This is the highest ongoing BUSINESS online savings account rate that I could find (AMP & BOQ have slightly higher introductory rates). As business owners would know, banks give much worse interest rates for businesses (eg Private companies) and are often about 1% compared to the 5% that you can get on personal online savings accounts. Note that they aren't accepting trusts at this time.
Accelerator account now 3.85%pa
As a sole trader, I just have a second Macquarie personal account for my business. What is the benefit of this account?
No benefit to you as a sole trader as for a sole trader you are the business and the business is you. It’s not a separate legal entity so you can open a personal account. Business accounts are necessary for private companies, trusts, SMSFs etc.
Were there many hurdles to opening the account as a sole trader?
Just opened a second account on the app in 30 seconds
Can this account be used as transaction account, or need to open transaction account separately?
Note: "If you’re an existing Macquarie Personal Banking customer and hold any of these Macquarie products: transaction, savings or cash management account, term deposit, home or car loan, credit card, online trading, or wealth account, you’re currently unable to apply. "
I think this would only apply if you’re a sole trader as then your personal account would be in the same name.
Looks like every bank has some kind of excuse to skin money from you?
There's a few aspects of the Mac offering that suck: 1. Can't have had any previous Mac accounts (including in your own name), and 2. Isn't available to trusts.
I'm investigating opening business accounts with Bank First, as their Bank First Bonus Saver offers 3.85% and is available to both business and trusts, but requires a couple of monthly hoops ($1 deposit and no withdrawals each month). It also has a $50 opening fee for each non-individual entity, which is pretty terrible, but at least it's just a once-off.
Anyone found anything better?
Good job finding Bank First. It doesn't normally show up if searching for business savings accounts and that seems to be because they don't offer separate business savings accounts. But your research has shown that they will open their normal individual Bonus Saver account for non-individual entities. I guess the trade off is that you may have to deal with old fashioned credit union style service, which may be worth it for the higher interest rate - especially if you can deal with them in person.
Re Macquarie, 1. I have an account in my personal name, and was able to open up a business account online for a private company (ended up with 2 different internet banking login details) & 2. Yes that is a downside although seeing this account is fairly new and the fact they mention that trusts are currently ineligible but they are working on expanding the eligibility criteria could mean they will service trusts in the future.
This can be solved with a Cash Management Accelerator Account (CMAA): https://www.macquarie.com.au/investing/cash-management-accou…
This has the same interest rate as the Business Savings Account (both 3.85 % p.a. as of writing) and can be opened as a trust.
The CMAA is arguably even better since the interest is on balances up to $2m, instead of being capped at 250k like the Business Savings Account.
Good catch - that Macquarie CMAA looks like an excellent option, and includes some nice freebies (free RTGS and bank cheques). I wish I saw it before completing all the paperwork at BankFirst, although Bank First Bonus Saver still has a higher rate currently (4.1%), but for lower balances (only up to $150k), and with a couple of hoops as I mentioned above.
I started to use Macquarie earlier in the year and the thing which annoys me most is that its fast payment in but not fast payment out!!
Can't pay anyone quickly whether its $1 or $1000.
Same problem as AMP, perhaps.
Can anyone comment on Macquarie's integration with Xero… any good?
I dont think it works on this account
https://www.macquarie.com.au/business-banking/business-accou…
Can I link my Macquarie Business Savings Account to an external accounting software?
You’re currently unable to integrate your Macquarie Business Savings Account with any external accounting software such as Xero. However, you can manually import your transaction data.
https://www.macquarie.com.au/help/personal/bank-accounts/man…
You’re currently unable to integrate your Macquarie Business Savings Account with any external accounting software such as Xero. However, you can manually import your transaction data.
Agree this is the best for business/company accounts. Other big 4 banks pay close to zero interest. See if your accountant or financial adviser are on the MCQ adviser platform in which case you can open a cash management account linked to an accelerator account which at the moment is 3.6%pa and should hopefully go up a few bps in the next few weeks