Business Bank Accounts

No – mixing personal and business finances can create a multitude of issues when it comes to distinguishing which funds belong to which party and can make declaring incomes for tax purposes more difficult. Separating the two simplifies this process overall, while also establishing a greater sense of professionalism in providing clients or customers with business details rather than personal ones.

You can – you may find that it’s less complicated to run one bank account than two, particularly if the turnover from your business isn’t too high. However, it’s probably better to split these accounts to save any confusion caused by your personal income and expenses.

Applying to open a business bank account online is very straightforward. After you’ve compared the best business and small business bank accounts, which you can do with Savvy, the next step is your application. You’ll need identification documentation, as well as documents like your ABN and tax file number. Once all of these have passed your financial institution’s checks, you’ll be free to use your business bank account.

Yes – these are quite simply known as fee-free business bank accounts. While these may not cover all the fees listed earlier, they’ll usually waive the most common ones like monthly account fees and ATM withdrawal fees. Make sure you read over the fine print thoroughly to see how free of fees your account actually is.

Probably not – business bank accounts usually don’t have interest rates associated to boost your account total. This is because they’re more for everyday usage, with a potentially wildly fluctuating account total. If you’re specifically looking for an account to accrue interest on your total, you’d be better off looking to open a business savings account.

Business savings accounts are designed to be tools to grow your business’ savings over time through interest, which isn’t the case for business bank accounts. These are more utilised for regular, everyday expenses and won’t be able to give you any meaningful interest return.

Yes – this can happen often if you stumble across an account with better fees or conditions that suit your needs more. You’ll most likely have to open your new business bank account and then transfer your funds from your previous ones over before ultimately closing it. It’s wise to always keep your eye out for the best account offers on the market, as they can both save you money and make your business dealings that much easier.

Business Banking Online is a service offered by financial institutions to ensure your business banking experience is made simpler and more effective. This can increase security by adding further layers and mechanisms to prevent breaches and grant access to other employees to whichever areas you see fit (there may be some accounts that only you can view, while others which relevant workers can also access). One of the primary benefits of this service is to ensure that their banking is made more efficient, namely through the use of allowing bulk files to be uploaded that take much of the hassle out of paying expenses like employee wages or for regular expenses.

Yes – business owners can curate their online portal with all of their various accounts, which can in some cases equal well over 100, which simplifies the overall running of your business’ finances and day to day expenses.