Compare Bank Accounts for Australia

Business Accounts Compared

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Business Banking Explained

When starting a business one of the most important decisions that needs to be taken is the type of business bank account to open. Some people are tempted to open an account with their existing bank and as a result either miss out on higher interest rates or lower fees. Over the long run the savings or earnings can be quite significant so it is important to compare different business bank accounts.

  • The basics
    A business bank account should enable business to manage their cash flow, this means the minimum facilities that might be necessary may include: a pay in book and cheque book. Some business will want the ability to issue standing instructions to their bank as well as have regular bills paid by direct debit. Almost all business accounts come with these facilities as well.
  • Charges and interest
    Generally the greater the value of the transaction, the higher the fee will be. Fees can actually be negotiated with the bank, so don’t be afraid to open a dialogue with them if you feel they are too high, or other banks are offering lower fees. If most of the transactions are electronic, then it is worth considering an account that offers low cost or fee free electronic transactions. Alternatively businesses that make most of their payments should look for accounts that offer low fees for paper transactions.
  • Access
    Business accounts also come with internet and telephone banking, so you will have 24-hour access to your business bank account.
  • Advice
    Ideally a business bank account should also come with an advisor, though that is not always the case because many businesses have no requirement for that level of service. Some banks however do have dedicated teams whose job it is to advise small business. Others simply offer advice over the telephone.If you are seeking a business bank account then comparedinkum.com.au is the best place to begin your search. As a financial comparison site, consumers and businesses can compare a range of options offered by a huge variety of banks and make a choice that is extremely suitable for them in a quick and easy way.

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