Starting, managing and growing a business is no easy task, which is where the Commonwealth Bank of Australia comes in. As well as offering products that are essential for the financial management of your business, CommBank provides a range of resources, services and technologies that can help with your business's progression. From developing your business plan and choosing the right type of finance to buying, selling, managing or growing your business, CommBank offers support for companies both large and small.
Business Account Offer
An everyday transaction account with no monthly account keeping fee and a linked business Visa Debit card to help you manage your business transactions. Make unlimited electronic transactions for free. Switch to the $10 monthly account fee option and get 20 free staff-assisted transactions per month.
- Monthly account fee: $0
- Linked debit card: Visa
- Atm withdrawal fee: $0
- Assisted transaction fee: $3
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What are the types of business banking products from Commonwealth Bank?
- Business accounts. The range of accounts available include the Business Transaction Account, Premium Business Cheque Account, Business Online Saver, Business Visa Debit Card and the Farm Management Deposit Account.
- Business credit cards. CommBank has a range of credit cards specifically designed for businesses, with the Business Awards, Interest-Free Days card and Low Rate card. It also offers a Corporate credit card for larger companies.
- Merchant services. CommBank offers a full range of merchant services and facilities, including EFTPOS machines and eCommerce solutions. It even has its own range of portable card payment processing machines – Albert, Emmy and Leo – and offers 24-hour support services.
- Business loans. Whether you’re reinvesting in your business or expanding your company, CommBank offers a range of business loans that could be suitable. These include the BetterBusiness loan, Market Rate Loan, Bill facility, Business Overdraft, Business line of credit and CommSec margin loan. CommBank also offers car equipment and finance loans, credit cards and bank guarantees.
- Asset finance. There is a range of car and equipment finance solutions with payment plans that can be designed to suit the cash flow of your business. You can choose from car finance, equipment finance, medical equipment finance and technology equipment finance.
- Superannuation. CommBank has both employer superannuation and self managed super fund (SMSF) options and can create tailored super solutions for your business's needs. Products include Essential Super, FirstChoice Employer Super and a self-managed super fund.
- International money management. CommBank offers a range of services for businesses that deal with international transactions, with products for importers, exporters, international payment solutions and China and RMB solutions.
- Investments. CommBank offers short-, medium- and long-term investment options that could help you cover cash flow shortfalls, finance business expansion and build wealth for the future.
- Insurance. The business insurance products available through CommBank include life insurance, Business Overheads Cover, wholesale life insurance, income protection packages and vehicle insurance.
What are the features and benefits of a Commonwealth Bank business products
- Online banking. If your business requires around the clock attention, such as FX transactions or international trading, then CommBank's online banking platform could be a great tool for your business. NetBank for business is ideal for small business owners, whereas CommBiz is designed for a corporate environment.
- Managing risk. It's important to protect your exposure to risk at every stage of your business's development and growth. CommBank offers services to manage your commodity risk, currency risk and interest rate risk to help protect you against economic changes and market fluctuations.
- News, updates and tools. CommBank offers you access to expert advice, market updates and a range of tools that can help you run your business better. This includes business analysis tools, budget updates, industry updates (such as "Agri Insights") and results from the Future Business Index.
How do I apply for business banking with CommBank?
The application process depends on what type of product or service you wish to apply for. It also depends whether you intend to start your own business or if you’re looking for a product that will help you run your existing business.
If you already have a NetBank account, you can apply straight away for the following products.
- Business transaction account
- Premium business cheque account
- Merchant solutions
- Business Online Saver
- Business Awards credit cards
- BetterBusiness loans
- Equipment finance
You may need the following documentation for your application:
- Business and financial plan
- Personal and business information
With such a wide range of services available from CommBank, it's a good idea to consider what your business needs so you can choose the products that are suited to your goals. You may also want to consider talking to a CommBank representative about how these products can be tailored to your specific business needs to help you get a solution that really works for your business.