buster]

Thanks everyone, really useful as always. Any views on Westpac good or bad?

I found WestPac the best for understanding a buisiness and defered cashflow/income and willing to account for future and gross income and not just deny a loan because of low past taXable income. They also offered the best buisness rates currently 5.13%. Bank West where the only ones keen to lend but they had the highest rates. The problem is they are not good for transactions, I have a ridiculous $1,500 max for more they have that secure code, keyring thing pain in the ****, that doesnt work( after wasting so much time with it). So it is useless for transactions. I mainly use it for the cheque facility including larger lump sum transfers. Yep it is easier to write out a check than use their secure code. St georges SMS code is much better. I would move if another bank was as willing to lend money and had competetive rates. West Pac is good to use as a LOC, but not good for transactions if they are over $1,500.