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Which bank for best fees and rewards ?

Discussion in 'Small Business' started by annaw5599, 28th May, 2016.

  1. annaw5599

    annaw5599 Active Member

    Joined:
    20th Mar, 2016
    Posts:
    26
    Location:
    Wynyard
    Who does everyone who has a small business use for banking? After a transactional account.... Is there a website you can use to compare what they offer in terms of fees and rewards ?? Turnover of the business we are starting is at around $300000. Not sure what the best way to go about this is (so new to this!) catching up with a mentor next week so will chat to him but just wanted to throw it out here ...
     
  2. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,167
    Location:
    Adelaide, SA
    With business banking, it's going to be a case of assessing what your business actually needs and balancing this with the offers.

    Some lenders will have competitive transactional products, others POS facilities, others business/commercial lending. Figure out what is important to you most in this regard and it makes it a lot easier to decide on.

    In terms of 'rewards', I find biz banking is more about gouging you than rewarding, so perhaps best to find the one which gouges you the least. ;) Bankwest, Bendigo Bank etc offer nil monthly fee transactional, CBA comes up often for their POS facilities being competitive for certain industries. ANZ/STG for those looking at commercial, biz lending can have some side benefits which will make your life easier later on.