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Our verdict

Your business surplus funds can continue to work when you park them inside of the Business Access Saver account from the Bank of Melbourne.

You can benefit from 24/7 access via Internet and Phone Banking, if this account is linked to an eligible Bank of Melbourne everyday account.

Pros

Earn competitive interest
$0 monthly account keeping fees
24/7 access online, over the phone and through your linked account

Cons

Need to link to one of the Bank of Melbourne’s eligible business transaction accounts
Only 4 free branch transactions

Business owners can take advantage of a competitive interest rate on any excess capital by keeping it secure in the Bank of Melbourne Business Access Saver. With no minimum monthly balance to maintain, and free internet banking, a business owner has total control of when they can save and for how much.

Details

Key details

Product Name	Bank of Melbourne Business Access Saver
Maximum Variable Rate	1.35% p.a.
Standard Variable Rate	1.35% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Interest rate

With the Business Access Saver your saved capital will be earning a competitive variable interest rate monthly.

Interest calculation

The interest is calculated on your daily balances and then paid into the account at the beginning of the following month.

Minimum balance

There are no balance requirements for the Business Access Saver.

Linked account

In order to benefit from this account you will need to link it to one of the Bank of Melbourne's eligible business transaction accounts. Both accounts will have to be in the same business name.

Accessibility

Your account can be accessed by phone, online or with an app for unlimited free transactions and transfers. You are also allowed to make transactions at a Bank of Melbourne branch four times a month. If you exceed the limit you will be charged $3.00 per transaction.

Mobile banking

If you use the Bank of Melbourne's online banking service, you can download the app from the iTunes or the iPhone App Store under Bank of Melbourne banking apps, and access your account from your mobile phone or tablet. This feature allows you to check your balance, make transfers and payments and view earned interest from a mobile device. The app is compatible with an iPhone, iPod Touch, Nokia 5800, Nokia N97, HTC Dream, HTC Desire or Samsung i890 Omnia HD.

Fees

There is no monthly account keeping fee, but there may be one with the linked transaction account.

How to apply

If you think your business will benefit from the Business Access Saver, the Bank of Melbourne allows you to complete an application online.

Eligibility

Before applying online check that you are able to meet all of the following requirements:

Linked account. You must have a transaction account with the Bank of Melbourne that is listed with the same business name as the savings account will be.
Business registration. The business must be registered in Australia.

Depository requirements. There is no minimum deposit requirement for the Business Access Saver account.

Documentation needed

You are going to need to provide information that can be found on certain documents related to your business. To make it easier while filling out the application have the following information ready:

Tax file number. A tax file number (TFN) is required to ensure that you are compliant with Australian tax laws.
Business number. Any of the following will be accepted by the Bank of Melbourne as proof that the account is being opened for an Australian based business; Australian Business Number (ABN), Australian Company Number (ACN), Australian Registered Business Number (ARBN) or an Australian Registered Scheme Number (ARSN).
Everyday account number. Have your business transaction account number with the Bank of Melbourne readily available.

What happens after I submit my application?

Filling out the application online should take about ten minutes. Once complete and submitted the Bank of Melbourne will verify all of the information and then open a savings account in your business name.

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Alison Finder

Editor

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October 10, 2017

I want a business transaction account that includes: internet banking, zero fees and monthly summaries of money in and out.

Danielle

October 10, 2017

Hi Cj,

Thank you for contacting Finder.

If you scroll up, you will see that the Bank of Melbourne does have the features you ate looking for in a business account. But if you wish to compare this and more options, you can check our list of a small business bank accounts. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.

Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

I hope this helps.

Cheers,

Danielle

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Bank of Melbourne Business Access Saver Account

Our verdict

Pros

Cons

Details

Key details