One of the key pieces of advice I always share with entrepreneurs and small business owners, is to separate their personal and business finances from the very beginning!
This means having at least one bank account for your business is a must.
Why? Because using only one account for all of your business and personal transactions can make it very tricky to clearly see what’s coming into the business and going out of it, and it’s therefore difficult to determine how you’re truly tracking.
Plus, when it comes to doing your reconciliations, the process can take a whole lot longer – and if you outsource to a bookkeeper, this will mean their fees could be higher each month.
So, whether you’re just starting out, are looking to get a little more from your bank, want to get those savings to work for you, or have a global client base, below are five accounts you may want to consider.
Looking to reduce your fees, or just starting out?
AMP’s Access Account is one to keep in mind if you want to cut costs, or keep them down while your biz gets off the ground:
- Monthly account fee: $0
- Online transactions: Free, unlimited
- Syncs with bookkeeping software: Yes
- Open: Online
If you’re seeking a mix of in-person and online banking
Westpac’s Business One Low account may be perfect for your needs:
- Monthly account fee: $10, plus they offer a free Business One Flexi if you do prefer to do most of your banking online.
- Transactions: Up to 25 free staff-assisted transactions a month, and free, unlimited online transactions.
- Syncs with bookkeeping software: Yes
- Open: Online if you’re a sole trader or one-director company, otherwise you can head into a branch.
After some added assistance?
NAB’s Business Everyday Account may be worth exploring:
- Monthly account fee: There is an $0 option or $10 option if you need things like banker assisted deposits or withdrawals.
- Online transactions: Free, unlimited
- Syncs with bookkeeping software: Yes
- Open: Online
For if you’re ready to get the most out of those savings
If you’ve been operating for a little while and have made some cash, rather than let it sit in your account, why not get it to work! Consider an account with interest rates, which also has zero fees, such as ING’s Business Optimiser:
- Monthly account fee: $0
- Welcome interest rate: 1% (for the first six months)
- Ongoing interest rate: 0.60% p.a.
- Open: Complete application online and post for free
Have clients in different parts of the world?
The pandemic has no doubt prompted the rise of remote working, which means servicing clients globally, all from one location is more common than ever.
If this sounds like you, a global solution like the Airwallex may be suitable:
- Monthly account fee: $0
- Other fees: FX Margin of 0.5 – 1.0% above Interbank
- Open: Online
Next steps…
Interested in honing in on your goals, and need some help determining which bank account/s might be best for your business? Book a complimentary consultation with us here!
*This article is a guide only. MicroChilli always recommends consulting with a financial professional and banking institutions prior to opening any form of bank account.
0 Comments