Commonwealth Bank Business Banking
“CommBank CAN.” (CommBank)
CommBank wins 2017 Bank of the Year – Small Business Award
Commonwealth Bank has won Canstar’s 2017 Bank of the Year – Small Business Award in our latest small business banking research. CommBank’s success in this award marks the third year in a row that it has won – an impressive feat. Canstar congratulates CommBank on its success.
To find out what CommBank offers business owners and why they are this year’s award-winning small business bank, read on.
CommBank business banking features
CommBank is one of Australia’s leading providers of business banking products, as evidenced by its success in our awards. CommBank offers excellent products and services in the following categories:
- Business credit cards
- Business loans
- Business bank accounts
- Merchant services
- Other institutional factors
Business credit cards
CommBank’s Business Awards Platinum credit card was a recipient of a 5-Star Rating in Canstar’s Outstanding Value Business Credit Card research for 2016.
This Platinum credit card allows businesses to earn 3 Frequent Flyer points for every dollar spent on eligible purchases (supermarkets, department stores petrol stations etc.) using the American Express card on the account, while all other purchases earn 0.5 points per dollar spent.
This makes it an ideal card for businesses who spend a significant amount on their CommBank American Express card.
The card also comes with a host of other useful features, such as:
- Up to 55 interest-free days on purchases
- Instantly updated transactions
- Transaction location mapping
- 24/7 emergency assistance
- Entertainment privileges in Priceless program exclusive to MasterCard cardholders
CommBank has a variety of other business credit cards on offer, and you can see what they are in the table below, or by comparing your options on the Canstar website.
Check out the below comparison table to view frequent flyer Commbank business credit card rates currently on the market.
The Business Line of Credit loan from CommBank was rated 5-stars for Outstanding Value in 2016 and has done so again in 2017.
This flexible line of credit account is available for any amount over $50,000 and gives businesses excellent value for money and easy access to their funds.
It allows businesses to save on interest by only paying for the funds they use, making it especially useful for business owners who are looking for cashflow assistance to help with purchases and invoices (e.g. to upgrade equipment) rather than spending a large chunk of their own money.
Have a look at some other business loan products offered by CommBank in the table below, or by comparing business loans on the Canstar website.
Take a look at our comparison table snapshot below, or try out these comparison tables for yourself here. Please note that this table has been formulated based on the loan being secured by commercial property, for a loan of $250,000 in NSW, and is sorted by our star rating (highest to lowest).
Business bank accounts
CommBank offers a plethora of business banking accounts, but there are two in particular that offer Outstanding Value according to Canstar:
- Business Transaction Account
- Premium Business Cheque Account
CommBank’s Business Transaction Account account costs businesses just $10 a month in account keeping fees, which includes unlimited electronic transactions as well as 20 cheque or quick deposit transactions free of charge a month. This account also links to a CommBank business online saver account, giving you easy access to your businesses savings. You can learn more about business savings accounts and what they do by reading the latest Canstar Star Ratings.
The Premium Cheque Account is a full-service transaction account designed to have no fee if a balance of $15,000 is maintained in the account. If you do not have a balance of $15,000, then you’re charged a small fee of $15 a month. It also offers 40 free cheque and Commbank Staff assisted transactions per month, and offers interest on the balance over $5,000.
If you’re looking for a transaction account for your business, then compare CommBank’s checking accounts with other providers that Canstar researches and rates.
Take a look at our comparison table below to view Commonwealth bank business transaction account products currently on the market, please note that this table is formulated based on electronic transactions and sorted by our star rating (highest -lowest).
Merchant services are software and hardware used by businesses to accept EFTPOS payments from customers’ credit cards and debit cards.
CommBank is well known in this area, and its most notable merchant service is Albert, a wireless EFTPOS payment terminal with a range of apps to help businesses. Chances are you’ve already seen Albert in use by a business when paying by credit card. This fully portable tablet lets business owners securely take payments anywhere they go, while also allowing customers to split payments, add tips and more.
Source: CommBank Business
CommBank’s small business app is a compact payment terminal and an efficient all-in-one business solution. You can use Bluetooth to pair the payment terminal of your business with your smartphone to turn it into a portable payment tool.
Source: CommBank Business
Don’t forget to find out what people are saying about CommBank’s merchant services – hear from other small business owners about their merchant services on the Canstar Blue website:
Aside from the specific banking products listed above, there is a host of other services and technologies offered by CommBank that make them a strong provider for small businesses.
Business owners with CommBank can talk to a business banking specialist over the phone at any time, 24/7 by calling the various phone numbers listed on their website.
Business insight tools from CommBank include the Better Business Insights Report, which turns payments and market data into personalised insights about your business. There are also daily market reports, consumer spending reports, and the Future Business Index Report, which covers business confidence and growth opportunities in 11 industries across Australia.
For those who are new to running a business or want to grow their business, the CommBank website also features the Business Finance Essentials website, a set of guides complete with templates and checklists.
Other business innovations
In terms of start-up innovation, CommBank has in 2015-2016 become the first bank to gain access to emerging technology and innovation from start-ups and tech businesses in Israel, by signing a memorandum of understanding with Israel’s Chief Scientist in the Ministry of Economy.
In 2016, CommBank opened a new CommBank Innovation Lab in Hong Kong to connect customers, employees, and start-up communities to the latest FinTech developments. CommBank also runs annual innovation pop-up labs in Melbourne and London.
CommBank also supports women business leaders and business owners by sponsoring the Women in Focus networking community. A new directory of women-led businesses was launched for the 2016 International Women’s Day celebrations.
About Commonwealth Bank
Founded in 1911 as the government bank for our young nation, the Commonwealth Bank of Australia, or CommBank as they are now known, has for some time now been Australia’s largest provider of financial services. At the time of writing, CommBank boasts nearly 16 million customers and 51,700 employees nationally.
CommBank’s corporate and social responsibility focus is on empowering Aussie youth and kids. They support the community through sponsoring organisations such as the Clown Doctors, providing $2 million in community grants every year to organisations that work for youth.
They support financial literacy for young Aussies by running Start Smart educational workshops for 2.5 million kids and youth since 2007, and supporting Indigenous students with educational opportunities and mentoring. The Dollarmites Club started in 1928 and is one of the oldest and most well-known school banking programs for under 12s.
Businesses that work to inspire and empower young people can also be eligible for Community Grants of up to $10,000 from CommBank through its Grassroots Grant. The next round of grants will open in early 2020.
Finally, CommBank also cares a great deal about protecting the environment winning several awards for their efforts to reduce carbon emissions and disclose their sustainability progress. CommBank was ranked 4th overall in the world in 2016 for the G100 sustainability index, making it the most sustainable bank in the world! CommBank aims to be number 1 in this index by the year 2020.
Source: CommBank Business