The Commonwealth Bank Business Online Saver is a flexible savings account designed to give you total access to your funds, while still paying you interest on your balance. There are no minimum deposit requirements to meet or monthly fees to pay with this savings account. However, you need to maintain a balance over $10,000 to earn interest.
This account doesn't charge a monthly fee and provides instant access to your funds with online and phone banking.
What are the features of the Commonwealth Bank Business Online Saver account?
When choosing a savings account product for your business, you want to ensure that it is designed to help you meet all of your business needs:
- No fees. You will not be charged any monthly account keeping or maintenance fees for the Business Online Saver.
- Earned interest. You will earn a competitive rate of interest on balances that are over $10,000. Balances less than this will earn no interest.
- Calculating interest. Your interest is calculated on a daily basis and paid into the account monthly.
- Linked account. In order to use this account correctly, you must have it linked to a Commonwealth Bank Premium Business Cheque Account or Business Transaction Account in the same name.
- Minimum balance requirements. There is no minimum balance requirement, but you must have at least $10,000 in the account in order to earn any interest.
- Making deposits and withdrawals. All transactions must be made electronically through the linked account (fees may apply to the linked account).
- $0 account keeping fee
- Linked cheque account may have fees
- $10,000 balance required to earn interest
How do you apply for the Commonwealth Bank Business Online Saver?
Applying for the Commonwealth Bank Business Online Saver can be done from the comfort of your office chair. You can start an online secure application by visiting their website which you can fill out in your spare time. Before you get started, make sure that you and your business are eligible for this account:
- Minimum age. Applicants for the Business Online Saver must be at least 18 years of age.
- Residency requirements. The business that this account is serving must be registered in Australia.
- Depository requirements. There are no minimum deposit requirements, but you will need a balance of at least $10,000 in order to qualify for earning interest on your balance.
You will also need to provide documentation when filling out the application in order for Commonwealth Bank to be able to open your account. This will include:
- Tax file number. By providing your tax file number (TFN) or exemption code, you are ensuring that the earned interest on the account is being taxed at the correct rate.
- Identification. All persons named on the account must provide proof of identity. This could include your passport or driver’s licence along with other identifying documents.
- Business information. You will be required to provide your Australian Business Number (ABN) or Australian Company Number (ACN). Along with that you will be asked to give information about all of the owners and/or directors of the business.
- Linked account information. In order to open the account you will have to provide the Commonwealth Bank business transaction account number that this one will be linked to. Keep in mind that it must be issued in the same name in order for Commonwealth Bank to process your application.
It will take Commonwealth Bank a few days to review your application and provide you with the details of your new account. All information will be sent to the email address you gave including any requests for more documentation if necessary.