Business Transaction & Savings Accounts – Star Ratings
IN THIS REPORT
There were over 2.1 million actively trading businesses in Australia at this time last year. That sets the scene for solid and very competitive business banking products among our financial institutions in Australia.At the core of business banking needs is a good transaction account that copes well with the number of transactions a business makes every month. And here we see a great variance in the way transaction accounts are used. This reflects the diversity of our business landscape.Every year, Canstar compares products tailored to business. This includes Transaction Accounts for low and high users, Cash Management accounts for those who want to earn maximum interest on their money while still retaining immediate access should they require it, and Business Saver accounts for those who have put or continue to put money aside into a savings account to perhaps cover further investment in their businesses when the time is right.
In theory, the suite of accounts offered by institutions should pay the most interest possible and charge the least fees but that′s not always the case. If you are not vigilant you may find your hard-earned money ever-so-slowly and unnecessarily being eroded away. We recognize that businesses by their very nature tend not to chase the best rates and the lowest fees but it′s always good to review how your bank stacks up in vital areas.
Our in-depth research and comparison into business deposit accounts saves you a lot of precious time. It′s a good starting point for either benchmarking your existing bank or, if you are about to open a new business, it will give you an overall picture of what to expect from whom.