Business transaction account FAQs

Here are the answers to frequently asked questions about our business transaction accounts.

1.  What's the difference between the Freedom Business Account and Business Cheque Account Plus?

   	Freedom Business Account	Business Cheque Account Plus
   Monthly account keeping fee	$5 each month	$15 each month1
   Monthly fee-free transaction allowance	15 free deposits or withdrawals via branch electronic agency or cheque withdrawals 15 free cheques deposited or merchant envelopes	50 free deposits or withdrawals via branch electronic agency or cheque withdrawals 50 free cheques deposited or merchant envelopes
   Interest paid	N/A	Monthly

2.  How can I access my business transaction account?

   	Branch	Cheque book	ATM/ EFTPOS	Internet and Phone Banking or Business Banking Online
   Freedom Business Account
   Business Cheque Account Plus
   Statutory Trust Account

3.  How else can I prepare for regular payments such as GST and other taxes?

   Opening an Express Saver Account for Business enables you to earn interest on your money as you save for your regular payments. Ensure you link your Express Saver to your nominated transaction account in the same name, so you can access your funds at any time using Internet or Phone Banking (subject to system maintenance and availability).

4.  What is the $50 business search fee for when I open a transaction account?

   As a bank, we need to verify your company details through an external provider and this fee covers some of the costs involved to do that.

5.  How can I save fees on my business transaction account?

   It is important to select the business transaction account that caters to your specific needs. St.George offers two business transaction accounts – each with unique fees and specific benefits. Depending upon your regular balance, how often you transact and how you prefer to bank, the account you open should give you the flexibility to do what you want, and be competitively priced. Understanding your needs upfront will help in keeping your ongoing costs to a minimum.
   
   Alternatively, if approved, you can use the BusinessVantage Visa^® Credit Card for your day-to-day purchases. Using the BusinessVantage Visa Credit Card to pay for office supplies, inventory or large one-off purchases means less reliance on cash, writing fewer cheques and making fewer cash withdrawals. To find out more about saving fees call our Business Banking specialists on 1300 781 605, 24 hours a day, 7 days a week.

6.  What paperwork do I need to open a business transaction account?

   You will need to bring the Personal Identification documents advised by the Bank as well as details of your business name, ABN/ ACN or ARBN, names of proprietors and directors and name, date of birth and residential addresses of all account signatories. Depending on your type of business, there are various types of paperwork required from Companies, Trustees to Sole traders. To find out what you need, call our Business Banking specialists on 1300 781 605, Monday to Saturday 8am to 8pm(Sydney time).

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