Business Banking Comparison

Here at MoneyChoices.com.au we know just how important it is for any business, whether they are a small startup or have been established for many years, to have their bank on their side. We’ll help you to compare business bank accounts so that you can avoid unnecessary fees and find a solution that will make running your business that much easier and, hopefully, more profitable. Typically, the best bank accounts for businesses offer minimal account keeping fees, flexibility, internet access and phone banking and don’t restrict the number of transactions you can carry out each month. To find out more information, read our exhaustive product reviews before applying.

An Overview of Business Bank Accounts

Businesses of any size – from sole traders and small businesses to partnerships and incorporated businesses – can open a business bank account and enjoy a range of dedicated and specialised features and services. Other types of operations such as charities, clubs and pension funds can also open business accounts.

Banks offer a choice of different accounts and services for business customers including transaction accounts, savings accounts, credit cards, agribusiness services and insurance, lending, finance and payment solutions.

Business customers can also make use of a variety of financial tools and advice from their bank including help with starting a business, ongoing development and management, advice on taxation and the law, sales and marketing, cash flow and human resources.

Choosing the best business account for you is very important – getting the right one to suit your business helps manage and grow your money, track finances and simplify tax reports.

How to Compare Business Bank Accounts

It pays to spend the time to compare business bank accounts and find the one that fits the size and type of business you are running. Business bank accounts often feature a minimum balance; so make sure you will be able to afford to maintain the balance above this threshold. The details of account features, services, fees and restrictions are also crucial factors to consider.

Your business account should offer low fees and charges on transactions, along with a good rate of interest on money held in the account. If your business makes many branch deposits and withdrawals and cheque withdrawals, choose an account that provides plenty of flexibility on these transactions. If your payments are mainly made electronically and you don’t need many cheque and branch transactions, select an account that provides low-cost or free electronic transactions.

It goes without saying that the account should feature low fees and minimal restrictions on transactions. Some accounts charge for transactions, others require a regular account maintenance charge, while others charge no fees. Choose the one that definitely offers you the best value for money.

Your business account should feature online and telephone banking so you can access and manage your finances at any time from office or home. You should also check to see what access you have to your money including what cards the bank provides, and how much notice you need to provide for withdrawals if you are opening a business savings account.

Reasons for Applying for a Business Account

There are many good reasons to open a business bank account. For sole traders, entrepreneurs and small business owners, this type of account separates out business finances from personal banking. This makes cash flow, tracking expenses, making and receiving payments and preparing tax reports much simpler. For larger operations such as limited companies, incorporated businesses and partnerships, business accounts are essential for financial management.

Suitability of Business Accounts

Different banks have their own sets of requirements for new business customers, but to open any business account you need to have an Australian Business Number (ABN). You also need to have a good credit rating, especially if you intend to apply for extra products such as business credit cards and business loans.

Before applying for a business bank account check all the small print of the terms and conditions to ensure that the account is suitable and meets all your financial requirements.

Benefits of Business Accounts

There are many benefits associated with a business bank account. These accounts are designed specifically to help businesses manage their finances, and also make offer a wide range of other advantages. Business customers can make use of banking services such as loans, credit cards and loans, which can be important financial tools.

The banks want their business customers to succeed, so offer dedicated staff who can provide financial, legal and tax advice, along with information on developing your business. Taxation is a major responsibility for businesses of any size, and business accounts can help with accountancy, tracking expenses and revenue in preparation for tax reports.

Each bank offers different types of extra benefits, service and advice; ensure the account you are applying for provides all the appropriate support that your business requires.

Open Your Business Account Now Online!

Once you have found the business bank account that you want, you can apply for it online today. Banks require different types of information depending on the type of business, but you will need to provide your business name, ABN, and details of proprietors and directors including name, date of birth and residential addresses. Once you have applied you should quickly find out if you have been approved, and if successful soon start using your new business bank account.