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Good business banking bank?

Discussion in 'Other Asset Classes' started by Propagate, 26th Apr, 2016.

  1. Propagate

    Propagate Well-Known Member

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    Hi all...

    My business is about to go live... any recommendations for a good bank for business accounts?

    Looking at NAB, ANZ & Commonwealth at the moment as they seem similar on paper and all have local branches close to the office and home.

    I really dislike Westpac.

    Online facilities and ease of online banking a must.

    Cheers.
     
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    For business banking access to branches is very useful. That leaves the big 4 and Bank of Melbourne down this way.

    There's also a good argument to use a different lender from your property investing. The last thing you want is for a business problem to make the bank start looking at your investment portfolio. There's certainly some protections in place but there's no need to give one bank everything.

    If the ANZ and NAB business interfaces are similar to their residential interfaces, I wouldn't rate them too well. What they've got is reasonably adequate for your home loans, but for business purposes you need better. This is just my perception, I haven't used either for business.

    I have used Westpac and they do a reasonably good job of it, but they've got some quirks and I'm not an overall fan either.

    The CBA is the standout. There's plenty they can do to make improvements but I'm able to get almost everything done easily except overseas transactions (they can do it, but Westpac has an edge here).
     
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  3. Biz

    Biz Well-Known Member

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    Really depends on the business and what you need. For example they all have different policies on overdrafts, secured/unsecured etc.
     
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  4. Propagate

    Propagate Well-Known Member

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    Thanks Pete, Biz, great info.
     
  5. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Are you referring to lending? Merchant facilities? Transactional Banking?

    CBA is superior in merchant and transactional banking both at an SME and Corporate banking level.

    Lending is a little more open field depending on a number of things.
     
  6. Propagate

    Propagate Well-Known Member

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    @Shahin_Afarin Transnational only really. I am able to fully fund and float the operation from the outset and float 12 months of outgoings, operating costs are minimal after that. Mainly just need something to receive invoice payments, pay bills and pay for consumables etc....oh, and disburse PROFITS!
     
  7. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Transactional banking = CBA.

    If you start progressing into debtor/invoice financing then Westpac is an excellent lender.
     
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  8. D.T.

    D.T. Adelaide Property Manager Business Member

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    Attempted to go with NAB when I began my business and they were appalling. Had no idea what they were doing, set up the wrong products, never got back to me, deferred to interstate staff, stuff didn't end up even happening.

    Went to Macquarie and they were amazing. They set up exactly what I wanted exactly the way I wanted on the date I wanted. I have a specific persons number and email for everything I need. They had me in their office for an online banking training and bpay training sesh. Just good service all round.
     
  9. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I use ANZ - but if I was starting out again - I'd go with CBA.

    The few times I've needed something with ANZ - it's always been more difficult than it needed to be.

    On the other hand - with all my personal CBA stuff - they're usually awesome.

    Cheers

    Jamie
     
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  10. Propagate

    Propagate Well-Known Member

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    I have had great experiences with Macq too, use them for our home banking. Only issue is lack of branches, so they're out.

    Thanks @Jamie Moore it's sounding like CBA for the win.

    Cheers.
     
  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Pleasure @Propagate - best of luck with the biz

    Cheers

    Jamie
     
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  12. D.T.

    D.T. Adelaide Property Manager Business Member

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    Everything is online anyway.

    On the rare occasion we receive cheques (eg for state housing assisted tenants or insurance claims) , we can take them to any NAB branch and they clear the following day.

    What kinda business are you starting?
     
  13. Propagate

    Propagate Well-Known Member

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    @D.T. Agree, and happy to do all of banking online. Can't remember last time I set foot in a bank. My business partner is a bit old school though, and is never out of his bank. For business I just prefer the idea of having a face-to-face available locally if required.

    We're starting a structural drawing office, we produce the fabrication shop drawings for the structural steel framing in things like hospitals, stadiums, supermarkets, warehouses etc.