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.
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.
What are the features of the Bank of Melbourne Business Access Saver Account?
As you compare the differences between business savings accounts with different banks, you should pay close attention to the following features of the Bank of Melbourne Business Access Saver:
- 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 do you apply for the Bank of Melbourne Business Access Saver Account?
If you think your business will benefit from the Business Access Saver, the Bank of Melbourne allows you to complete an application online.
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.
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.
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.