3 strategies to unlock more value from your business banking

As a small business owner, you know the importance of getting value for your money. Your financial services should be no exception – and that extends to your bank fees.

Business bank account fees can sometimes feel like a routine part of running a business.

However, with the right account, these fees can mean access to measurable benefits, which can contribute to the overall efficiency and growth of your business.

Here are three ways to make sure you're getting the most out of your business banking.

More about NAB Business Banking

1. Find a bank that's upfront about fees

When banks aren't clear about their fees, it becomes difficult to understand exactly what you're paying for, and unexpected charges can disrupt your monthly budgeting.

If you know what you're paying for, it's easier to make smart choices and keep unexpected fees from catching you off guard.

NAB is committed to a transparent fee structure for its business transaction accounts. NAB has a specific account with no monthly fee, or for businesses that need extra services, there is a low fee option.

That's as transparent as it gets.

2. Find a business bank account that matches your needs

Every business is different, and the bank account you use should reflect that. A sole trader who works entirely online has different needs than someone running a restaurant that takes cash.

With this in mind, you should look at the balance between fees and services on your account.

If you're paying fees for features you don't use and not getting enough features that you need, consider looking for an account that offers better value for your money.

NAB understands this, and offers different business bank accounts with different fee structures:

• NAB Business Everyday Account ($0 monthly fee): If your business mainly transacts online, doesn't need a lot of in-branch assistance from a banker and doesn't deal with cash or cheques, this account helps save you money on fees while giving you a simple way to manage your business banking needs.
• NAB Business Everyday Account ($10 monthly fee): This account is aimed at bigger businesses or those that have complex transactions, or businesses that may handle cash or customers paying with cheques.

3. Look for a bank account that gives you more

A business bank account is more than just a place to send and receive money. It should also offer you features to help you grow your business.

NAB offers useful tools and software integration on all their bank accounts, so it can plug into your daily workflow.

Additionally, NAB business bank accounts give you:

• A business Visa debit card. You can use your business Visa debit card to access your funds on the go, handle cash withdrawals and make contactless payments.
• Software integration. Save time, control cash flow and make tax time easier by linking your NAB account to your accounting software.
• Expert support. NAB has a Sole Trader Resource Centre that provides educational material to NAB business customers about things like taxes and how to grow your business.
• Rewards. Unlock exclusive partner offers and benefits to help support your everyday business needs.

Your account fees should be transparent and suited to how your business operates. You should also be able to benefit from useful tools, so your banking can support everyday efficiency and long-term growth.

With the right fit, fees become an investment, not just a cost of doing business.

Learn more about benefitting from your fees with NAB

Any advice has been prepared without your objectives, financial situation or needs. Before acting on any advice, you should consider whether it is appropriate for your circumstances and view the Product Disclosure Statement or other disclosure document, available from NAB, before making any decisions regarding these products. Target Market Determinations for NAB products are available at nab.com.au/TMD. Products are issued by National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.