Business bank accounts FAQs

You can link your BankSA Business Visa Debit Card to the following accounts: Freedom Business Account (without overdraft), Business Cheque Account Plus (including Business Maximiser with Overdraft and Commercial Overdraft), Freedom Business Account with overdraft and Commercial Line of Credit.

You can link up to two eligible business accounts to your BankSA Business Visa Debit Card, and you can access the accounts linked to the card as follows:

• Primary Account – Select 'Credit' or 'Cheque'
• Secondary Account – Select 'Savings'

You can use your BankSA Business Visa Debit Card for purchases online, over the phone, by mail and overseas, as well as recurring payments. You can also withdraw cash from over 1.4 million ATMs worldwide wherever the Visa logo is displayed.

Simply enter your 16 digit card number and often your name, expiry date and the CVV 3 digit number located on the back of the card. All online purchases made using your BankSA Business Visa Debit Card access the funds in the linked business Primary Account.

Simply insert or swipe your card, select ‘Credit’ and enter your PIN or sign to complete the transaction. For transactions under $100, hold your card to the contactless terminal and wait for the terminal to confirm the transaction is approved.

If you are an existing business account holder, please go to a local branch or call us on 1800 804 411. If you are a new business customer, you could either apply online, go to a local branch or call us for a new business account and a Business Visa Debit Card (you may need to go to the branch to complete the application process).

Yes

Before you choose a savings account, think about what your business savings goals are and whether you want to lock your money away, or keep it accessible at all times. The amount you have to invest and the way you prefer to access your money will affect the savings account you choose.

Use our business accounts comparison table to help you choose the product that suits your banking or savings needs. You can also talk to us at any BankSA branch or call 1800 804 411, Monday to Saturday 8am - 8pm (EST).

Yes, both the Freedom Business Account and Business Cheque Account Plus can be used as an everyday account with the Business Access Saver account as long as the accounts are established in the same name.

Yes

Your Term Deposit will be in a Grace Period of 14 days. During this period you can make changes to your Term Deposit such as the amount, term and the interest payment frequency. You can also withdraw your funds and close your account during this period. If you don't need to make any changes to your Term Deposit, we will automatically reinvest your Term Deposit for the same term at the current applicable rate for deposits of that amount and term.

You can make changes to your Term Deposit within the 14 day Grace Period via Internet Banking, in branch or by calling us on 1800 804 411, Monday to Friday 8.30am - 5pm.

You need a minimum investment of $1,000 with a minimum term of 1 month to open a Term Deposit. A maximum of $5,000,000 can be invested. The maximum term is 5 years (or 60 months).

You can apply for a Term Deposit by:

1. Calling Business Direct on 1800 804 411 Monday to Friday 8.30am - 5pm
2. Visiting any BankSA branch
3. Logging on to Internet Banking and going to 'New Account Opening' (further signatories may be required).

Yes, just click Apply Now on the Term Deposit page or log on to Internet Banking and go to 'New Account Opening'.

Yes, once your Term Deposit account is open you may use BPAY® to fund the Opening Deposit. The BPAY® Biller code is 117614 and the Customer Reference Number is your BankSA 10 digit Term Deposit Account Number. You must fund your Term Deposit account within 3 business days of when we open your account.

Interest is calculated daily. You can choose how often you wish the interest to be paid to you. The amount of interest paid will vary depending on the length of the investment. If you hold a Flexi Term Deposit interest is only payable at maturity.

The minimum Flexi Funds withdrawal amount is $2,000. The maximum is 10% of your principal, up to $25,000. To find out your available Flexi Funds balance, call us on 1800 804 411 or visit your nearest branch.

You can withdraw up to 10% of your principal investment, capped at $25,000, with no interest reduction. If you exceed 10% of your principal (or $25,000) your interest may be reduced on the additional amount you withdraw.

You can make as many withdrawals as you like, up to your maximum Flexi Funds Balance, as long as you meet the minimum withdrawal requirements. The minimum withdrawal amount is $2,000

You can make a withdrawal via any of our branches or by calling us on 1800 804 411. For easy access to your funds when needed, you can arrange to transfer your Flexi Funds Balance to your BankSA everyday bank account.

Your Flexi Term Deposit will be in a Grace Period of 14 days. During this period you can make changes to your Flexi Term Deposit such as the amount, term and the interest payment frequency. You can withdraw your funds and close your account during this period or transfer your funds to a Fixed Term Deposit by visiting any of our branches or by calling our Contact Centre. If you don’t need to make any changes to your Flexi Term Deposit, we will automatically reinvest your Flexi Term Deposit for the same term at the current applicable rate for deposits of that amount and term.

You can make changes to your Fixed Term within the 14 day Grace Period via any of our branches, or by calling our Contact Centre.