Best bank for small business

[Safe Skies]

Hi All

I am looking for a new back, i really need a bank that understand small businesses. can you give me a heads up to which one you would recommend, looking for the best one when it comes to O/D facility.

Thanks in advance

G

[HBTRADE]

I really hate to advertise for any bank.

Which has the best options will depend on what you want from the account.

CBA gives a $500 OD on small business accounts when you open - existing accounts had this added when the 'option' became available about 2 (maybe) years ago.

I imagine the others will all offer something similar - especially if they want your business bad enough.

In my case, the account started at CBA some 13 or 14 years back as they had the least damaging fee structure. The few times I've looked at changing and when I started the 2nd business, the others didn't compete of fees.
But that is what suits me - it may not suit you.

You can ask to see the 'Business Banking' person at most bank branches.

One thing though, in spite of Westpac's big push on Business Banking for Small Business, their in branch business banking staff can do very little - they seem more glorified 'referral to phone support' staff (personal experience there)

That said, Westpac do run some good Finance classes for small business - takes 2 days.

[Normanby]

Though the phrase "good bank for small business" might be something of an oxymoron, my vote goes reluctantly to the ANZ.
I have a big O/D, interest not too crippling, cheques cleared immediately, and a very good iPhone app.
But like the previous poster, I've never found branch staff to be anything but obstructive, with any bank.
But I did need to call the ANZ today for something and I was on hold for only about 90 seconds, and ended up speaking to an Aussie, which was easy.
I find the main problem with the foreign call centers is not shortcomings with English, but the delay on the long distance phone line, means we end up talking over each other, which can make getting your point across tricky.

[bluepenguin]

Westpac won't give permanent overdrafts without security, however you can apply for a temporary overdraft twice a year which I've found helpful.

It's probably better that way, because as many small businesses find, as soon as you have more credit available, more expenses magically appear.

[Luth6322]

I've decided to move from Westpac for our banking accounts. I struggled with getting the accounts set up, its a little more complex as its a trust account. I kept trying because I wanted to give them a fair go.

There online banking is poor, and we've had to go into the bank on several occassions, with no options to have things discussed over the phone or sent out by mail. The final straw has been finding out that our free online tranasactions only include transactions to Westpac customers, and that we have to go into a bank once again just to set up telephone banking and discuss any of our transactions with a telephone rep.

Going to move to CBA hopefully which we have had a great experience with personally. Always flexible and there online banking is much more advanced.

[autumncs]

We have accounts with both ANZ ad Westpac and out of the two I would recommend ANZ.

Westpac has beenhard to deal with from the on set. Where they miss calculated our loans by 15K and had to set up another loan which had to be secured and at that time we were maxed out so had to secured over my parents home. Since then it's been down hill. Ifyou have any business questions you have to go to the business centre in town. they don't come to the branches.

Anz has trys to help but we closed the doors on one business and couldn't show a repayment history so they couldn't take our loans. I've had accounts with ANZ since our first business and our family business (over 25 years) They have always tried to help. They have business centre in town but they also have the business bankers come out to he branches at least once a week.

This we are currently looking around again to change loans over. I totally forgot about looking at Anz as they rejected the loan apps last time but others did as well. I was considering the BOQ as last time we looked they had secured business loans at the as rate as morgages, that looks like it's changed.

I think you willget many different people saying different banks so as a couple of others have said look for the best that suits you at the time.

Regards

Tim Giles

[JamesMillar]

For small to medium business - currently ANZ and NAB. Despite the ads from Westpac their business solutions and service are incredibly bad across the board. NAB have come along leaps and bounds in this space in the last 18 months. They have a new SME campaign and they're actually backing it up with actions (like ANZ).

We have very strong relatsionships with two teams within each of these banks. One team is for micro/small business and he other is medium business. We have this with both ANZ and NAB. Happy to arrange a connection.

[Khalid Adam]

NAB has always been ahead when it comes to SMEs. They have the standard tick and flick but are flexible are willing to consider a deal on a case by case basis. IF the depost it low,they will look at cashflow to make up for it.

If you understand discounted cash flow analysis, their credit managers will take your proposal seriously. I like their real world approach to business banking.

Mortgage brokers dont like them because they offer the lowest commission without any trail.

[On-the-move]

As someone who deals with financial matters everyday, I have had dealings with all 4 major banks here in Australia.
I would have to agree that NAB is the most business friendly. The banking platforms that they offer are second to none. But more importantly the access they offer to a business banker and the ability to get things done through the business banker is essential to any growing business with a credit facility.

Darcy Bookkeeping & Business Services
www.darcyservices.com.au

[autumncs]

Originally Posted by Khalid Adam

If you understand discounted cash flow analysis, their credit managers will take your proposal seriously. I like their real world approach to business banking.

G day Khalid, I don't understand discounted cash flow, is there some pointers you can give? Or could you private message me so we can discuss more.

Thanks

Tim Giles