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Question for Small Business Owners

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  • Question for Small Business Owners

    Hi All,

    Hubby and I are in the makings of starting a business. Has anyone done the homework for me (ha!) and can recommend and particular bank for the business banking - and why? We won’t need eftpos if that makes a difference.

    Thank you!

  • #2
    CommBank was the best for me - hands down best online banking system and in the branch they have dedicated business banking tellers so I got in and out super quick. Not sure if that matters with their new branch layouts, but hope this helps!


    • #3
      NAB - same reasons as pp, we have a few accounts and trust accounts and do 99% of our banking on line don’t go with St George, we were with them but changed as they were terrible for business


      • #4
        I think it depends on your needs and going forward what you plan to do. I have two business accounts. One with CBA the other with Westpac.

        CBA have a much better online and mobile platform and payments are processed quicker. Westpac charge me lower fees.

        In addition think about if one day you will need merchant facilities at some stage. I use a specialised processing company for bulk transactions as well as PayPal for one offs. PayPal transfers almost same day into CBA, sometimes two days for Westpac.

        Also Westpac are not open via phone 24 hours whereas CBA are.

        Not sure which state you are in but Bank of Melbourne and Bank of Queensland both do business banking quite well.
        I will say that CBA are tough on biz credit cards however low overdrafts are easy. Westpac easy with biz credit cards but tough on overdrafts.

        Both banks have capability to import daily into bookkeeping programs (I use Xero) and both accurate.

        Westpac waived monthly business fees for me for the first year, CBA never you any discounts nor do their so called business banking experts care about their branch accounts. For all the pluses for CBA I’d close it down if it wasn’t for the fact I’ve had it for 15 years as they’ve never done anything for me to make life easier!

        If you have any specific questions I’m happy to help.


        • #5
          We have our personal and business accounts with CBA and our home loan with NAB. The CBA online banking is waaaayyyyy more user friendly.


          • #6
            deleted fro privacy
            Last edited by SSecret Squirrel; 13-02-2018, 19:59.


            • #7
              Wow thank you so much everyone for your insight and feedback I really appreciate it. I am very CBA-loyal, home loan and banking with them since forever but was willing to try somewhere new if they were better. It seems CBA isn't the cheapest but possibly the easiest, and easy is what I need right now! Thank you everyone