Home – New Forums Starting your journey RE: Which bank account is best

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  • #967684
    chrise01
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    Hi,

    Can somebody give me some advice as to getting the “right” bank account for a startup small business.

    The last thing I want to do is pay too much for banking fees – just an unnecessary cost at the incubation stage.

    Thanks for the help,
    Chris

    #1028134
    jasonm
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    Will need more information, do you require merchant facilities, if so just eftpos visa and m/c or diners/amex also, how will you be paying your supplies cash/cheque/eft, how will your customer be paying you cash/cheque/eft.

    Will you require an overdraft/line of credit, what value of transactions do you expect to be putting through.

    For what its worth I’m with Suncorp and have been quite happy with the service so far, the biggest difference you’ll notice between personal and business accounts is that business accounts pay more fees but then you tend to get better customer service in return.

    #1028135
    King
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    we steered away from the majors as well, took them too long for approvals etc, when with a building society. They do not offer quite everything we need but then I can go to market for that – like international money transfers via Suncorp who are very reasonably priced.

    With a building society, you may also need to go through another bank for your credit card. Might mean a few accounts, but overall less in costs.

    #1028136
    5869#deleted
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    Hi Chris-

    I recently opened up a Newcastle Permanent Building Society Business Cash Management Account. The account has no monthly account keeping fees which is very rare for a full transactional account. The big 4 tend to charge upwards of $10 p/mth which i think is ridiculous for small businesses who are just starting out. I also get internet and phone banking as well as a visa debit card and for some reason they also sent me a cheque book… which i didn’t ask for!

    ps. i don’t work for NPBS but i am a banker by trade.

    regards,

    #1028137
    FletcherTax
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    I personally use CBA the $10 p/mth account. It provides unlimited online banking (which cover 95% of my transactions) + a couple of cheques included per month (ok by me as I rarely use more than 2/3 pmth) + 1 or 2 teller assisted transactions per month (also rarely used).

    You need to decide what kind of banking you are after (online versus teller assisted versus all cheque) and go from there.

    Also, might be good idea to start with the banks you already bank with so internal transfers are free.

    #1028138
    fiona@vas
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    I agree with the comments above that there is no “one size fits all” account that will be “the best” for every business and also that it pays to look beyond the big 4.

    Macquarie bank have accounts that pay good interest, allow your clients to BPay into your account, provide internet banking facilities and have no bank fees – worth checking out… particularly if your business will hold a reasonable amount of funds at times.

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