Home – New Forums Money matters help with bank account options

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  • #971235
    m2nb
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    hey everyone,

    Im at the stage of looking for the right bank account for my business.. Im just starting out as a sole trader of a small beauty salon.. i personally bank with commonwealth and would love to keep business with them as i know their netbank site well etc.. but the problem is the fees for their business account is fairly high in my books at the moment.. As im just starting out i dont want to take on too much too soon in case it doesnt all work out straight away.. my question is would i be able to just open up a personal bank account that has lower fees to do all my business banking? or do i have to have a business account?

    #1048603
    MikeF
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    Hi

    So long as your a sole trader here is nothing legally stopping you from operating an account in your own name personally. Just make sure that it is a separate account and nothing other than business transaction goes through it so that when tax time comes it makes things easier.

    You might also not be able to put your business name on the account and or cheque book if you need one however one way around this might be as follows;

    Say your name is M Smith and the business is called ABC……the account could be styled M Smith – ABC Account. This way the account is seen by the bank as being a personal account and not a business.

    Another issue may be if you also want business bank type facilities such as EFTPOS and the like as the bank will most likely say they can only link into a business styled account.

    #1048604
    bridiej
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    I recently opened a Bankwest Business Zero account – like the title suggests, there are no fees.

    Might be worth looking into…

    #1048605
    mark_xpnsit
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    Bankwest seem good, but I would suggest talking to your current bank – they maybe able to offer you a better deal as an existing customer – then you can link your personal and business accounts under one banner – making it easier to do online banking, transfers etc.

    #1048606
    m2nb
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    Hey guys just an update..

    I looked around on the net at all the different banks.. being out in the country i dont have a great deal of choice as other places and i wanted a bank i could go to and actually sit down with a real life person instead of doing everything through the net and on the phone..

    I tried my personal bank (commonwealth) but didn’t find them suitable for me unfortunately in terms of the business accounts.. they wanted $10 a month account keeping fee.. yes i did basically get unlimited transations but with only just starting out i thought $10 was a bit much.

    So i shopped around and decided to go with st george.. its only $5 a month there you get unlimited free transations in terms of internet banking etc Im only starting out so i think this will suit me for now.. maybe when i grow i might need to look at other options but for $5 a month.. thats only a dollar extra then what i pay for my personal account!! I went and sat down with the business adviser yesterday and she was lovely.. gave me great advice and i even got a free business mentor dvd from them.. so yes im quite happy with my choice..

    Thanks for all your help

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