Fee Free Business Bank Account?

Lcv05 on 23/01/2016 - 14:45

A few years ago I moved my accounts over to my local credit union which had free accounts at the time and not long after they introduced $5/month fees for both business and personal accounts.

I'm a sole trader and recently I started an additional two online businesses, using different bank accounts.

So at my credit union I now have:

1 X Everyday type account (money goes in eg salary)
1 X Working type account (direct debits etc)
3 X Business accounts

Totaling $300/year in fees.

I know that you can have fee free accounts if you keep your balance above a certain amount, but I'm hoping I might find one where that doesn't matter.

Financial

Comments

  • scotty on 23/01/2016 - 14:59
    +3

    As a sole trader you can't open another personal account? Otherwise Bankwest Business Zero Transaction Account is fee-free.

    • Sweet3st on 23/01/2016 - 17:55
      -1

      Except for online banking charges. 20c/BPay payment, 25c/transfer to other bank.

    • bb_hunter on 26/01/2016 - 21:34

      I have a Bankwest Business Zero Transaction Account, it has been good no monthly charges only downside is that when I wanted to deposit cheaques my local branch is quite far away. And they don't open on Sundays anymore. Otherwise they are much better than Commbank that i use before.

  • cv05 on 23/01/2016 - 15:02

    Sorry I didn't mention I already have an ING savings maximiser account. I only listed the accounts that cost me money :-)

    Bankwest looks great. Thanks to you both!

  • jujube32 on 23/01/2016 - 17:07

    First Option credit union offers a fee-free account as well, and it pays interest on balances above $5k.
    https://www.firstoptioncu.com.au/business-accounts.html

  • grabngo on 23/01/2016 - 18:12
    -1

    I think that all the banks charge between $5-10 a month for biz accounts

  • whodidthat on 26/01/2016 - 22:14

    I have a business account with Greater Building Society - no fees.

  • kyttiekat on 01/02/2016 - 23:38

    Westpac is (or was) offering fee-free business accounts for the first year (saving of $120) if your business has been in operation for less than a year. I'm not sure if this only applied to company structures, or if it included sole traders. I assume the former.

    … regardless, I ditched them because if you want live bank feed integration with Xero, you have to physically take a piece of paper into your local branch, submit it, and then wait TEN BUSINESS DAYS for processing. Switched to CommBank's business account and the online integration was instant.

    Just another thing to consider if you use such features. :)

    • cv05 on 03/02/2016 - 09:19
      +1

      I just subscribed to Xero, so that's good to know :-)

  • thirtysixd on 03/02/2016 - 10:42

    As a sole trader there is nothing stopping you from using a personal account

    ING + Citi are both fee free (and have nice bonuses like cash back)

    • cv05 on 06/02/2016 - 08:48

      That's true, but I prefer to invoice using my business name as well as my business bank account name.

  • GOFYS on 04/02/2016 - 10:08
    Merged from Brazen bank. Any recommendations for small business accounts?

    I went online at Commbank to check a balance, and the account was gone.

    After negotiating about 5 minutes of their phone system, I was told that the account had been closed because it had not traded for six months and it was overdrawn. It was overdrawn by $8.00 because they had been siphoning $10.00 a month in fees, and I can only assume thay were frightened to death that they might not be able to collect their $10 a month forever. How much trouble is Commbank in with its financial ratios?

    Can anyone help me with a low fee online business account recommendation?

  • ramboando on 28/12/2017 - 18:10

    Bit late to the game but NAB have a $0 monthly fee business account too:
    https://www.nab.com.au/business/accounts/transaction-account…

    ING sadly only have a business saver account (needs to be linked to an existing business account with another bank).

    • scotty on 29/12/2017 - 07:32

      $2.50 over the counter transaction fee, $0.60 cheque deposited fee. I guess it would be suitable for business doing mostly electronic transactions.

      • ramboando on 29/12/2017 - 16:04

        Good spot. In that case Bankwest looks like a better deal - no charges on electronic or paper transactions. And with more ATMs than NAB that's a bonus too.

        • Baysew on 29/12/2017 - 16:20

          And with more ATMs than NAB that's a bonus too

          Only if you count CBA ATMs as well.

          Not all that relevant anymore, anyway.

        • ramboando on 29/12/2017 - 16:44

          @Baysew: Depending on the bank, not all have wiped their fees yet AFAIK?

        • Baysew on 29/12/2017 - 16:46

          @ramboando: ANZ,CBA,NAB,WBC - that's 80% in one go.

        • ramboando on 29/12/2017 - 16:57

          @Baysew: Good enough for most!

Login or Join to leave a comment
Login Join