BankSA Freedom Business Account
New and existing business owners could appreciate the flexibility and ease in banking that the Freedom Business Account offers.
Keep your business banking separate from your personal finances with a flexible account that allows for both online access and branch transactions. You'll get a business Visa Debit Card which you can use to make unlimited free online and in store transactions, plus 30 free in-branch transactions a month.
Fee Free Deposit
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
|Product Name||BankSA Freedom Business Account|
|Monthly account fee||$10|
|ATM Withdrawal Fee||$0|
|International ATM Fee||$5|
|International transaction fee||3%|
|Monthly deposit required to waive account fee||$100,000|
|Contactless Payments||Google Pay, Apple Pay, Samsung Pay|
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This is a business transaction account that’s suited to businesses which make a combination of in-branch and online transactions. There’s a $10 monthly account keeping fee, and in exchange you’ll get 30 free in-branch transactions a month. This includes depositing and withdrawing cash and depositing cheques.
You’ll get a business debit card with this account which you can use to make unlimited EFTPOS and electronic transactions in Australia. Another benefit of banking with BankSA is you can use all Westpac Group ATMs for free, including BankSA, Westpac, St.George and Bank of Melbourne ATMs.
If you make more than 30 in-branch transactions a month, you could consider the BankSA Business Cheque Account Plus instead. This account has a $20, but you can make 70 free staff-assisted transactions a month.
You will be charged an $10 monthly account service fee which will be deducted right from your available balance.
You are allowed up to 20 deposits and/or withdrawals at a branch and 20 cheque deposits or merchant envelopes. If you do go beyond 20 you will be charged $1.00 per transaction.
There is unlimited use of online banking to access your account without incurring any fees.
Business Visa debit card
If you opt to link a Visa debit card to your business transaction account you can make an unlimited number of withdrawals for free using the ATM networks of BankSA, St.George, Bank of Melbourne and Westpac. You may be charged a third party fee for using an ATM outside of this network. The Visa debit card can also be used to make purchases in a store or online without any charge to you.
After signing up for online banking, you can further your flexibility with the BankSA app for Android or Apple mobile devices. This will give you complete access to your account, allowing transfers and balance checks as well as other features such as an ATM finder.
This account is only available for business owners or companies, and is not intended for personal use.
Free legal and tax advice
BankSA provides professional lawyers and accountants to assist their business account customers. You may contact them through email up to three times in regards to the same issue before you will need to continue with their service at your own cost.
How to applyOnce you have made your comparisons, if you find that the Freedom Business Account has the features you want you can apply online by visiting BankSA website.
You should check the following eligibility requirements first to make sure that your application will be accepted:
- Business registration. Your business must be registered to operate in Australia in order to qualify for this account.
- Residency requirements. You and any other individual listed on the account must be permanent residents of Australia.
- Depository requirements. An opening deposit of $1 is all that is needed to get this account started.
Once you determine that you and your business are eligible for the Freedom Business Account, you should gather the following information that will be asked for as you fill out your online application:
- Business registration. Your business must be registered in Australia. This is shown using your Australian Business Number (ABN), Australian Company Number (ACN), Australian Registered Business Number (ARBN) or Australian Registered Scheme Number (ARSN).
- Tax file number. The business Tax file number (TFN) will be used to help you avoid having to pay withholding tax on the account and to ensure that you are compliant with Australian tax laws.
- Personal information. If you are a sole trader then you will only need to supply BankSA with personal details pertaining to yourself, while a partnership will require details of two listed partners for the business. Companies need to give the personal information for the directors and/or the company secretaries.
What happens after I submit my application?
Once you have submitted the application online to the BankSA, a business account specialist will contact you within one business day. Once the information provided has been verified, you will receive a welcome pack in the mail which needs to be filled out and mailed back to the bank before you will be given details for your transaction account.