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BankSA Freedom Business Account

Alison Banney
Alison Banney
Last updated:  

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.

$100,000

Fee Free Deposit

$10

Account keeping fee

$0

ATM withdrawal fee

$5

Overseas ATM withdrawal fee

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Details

Product NameBankSA Freedom Business Account
Monthly account fee$10
Card accessVisa
ATM Withdrawal Fee$0
Internatonal ATM Fee$5
International transaction fee3%
Monthly deposit required to waive account fee$100,000

Expert review

Alison Banney

Review by

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

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.

Key features

Monthly fees

You will be charged an $10 monthly account service fee which will be deducted right from your available balance.

Transaction fees

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.

How to apply

Once 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.

Eligibility

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.

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