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  • #977072
    Chilldou
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    Hello everyone!

    Can anyone give me any recommendations as to the best bank for a small business account. I would not be exceeding any more than about $50,000 in my first year (I think) and my transactions would be relatively small to begin with, perhaps under 5 a week. I am looking for a basic business account with no overdraft that does not cost me too much. I would be looking to do much of my banking online too.

    All replies greatly appreciated.

    Jill

    #1091065
    CG
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    Are you operating as a sole trader?

    If so, I recommend the Bendigo Bank business account, which charges only very modest transaction fees, no standard monthly account charge, plus $3 a month for a debit card.

    Outside Victoria, though, their branches and ATMs may be hard to find.

    #1091199
    CG
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    • Total posts: 101
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    Are you operating as a sole trader?

    If so, I recommend the Bendigo Bank business account, which charges only very modest transaction fees, no standard monthly account charge, plus $3 a month for a debit card.

    Outside Victoria, though, their branches and ATMs may be hard to find.

    #1091066
    On-the-move
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    • Total posts: 32
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    I would look at one of the big 4 banks or even Suncorp perhaps. As I have found the smaller banks transaction and facility fees are generally a little higher when it comes to business and the cut off times for transfers can be atrocious. Living in QLD the Bendigo banks cut off time for pay anyone transfers today was 2.30pm, this can cause a great deal of inconvenience at times.

    A small bank however can be quite a deal more flexible in helping to get things done versus the larger banks.

    Just a couple of things to think about.

    Darcy Bookkeeping & Business Services
    http://www.darcyservices.com.au

    #1091201
    On-the-move
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    • Total posts: 32
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    I would look at one of the big 4 banks or even Suncorp perhaps. As I have found the smaller banks transaction and facility fees are generally a little higher when it comes to business and the cut off times for transfers can be atrocious. Living in QLD the Bendigo banks cut off time for pay anyone transfers today was 2.30pm, this can cause a great deal of inconvenience at times.

    A small bank however can be quite a deal more flexible in helping to get things done versus the larger banks.

    Just a couple of things to think about.

    Darcy Bookkeeping & Business Services
    http://www.darcyservices.com.au

    #1091067
    Captain Scarlet
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    • Total posts: 20
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    I use Bankwest. They have an account which has zero fees.

    #1091203
    Captain Scarlet
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    • Total posts: 20
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    I use Bankwest. They have an account which has zero fees.

    #1091068
    tkc2012
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    Chilldou, post: 107252 wrote:
    Hello everyone!

    Can anyone give me any recommendations as to the best bank for a small business account. I would not be exceeding any more than about $50,000 in my first year (I think) and my transactions would be relatively small to begin with, perhaps under 5 a week. I am looking for a basic business account with no overdraft that does not cost me too much. I would be looking to do much of my banking online too.

    All replies greatly appreciated.

    Jill

    I use CBA. Costs $10/month but it includes 30 over the counter transactions, a MasterCard Debit cards, and a $500 overdraft facility. Their customer service is outstanding.

    #1091205
    tkc2012
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    • Total posts: 64
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    Chilldou, post: 107252 wrote:
    Hello everyone!

    Can anyone give me any recommendations as to the best bank for a small business account. I would not be exceeding any more than about $50,000 in my first year (I think) and my transactions would be relatively small to begin with, perhaps under 5 a week. I am looking for a basic business account with no overdraft that does not cost me too much. I would be looking to do much of my banking online too.

    All replies greatly appreciated.

    Jill

    I use CBA. Costs $10/month but it includes 30 over the counter transactions, a MasterCard Debit cards, and a $500 overdraft facility. Their customer service is outstanding.

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