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Business bank accounts

Business bank accounts

Old May 20th 2008, 4:40 am
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Default Business bank accounts

So, OH is finally ready to ditch the umbrella company and start his own business now we've been here a bit but our existing bank have 'suggested' we get a few quotes as business banking isn't their speciality.

I've done a search but can't find anything relevant - does anyone have any specific recommendations for banks that do good business banking?

Thanks in advance as always
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Old May 20th 2008, 7:49 am
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Default Re: Business bank accounts

We're with Westpac both personally and business. The personal stuff has been great, the business has been pretty crap to be honest... Can't wait until July when we'll have a full year under our belt and it'll be off to see some of the others...
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Old May 20th 2008, 8:36 am
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Default Re: Business bank accounts

Thanks Dr Who, I should really have posted this later as all the people with businesses will presumably be working at lunchtime
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Old May 20th 2008, 9:17 am
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Default Re: Business bank accounts

I've just set-up in business and opted for Westpac. Not that impressed too date. I've had to see 3 different business managers, one to set-up, one for general business financing, and another for a different type of financing. I'll give it a year and look to change. As a new company can't get a credit card, can't get an overdraft, can't, can't, can't.........

I asked my accountant if he had any recommendations - he changes banks every couple of years 'cos they're all shite!
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Old May 20th 2008, 9:40 am
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Default Re: Business bank accounts

Originally Posted by warbs4 View Post
I've just set-up in business and opted for Westpac. Not that impressed too date. I've had to see 3 different business managers, one to set-up, one for general business financing, and another for a different type of financing. I'll give it a year and look to change. As a new company can't get a credit card, can't get an overdraft, can't, can't, can't.........

I asked my accountant if he had any recommendations - he changes banks every couple of years 'cos they're all shite!
We were with Commonwealth, but then moved it over to ANZ as their merchant rates and set up costs we a lot less.

All Aussie banks are pretty similar and charge a fortune for the priviledge of using their facilities to make them money.

Jules
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Old May 20th 2008, 10:27 am
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Default Re: Business bank accounts

I try to avoid the major players as much as possible. For spare cash I would suggest a savings account with ING or Bank West. If you need merchant facilities I would use Bank West again. For a transaction account I probably go for HSBC.
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Old May 20th 2008, 10:35 am
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Default Re: Business bank accounts

Doesn't seem a great choice does it? Best of a bad bunch. We're with HSBC for personal banking but their business section charges a fair whack unless you're leaving a lot of cash in there, which we wouldn't be. Would definitely stay with them otherwise as they've been brilliant.

Bank West don't have much our way but we'll look into them and ANZ as a start then, OH has started looking himself anyway but always good to get opinions from people already using them, thanks guys
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Old May 20th 2008, 11:02 am
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Default Re: Business bank accounts

In 4 years I've only needed to go into a branch twice. Unless your banking cash, internet banking is much more convenient and you don't get the 'assisted transaction' charges that come with branch banking. I have a savings account and merchant facilities with Bank West, I've never been into a Bank West branch.
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Old May 20th 2008, 12:55 pm
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Default Re: Business bank accounts

HI, I work for Commonwealth in the personal area, But the buiness bankers I have spoke to have been superb, They seem to be really helpfull.
Yes banks charge money in Oz but thats part of the Australian way.
Gary
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Old May 20th 2008, 1:55 pm
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Default Re: Business bank accounts

I've had my own business going here since 2005 and have been with St George since then. I'd highly recommend them. The assistance at branch level and via head office via phone is generally very good. Setting up the business account, business credit card etc was pretty straight forward once the business was established with the help of an accountant. For small business, their fee's are competitive (most things covered by the $10 monthly fee inc credit card), certainly more than the HSBC here who charge an arm and a leg for business services.
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Old May 21st 2008, 10:14 am
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Default Re: Business bank accounts

Originally Posted by ossigeno View Post
In 4 years I've only needed to go into a branch twice. Unless your banking cash, internet banking is much more convenient and you don't get the 'assisted transaction' charges that come with branch banking. I have a savings account and merchant facilities with Bank West, I've never been into a Bank West branch.
Looks like Bank West are the winners, OH spoke to them today and they seem very good (and cheap) so he's going to give them a go. Thanks for the tip.

Gary and Harrip, thanks for your replies too (and the PM), I'll keep those details in case this doesn't work out to be as good as it sounds.

Thanks
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