Product details
Keep your business banking separate from your personal finances with a flexible account that allows for both online access and branch transactions. With a business Visa debit card and an unlimited number of free online transactions, managing your business capital while managing a new business can be easy.
You can use this account to pay others and receive pay.
- Product Name
- BankSA Freedom Business Account
- Monthly Account Fee
- $10
- Debit Card Access
- Visa
- ATM Withdrawal Fee
- $0
- Interest Rate p.a.
- 0.00%
- Details
- Unlimited fee-free electronic transactions, fee-free ATM withdrawals at St.George, BankSA, Bank of Melbourne and Westpac ATMs.
- Joint Application
- Yes
- Fee Free Deposit p.m.
- $0
- Overseas ATM Withdrawal Fee
- $5
- Overseas Eftpos Fee
- 3%
- Phone Banking
- Yes
- Fees
- $10
- Internet Banking
- Yes
What are the features of the BankSA Freedom Business Account?
When looking at business transaction accounts that are provided by various banks, keep the following features of the Freedom Business Account in mind:
- 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.
- Other fees. 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.
- BankSA app. 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.
- Purpose. 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.
Pros
- Unlimited fee-free electronic transactions
- Fee-free ATM withdrawals at St.George, BankSA, Bank of Melbourne and Westpac ATMs
Cons
- $10 account keeping fee
- Need to be an Australian resident
- Not intended for personal use
How do you apply for the BankSA Freedom Business Account?
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.
- Depository requirements. An opening deposit of $1 is all that is needed to get this account started.
Documentation
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.
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.
