Business Banking
- Thread starter skater
- Start date
Skater,
I use Peoples Choice Credit Union (formerly Savings and Loans Credit Union). Have internet, and atm access with no monthly account keeping fees, and a large number of free transactions per month (a lot more than I use anyway). Also get a reasonable interest rate on savings. Check out their Business Online and Business Access accounts (I have one of each).
Only hassle is that there is only one branch in Sydney - in the CBD.. Only been there once though (to open the accounts). There customer service over the phone and via email has been fantastic.
Regards,
Jason
I use Peoples Choice Credit Union (formerly Savings and Loans Credit Union). Have internet, and atm access with no monthly account keeping fees, and a large number of free transactions per month (a lot more than I use anyway). Also get a reasonable interest rate on savings. Check out their Business Online and Business Access accounts (I have one of each).
Only hassle is that there is only one branch in Sydney - in the CBD.. Only been there once though (to open the accounts). There customer service over the phone and via email has been fantastic.
Regards,
Jason
Banks love business accounts. You get to pay them fees for the privilege of keeping thousands of dollars interest free.
If you have a large amount on deposit at any time your choice of bank may be different. Accessibility to a branch may or may not be important to you. You may want to have statements posted weekly, or have access to PDF statements (not just transaction listings) online.
One big four bank allows my bookkeeper read only access to to my accounts which is useful to me, another does not.
But the other bank allows me to transfer amounts into an interest bearing account where I keep the BAS money until payment.
So what you want from the bank is important.
If you have a large amount on deposit at any time your choice of bank may be different. Accessibility to a branch may or may not be important to you. You may want to have statements posted weekly, or have access to PDF statements (not just transaction listings) online.
One big four bank allows my bookkeeper read only access to to my accounts which is useful to me, another does not.
But the other bank allows me to transfer amounts into an interest bearing account where I keep the BAS money until payment.
So what you want from the bank is important.
We use the Greater Building Society. We have an account for each property and, over the years, have never paid a cent in fees.
They have quite a large branch structure in NSW and SE Qld, their internet banking is excellent and, when you ring them the speed with which they answer and fix your challenge is great.
Cheers, Paul
They have quite a large branch structure in NSW and SE Qld, their internet banking is excellent and, when you ring them the speed with which they answer and fix your challenge is great.
Cheers, Paul
While we're on the subject, which bank is the least bad for business banking out of BankSA, NAB and ANZ?
I really do want branch access so I can offer cheque/money order as a payment option. Drives me a little nuts at the moment having to go to Adelaide every time we get a cheque for our regular business - current CU issues ATM cards in our name without the business name on so we can't deposit cheques at the post office, only at a branch. However, we use the account so infrequently that it is completely fee-free.
I'm waiting for my statement of business name rego in the mail in the meantime *sigh*
I really do want branch access so I can offer cheque/money order as a payment option. Drives me a little nuts at the moment having to go to Adelaide every time we get a cheque for our regular business - current CU issues ATM cards in our name without the business name on so we can't deposit cheques at the post office, only at a branch. However, we use the account so infrequently that it is completely fee-free.
I'm waiting for my statement of business name rego in the mail in the meantime *sigh*
Thankyou Terry, that might be just what the doctor ordered.
Geoff, I'm sure I'm not going to need too much sofisticated stuff, well, not in the short term anyway. Just looking for something basic. So long as I can easily access the money, have cheque and internet access, I'll be happy as a pig in mud.
Geoff, I'm sure I'm not going to need too much sofisticated stuff, well, not in the short term anyway. Just looking for something basic. So long as I can easily access the money, have cheque and internet access, I'll be happy as a pig in mud.
Selling leotards and excess skates?
Thankyou Terry, that might be just what the doctor ordered.
Geoff, I'm sure I'm not going to need too much sofisticated stuff, well, not in the short term anyway. Just looking for something basic. So long as I can easily access the money, have cheque and internet access, I'll be happy as a pig in mud.
I think Bankwest fee free account don't have a cheque book facility??? as it's an online account. i could be wrong...
In fact most Business cheque book facility normally comes with either an account keeping fee of ~$10 or they pay close to no interest, unless you have $50k .
Regards
Michael
Selling leotards and excess skates?
yeah skater, what did you decide to do with all those skates? i remember a lot of options but can't remember if you came up with a business idea (eg the schools one) or just decided to flog them off.
For business banking most of the banks will slug you with fees, one way or another. For example, NAB has a fee-free transaction account for businesses, but if you do any withdrawals, cheques etc they will charge you for it. At least you can claim it as a deduction (if that's any consolation) but in business you can't escape those fees.
Hi, We use Bankwest currently. They're pretty good, no fees, good access, cheque book. However, the restrictions on how much you can pay per day is $5000 although you can get up to $15K if you call the bus banking centre. It's only tripped us up once. The best thing for us is that they have a local branch near us open 7 days. In my opinion that's the most important thing.
Much like banking products for property investments, everything in business banking is completely negotiable. I have my business accounts with NAB and don't pay a cent in bank fees (beyond the merchant facilities, of course) regardless of how many cheques or other transactions we use each month.
And, much like banking products for property investments, the bank fees and interest rates should be secondary matters. Finding a switched-on banker (or broker) and ensuring that you have the right account structure is much more important, particularly if you plan to grow the business beyond the small startup stage.
Why can't you post the cheque and deposit slip to the bank? It would save petrol money and your time.
SYD
No Question. Bank SA Why not post your cheques ?, with Bank SA I can deposite my cheques on line. Never need to go in to the branch, Can meet the manager any-where anytime at a mutually convienent time. His place, my place, pub ,wherever , Although usually a fax will suffice. With ANZ or NAB its a a battle to even get to talk to somebody on the phone and if you do get run around in endless circles, and wont do home visits. Most importantly Bank SA will lend money when ANZ wont, and any questions or requests are acted on promptly.
I did try bankwest had the highest rates though, so I went with West pac they had the highest fees but it was worth it as I got a 2.0% discount, crap servict tho. I guess it depends on how much you draw as to which one is better.
We get cheques somewhat less than once a year, and go to Adelaide once a month. Everyone else pays us cash or direct deposit but there's always those irritating edge cases that insist on cheques. The last one was from an insurance company for a claim we did for them (our local business is selling/fixing computers and is very, very low volume in such a small town - we couldn't live off it).
The choice between BankSA, NAB, ANZ is purely because they're all local - and they're actually all exactly the same distance local, they're all within 100m of each other on the main street and all of them have business banking managers on staff because this town is a service hub for a farming community. I know the ANZ one personally as her kid happens to be the same age as one of mine. Our loan is brokered by BankSA so I've been going in a lot to send paperwork and when I commented I caught them during their lunch break (they close) someone told me apparently they lost a lot of business to the other two banks when they instituted that lunchtime close. Business owners apparently like to come into banks at lunchtime.
I could probably choose banks by setting up a picnic blanket in the park in the middle of the main street and making marks for each business owner that comes into the branches and picking the most popular one
Edit: Haha looked at my saved 'external transfers' list and its an equal split between BSA/NAB/ANZ in the wider area but BSA wins in the local area - maybe there's something to this after all lol - but that only applies to businesses like electricians and plumbers and ones that take invoiced payments too large to pay cash, the BankSA closing times probably most affected local cash retail businesses.
I use Business Zero Transaction Account.
No transaction or account management fees whatsoever.
Cheque Book facility, internet facility. ATM and I think no fees for using them either.
But no interest either.
It's good for the time being but when the size changes, then I may look for something different.
