FAQs
Business FAQs
- What are the main differences between Freedom Business Account and Business Cheque Account - Plus?
- What access methods are available on business transaction and saving and investment accounts?
- Instead of the GST Provision Account, can an Express Saver Account be used for GST collections?
- Can I link a Freedom Business Account to an Express Saver Account?
- Can a Power Saver Account, Investment Cash Account and Term Deposit be opened in a business name?
- Can you waive the $50 Business Search Fee that’s charged when I open a business transaction account?
- How can I save fees on my business transaction account?
- What are the features of the Visa Business Card?
- If I have a business transaction account and then request a Visa Business Card, will the Annual Fee on the Visa be waived?
- What does Business Superannuation offer me?
What are the main differences between Freedom Business Account and Business Cheque Account - Plus?
| Freedom Business Account | Business Cheque Account - Plus | |
| Minimum monthly balance to avoid account service fee | $5,000.00 | $10,000.00 |
| Monthly free transaction allowance | 10 withdrawals or deposits | 15 withdrawals or deposits |
| Internet and Phone Banking | Fee-free | A fee applies |
| Interest paid | Six monthly | Monthly |
What access methods are available on business transaction and saving and investment accounts?
| Branch | ChequeBook | ATM/EFTPOS | Internet and Phone banking | ||
| Transaction Accounts | Freedom Business Account | ||||
| Business ChequeAccount - Plus | |||||
| GST Provision Account | |||||
| Trust Account | |||||
| Saving and Investment Accounts | Investment Cash Account | ||||
| Express Saver Account | |||||
| Power Saver Account | |||||
| Term Deposit | |||||
Instead of the GST Provision Account, can an Express Saver Account be used for GST collections?
Yes, the Express Saver Account can be used to set money aside for tax time. Your Express Saver Account must be linked to a nominated account in the same name. You can then transfer funds to and from your Express Saver Account at any time using BankSA Internet Banking or Phone Banking.
Can I link a Freedom Business Account to an Express Saver Account?
Yes, both the Business Cheque Account - Plus and Freedom Business Account can be linked to an Express Saver Account as long as the business transaction account and the Express Saver Account are established in the same name.
Can a Power Saver Account, Investment Cash Account and Term Deposit be opened in a business name?
Yes.
Can you waive the $50 Business Search Fee that’s charged when I open a business transaction account?
Yes, the Business Search fee can be waived as part of the Business Owners’ Transaction Package. This package includes applying for a business transaction account and a Visa Business Card.
How can I save fees on my business transaction account?
Use the Visa Business Card for all your purchases and take advantage of the fee-free transactions. Using the Visa Business Card to pay for office supplies, inventory or large one-off purchases means less reliance on cash, writing fewer cheques and making fewer bank withdrawals.
What are the features of the Visa Business Card?
The Visa Business Card facility provides financial support for any growing business. Its range of features include:
- $0 Annual fee (waived if part of a Product Packages)
- Up to 55 days interest-free on purchases
- Detailed monthly statements
- Customised expense reporting
- BAS ready – GST separated out
- ATO approved – no need to keep receipts
If I have a business transaction account and then request a Visa Business Card, will the Annual Fee on the Visa be waived?
Yes, the fee will be waived when the Visa request is part of upgrading to Business Owners’ Transaction Package. The $0 annual fee Visa Business Card applies as long as you continue to hold your BankSA Freedom Business Account or Business Cheque Account - Plus. The annual fee is waived on up to three cards per facility.
What does Business Superannuation offer me?
Through Asgard Wealth Solutions, we offer a comprehensive Business Superannuation service to help you meet your compulsory employee superannuation obligations.