Managing your GST liability is an important task for every business owner, and BDCU Alliance Bank’s GST Withholding Account is designed to make this task as easy as possible. Combining some of the best features of business savings and transaction accounts, the GST Withholding Account can be used when you want to set money aside to meet your GST obligations. While the money is sitting in your account, it earns interest at a competitive tiered rate of up to 1.25% p.a.
You can also take advantage of no monthly fees and no minimum balance requirements. The first three withdrawals you make each month are free, and you can access your money via Internet banking, phone banking, cheque and in branch.
What are the features of the BDCU Alliance Bank GST Withholding Account?
No minimum opening or monthly balance
The BDCU Alliance Bank GST Withholding Account does not have any minimum opening or monthly balance requirements. This provides flexibility and allows you to manage your funds however you like.
No monthly transaction fee
There is no monthly service fee attached to this account, which is one extra expense you won’t have to worry about for your business.
Tiered interest of up to 1.25% p.a.
The BDCU Alliance Bank GST Withholding Account allows you to earn interest on your GST funds while you are holding them. The tiered interest rate structure applies as per the table below, with interest paid on the portion of your balance in each tier.
Interest calculated daily
Interest on the BDCU Alliance Bank GST Withholding Account is calculated on your daily closing balance and credited quarterly.
Funds available at call
The funds in your account are available at call and you can access your money via Internet and phone banking, cheque book, and branch deposits and withdrawals.
First three withdrawals per month free
The first three withdrawals you make from your account each month are free. Subsequent withdrawals incur a $3 fee.
- No minimum opening or monthly balance
- No monthly transaction fee
- Tiered interest of up to 1.25% p.a.
- Funds available at call
- No ATM/RediATM access
- $3 withdrawal fees per transaction after three free transaction per month
What you’ll need to know before applying
If you’re looking for a business bank account to help you stay on top of your GST obligations and earn interest at the same time, the BDCU Alliance Bank GST Withholding Account is well worth investigating. Click one of the “Find out more” links on this page to be taken to the BDCU Alliance Bank website where you can find out all you need to know to apply for an account.
You cannot apply for this account online, but BDCU Alliance Bank offers three ways to apply:
- Download and complete a form. You can download, print and fill out a form from the BDCU Alliance Bank website. Completed forms can be submitted by post or in person.
- Visit an Advice Centre. Visit your nearest BDCU Alliance Bank Advice Centre to complete an application in person.
- Apply over the phone. You can also phone BDCU Alliance Bank and be guided through the application process.
New BDCU Alliance Bank customers will need to provide proof of ID, such as a driver’s licence or passport, before opening an account. You will also need to supply a range of information about your business, including:
- Its name and address
- Its ABN/ACN
- Its contact details
- The details of all beneficial owners of the account
You will need to satisfy the below criteria in order to be eligible to apply for a BDCU Alliance Bank GST Withholding Account:
- Age requirements. You must be at least 18 years old in order to apply.
- Business requirements. This account can only be opened by a business, company or trust, which must be registered in Australia.
The GST Withholding Account can help you and your business take charge of your GST liability and boost your bottom line at the same time, so make sure to include it in your calculations when comparing a range of business bank accounts.