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Products And features On Offer For Agribusiness
26 May 2016
Outstanding products and features on offer from each of the institutions rated by CANSTAR in the 2016 Award for Bank of the Year – Agribusiness.
Each year CANSTAR researches and rates the agribusiness products and services on offer by Australian institutions, and in 2016 we have rated 7 providers:
- ANZ
- BankWest
- Bendigo Bank
- Commonwealth Bank
- NAB
- Suncorp Bank
- Westpac
Each of these institutions has something different to offer agribusinesses, so we’ve compiled a list of one outstanding product or feature of each institution rated.
Compare Agribusiness Solutions with CANSTAR
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ANZ Bank
ANZ’s Agri Finance product is a flexible loan for agribusiness, with seasonal payments available.
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Bankwest
Bankwest’s Business Zero Transaction Account is a business transaction account with no ongoing fees and no fees for everyday transactions.
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Bendigo and Adelaide Bank
Bendigo and Adelaide Bank is present in regional Victoria and South Australia, and they offer a very complete solution to agribusinesses – including farm insurances.
Commonwealth Bank
CommBank’s Agribusiness Line of Credit product is a long-term debt facility.
NAB
With NAB’s Business Package, agribusiness owners can choose a package that delivers the products they need, with the flexibility to change or rearrange these products as the business evolves.
Suncorp Bank
Interest rates on Suncorp’s At-Call Farm Management Deposits (FMD) can be as low as 0.01% p.a., especially on small balances. Suncorp is offering 1.5% on balances from $1,000 to $400,000. Their Fixed-Term Farm Management Deposit (FMTD) rates are very competitive, too.
| Product | Minimum Balance | Annual Interest Rate |
|---|---|---|
| At-Call FMD | $1,000 – $400,000 | 1.50% p.a. |
| 1 month FMTD | $1,000 – $49,999 | 2.35% p.a. |
| 6 month FMTD | $1,000 – $49,999 | 2.95% p.a. |
| 12 month FMTD | $1,000 – $49,999 | 3.00% p.a. |
| 24 month FMTD | $1,000 – $49,999 | 3.10% p.a. |
| Source: Suncorp Bank | ||
Westpac
The Westpac Altitude Business Platinum credit card offers some handy features:
- Earns 3 points/$1 on the American Express and 1 point/$1 on the Visa.
- No limit on the number of points that can be earned in a year.
- Annual fee of $295/year, but no annual fee for the first year currently.
Does your current banking institution measure up? To find the right mix of features and price for your farm, compare agribusiness banking solutions with our report for the Bank of the Year – Agribusiness Award.
Compare Agribusiness Solutions with CANSTAR
ANZ Bank
Bankwest
Bendigo and Adelaide Bank
