Have you got the right account for your business?
We go through the ins and outs of business bank accounts, why you should have one, and which might best suit your circumstances.
Every business is different, and each will have its own needs when it comes to bank accounts. Many SMEs get their businesses off the ground as quickly as they can, often using a personal bank account to hold their funds. Many others may be using business accounts that no longer suit their needs.
There’s lots of choice when it comes to business accounts, each with features and benefits different from regular savings accounts, said Belinda Cavaiuolo, Bendigo Bank’s Manager, Money Market Investments.
“It’s likely your business five years ago will be a different business than today. You may now employ a team, and you may have more funds set aside for unexpected costs or to grow your business,” she said.
“You could be using a product that may not be working as hard as it can. With new and improved business banking products on offer, it makes sense to take some time to review your accounts to make sure you’re getting the best out of your savings.
Which accounts are right for my business?
The Business Basic Account is ideal for any business that make transactions less frequently. You’ll only pay for transactions you use and there is no monthly service fee.
The Business Everyday Account is designed for businesses with frequent transactions. There is a $15 monthly service fee and all other standard transaction fees are free. If you have an overdraft facility on this account, the $15 monthly service fee is also waived. This account offers unlimited e-banking, BPAY, Pay Anyone service (including Osko®) and unlimited EFTPOS withdrawals and retail purchases within Australia.
How do I earn interest on my savings?
Earning interest on your account balance will suit businesses with funds held to meet short term and unexpected costs.
With a minimum opening balance of just $1, The Business EasySaver Account is a savings account with a competitive interest rate, which is calculated daily and paid monthly. With no monthly account service fee and free e-banking transactions, there is a single interest rate regardless of your account balance. Internet and phone banking are available as well as e-statements. Schools, universities and emergency service providers with receive a bonus interest rate on top of an already competitive rate.
You could also consider a term deposit account. This is ideal for businesses that want security, but also want to take advantage of the latest interest rates and deposit periods.
For customers who have more than $500,000 in deposit funds, the Money Market Investments team can help with tailored deposit solutions.
“Each of these accounts can help you get the most out of your business funds and they’re part of a full suite of solutions designed to make your business grow,” Ms Cavaiuolo said.
“It’s always best to speak to your business banker – we’ll do the work to make sure you have all your banking needs covered.”
Bendigo Bank’s latest merchant servicing products can help your business take payments in store or on-the-go and make payments easily. Or pay using credit with business credit cards, packed with features.
Talk to your business banker about solutions that will give you what you need to make banking easier.
Your Business Matters.