Best bank for Business Account?

[Victoriagal]

We signed on the dotted line this week! New business venture to keep us busy so now the hard work starts. So much to do, so little time...

 

First stop is setting up the business account and merchant banking facilities. Does anyone have any views on who offers the best rates/service? Our personal account is with the CBA and they were pretty good with giving us a good deal, probably because there was a healthy bank balance but that's gone now on buying the business! :swoon:

 

Appreciate any thoughts before I start doing the rounds next week.

[Victoriagal]

Off to see my bank manager...

 

So no small business owners with pearls of wisdom on which bank is the best of a bad lot?

[LKC]

I have my business accounts with Westpac, solely because I have my private accounts with them and it just made sense (as a sole trader) to keep everything in one place. I don't have a merchant account, but to be honest when I did look around to see if it would be worthwhile, the banks were all much of a muchness.

 

Sorry, that wasn't ever so helpful!

[Victoriagal]

I have my business accounts with Westpac, solely because I have my private accounts with them and it just made sense (as a sole trader) to keep everything in one place. I don't have a merchant account, but to be honest when I did look around to see if it would be worthwhile, the banks were all much of a muchness.

 

Sorry, that wasn't ever so helpful!

 

No worries - thanks for that. I bank with CBA and the fees she gave me were not dissimilar to what I was paying in NZ. I think the merchant banking may be the one that varies a bit. CBA are promoting theirs on the basis the transactions are paid into your account on the same/next day? WTF - I can't believe in this day and age that is a marketing tool - it should be a give it!

 

In NZ we had our merchant banking with a different bank to our business account as it was cheaper so I may explore that option too.

 

​Cheers