St.George Freedom Business Account Review & Open Account

Product details

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.

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

Product Name: St.George Freedom Business Account

Monthly Account Fee: $10

Debit Card Access: Visa

ATM Withdrawal Fee: $0

Interest Rate p.a.: 0.00%

Details: No ATM fees when using St.George / Westpac / BankSA ATMs

Joint Application: Yes

Fee Free Deposit p.m.: N/A

Overseas ATM Withdrawal Fee: $5

Phone Banking: Yes

Fees: $10

Internet Banking: Yes

What are the features of the St.George Freedom Business Account?

The Freedom Business Account has a number of features and benefits that make it worth looking into, especially for new business owners. Compare these features with other banks to see which one is providing you with the most versatility in fulfilling your financial needs:

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 20 deposits and/or withdrawals at your local St.George branch plus 20 cheque deposits or merchant envelopes. If you exceed 20 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.

Pros

There are free transactions per month
Free email legal and tax advice

Cons

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

How do you apply for the St.George Freedom Business Account?

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

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.

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.