The Prospa Business Account is designed to help Australian small businesses manage their business expenses and everyday transactions. This account has no monthly fees or minimum balance requirements, the option to schedule payments and a mobile app to access your account 24/7. The account comes with a complimentary Prospa Business Visa Debit card which is accepted anywhere that takes Visa, plus Google Pay and Apple Pay are available.
Prospa Business Account
- Account keeping fee
- ATM withdrawal fee
- Overseas ATM withdrawal fee
This account could suit you if you’re a small business, sole trader or business owner and do most of your banking online. This business account has no monthly fees, no ongoing deposit requirements and no minimum balance requirement making it ideal for smaller businesses.
However, if you appreciate the option of assistance at any hour of the day or even just on the weekends, you should keep that in mind as Propsa’s support team is only available 9am-6pm Monday to Friday.
This account is also currently lacking a few features that other business accounts offer, including an overdraft facility, Xero integration and invoice and expense management tools. However Prospa says these features are all on the way and will be available soon.
No monthly fees or minimum balance requirements
Complimentary Prospa Business Visa Debit card
Schedule payments in advance
Apple Pay and Google Pay available
Overdraft facility currently unavailable
Support team not available 7 days a week (only available 9am-6pm Monday- Friday AEST)
Xero integration currently unavailable
|Prospa Business Account
|Monthly account fee
|Own network ATM fee
|International transaction fee
|Monthly deposit required to waive account fee
|Apple Pay, Google Pay
|Minimum opening deposit
No monthly fees
There are no monthly account-keeping fees attached to this business account.
No monthly minimum deposit or ongoing balance requirement
There are no monthly minimum deposits attached to this business account, and you don't need to maintain a minimum balance.
Deposit funds easily
You can deposit funds into the account easily using your BSB and Account Number.
You can make real time payments to other bank accounts with different banks as well as make BPAY payments.
Pay in advance
You can schedule payments in advance. These payments can either be one off or recurring, and can be cancelled if necessary.
Free Prospa Business Visa Debit Card
This account comes with a Prospa Business Visa Debit Card which you can use to make purchases in person and online. This card is accepted anywhere that takes Visa worldwide.
Apple Pay and Google Pay available
You can link your account to Apple Pay or Google Pay to make secure, contactless payments with your phone or wearable device.
Access to fee-free ATMs
Prospa does not charge ATM fees to withdraw cash. However, you may be charged a withdrawal fee by the ATM operator. You can use your Prospa Business Visa Debit Card at Westpac, CommBank, NAB and ANZ ATMs with no fee.
Prospa mobile app available
You can access your Prospa business account and manage your money anywhere and at any time via the mobile app.
You can download statements in both PDF and CSV format to access your business' information.
How to apply
The Prospa Business Account is available to business owners, sole traders, partnerships and trusts and is not available for individual personal use. Applying for this account online takes around 5 minutes.
- Minimum age. You must be at least 18 years old.
- Australian citizen or permanent resident. You must be an Australian citizen or permanent resident.
- Business requirements. You must be the owner or director of the business, and you will need to provide a valid ABN or ACN number.
- Business identification. You will need to have your valid ABN or ACN handy.
- Personal identification. New customers will need to provide identification documents when applying such as your driver's licence, Australian passport or Medicare card.
- Details about other directors. You will need to have details of any other directors of your business (if you have more than one director).
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