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Our verdict

The St.George Freedom Business Account could provide the flexibility in banking that every business needs

One of the most popular business accounts offered by St.George that's flexible.

Pros

There are free transactions per month to Up to 30 fee-free transactions per month
Free email legal and tax advice

Cons

No interest earnt on the account
Flat rate $10 monthly fee

As your business needs to evolve, so does your bank account. The Freedom Business Account has a range of features, allowing banking in-branch with online access. Link the account with a Visa Debit card with fee-free withdrawals from eligible ATMs and purchases.

Details

Key details

Product Name	St.George Freedom Business Account
Monthly account fee	$10
Card access	Visa
Own network ATM fee	$0
International ATM Fee	$5 + 3%
International transaction fee	3%
Monthly deposit required to waive account fee	$100,000

Eligibility

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	$1

Key features

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Monthly fees

There is an $10 monthly service fee deducted from your account.

Fee free banking

Each month you are allowed to make up to 30 deposits and/or withdrawals at your local St.George branch plus 30 cheque deposits or merchant envelopes. If you exceed 30 in one month, you are going to be charged $1.00 for each additional transaction.

Online banking

You are allowed an unlimited number of online transactions without having to pay a fee.

Debit card

You are given the option of a Visa business debit card that is linked to your transaction account. With this you are allowed to make an unlimited number of withdrawals using the ATM network of St.George, Bank of Melbourne, Westpac and BankSA. If you use an ATM outside of this network you could incur a charge from the issuing bank. You can also use the Visa business debit card to make purchases online or in person without any charge or interest fees.

Mobile banking

Once you have signed up for online banking, you can download the St.George app to your smartphone. Compatible with both iOS and Android devices, the app gives you complete access to your account no matter where you are.

Account use

This account is not for personal use. Only businesses registered in Australia are permitted to open a Freedom Business Account.

Tax and legal services

St.George is able to offer you legal and accounting advice when you submit a question through email. There are up to three enquiries allowed pertaining to the same topic. You will have the option of continuing the professional service at your own cost.

How to apply

If your comparisons show that the St.George Freedom Business Account is able to give your business the most benefit you can apply online.

Eligibility

Before moving on to the secure application page, ensure that you and your business are eligible for the account:

Registered business. Your business will need to be registered to operate within Australia as a condition of opening the Freedom Business Account.
Residency requirements. Any individual listed on the account must be an Australian permanent resident.

Depository requirement. You can start your transaction account for business with an initial deposit of $1.

Documentation needed

The next step after determining that you are eligible is to get together the following documentation. This will make filing out the application easier:

Business number. The business must be registered in Australia. You will need to provide proof of this by using any one of the following; Australian Business Number (ABN), Australian Company Number (ACN), Australian Registered Business Number (ARBN) or Australian Registered Scheme Number (ARSN).
Tax file number. Your business tax file number is used by St.George to ensure that you are not paying any unnecessary withholding tax.
Personal details. Sole traders will need to provide their personal information. If your business operates as a partnership, than the details of at least two partners is required. A company applying for this account will need to give St.George personal details about the directors and/or the company secretaries.

What happens after I submit my application?

After the online application has been submitted to St.George you will be contacted by one of their business account specialists by phone on the next business day. After verifying the information you will be mailed a welcome pack which must be filled out and then returned to the bank in order for them to open your business transaction account.

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Alison Finder

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Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

St.George Freedom Business Account

Pros

Cons

Key features

Monthly fees

Fee free banking

Online banking

Debit card

Mobile banking

Account use

Tax and legal services

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other business transaction accounts

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