BankSA business account: Features, fees & alternatives

It’s easier to manage your business finances when you separate them from your personal finances with a dedicated account. BankSA, the largest bank in South Australia, offers several business banking accounts and other financial products designed to help manage these payments, cash flow, and day-to-day operations.

In this blog, we’ll go into detail about what it has to offer, covering features and fees, and outline eligibility criteria and what you’ll need to open a BankSA business account.

Table of contents
What is BankSA business banking? BankSA business banking products Business bank accounts Credit cards Loans Payment solutions How to open a BankSA business account Required documents Steps Pros & cons Wise Business - alternative global banking FAQs

What is BankSA business banking?

BankSA, formerly known as Bank of South Australia, provides a full suite of business banking — everything from transaction and savings accounts to lending and credit facilities. Its financial product line-up is well-rounded and targeted at all business types, so you should find something to suit your needs.

Through the BankSA online banking platform and mobile app, it’s possible to manage 200+ accounts from a single platform¹, and streamline admin tasks like setting up payment templates and monitoring cash flow. And while everything is built around electronic transactions, BankSA still provides an in-branch account with ‘staff-assisted’ allowances per month if you need to deposit cash and cheques.

BankSA is also a subsidiary of the larger Westpac Group network, which gives it the infrastructure of a major national bank, but with a more local or regional focus².

BankSA business banking products

Now, let’s look at the full repertoire of BankSA’s products for business banking, which are designed to support a range of business structures, from sole traders to larger corporations.

Business bank accounts

BankSA has three main accounts that let you transact and save for your business.

Freedom Business Account

The Freedom Business Account is BankSA’s ‘most popular’ service for everyday transactions. There is a $10 monthly account-keeping fee, but this is waived for the first 12 months for new customers³.

Key features³

• Unlimited electronic transactions
• 5 ‘free’ in-branch transactions per month
• Business Visa debit card
• Digital banking tools via online platform and mobile app

Fees³

• $10 monthly fee (free for first 12 months)
• $3 per cheque outside of allowance
• $3 per non-cheque transaction outside allowance

This account is best for businesses that are happy to manage most of their finances online.

Business Cheque Account Plus

If you prefer to bank in person, the Business Cheque Account Plus gives you 25 over-the-counter transactions per month for a $20 monthly fee (there’s no waiver for new customers)⁴. Everything else is exactly the same as the Freedom Business Account — there are no higher tiers or lower fees for transactions.

Key features⁴

• Unlimited electronic transactions
• 25 ‘free’ in-branch transaction per month
• Business Visa debit card
• Digital banking tools via online platform and mobile app

Fees⁴

• $20 monthly fee
• $3 per cheque outside of allowance
• $3 per non-cheque transaction outside allowance

As the name suggests, this account is for businesses that frequently visit banks and would get value from paying the $10 extra per month to get a higher allowance for cheques and other transactions at a branch.

Business Access Saver

BankSA’s savings account is actually the most affordable — there aren’t any account-keeping or transfer fees. You won’t be locked in for a set term, either, so you can access funds whenever you want. It’s the only account you can have interest in, with rates starting from 0.01% for balances between $0 to $49,999.

Key features⁵

• Variable interest rate up to 0.45%
• No minimum deposits or balances
• No lock-in contract

Fees⁵

• $0 monthly account fees
• $0 to transfer from another BankSA account
• $3 to process cheques and for staff-assisted transactions

This account is best for business owners who want an easy way to earn interest on money set aside for tax or surprise expenses, without being locked. You will need a business transaction account with BankSA to apply for a saver account.

Credit cards

BankSA currently offers two credit cards: Amplify Business and Visa Business. It says these support ‘better cash flow management’ and come with some handy expense management reports⁶.

Amplify, which has an $89 annual fee (waived for the first year), is easier to get as you can apply online. Visa Business is targeted at ‘more complex’ business structures. This is evident in the feature set, as you can get up to 99 additional cards with varying credit limits⁶.

Loans

BankSA also has multiple, flexible borrowing options. These include⁷:

• Business loans from $20,000
• Commercial overdrafts with no fixed terms
• Business loans for startups between $10,000 to $50,000
• Bank bill business loans from $250,000 for larger businesses

Payment solutions

Finally, there are solutions to help you get paid with same-day settlements using either EFTPOS terminals or eCommerce services. BankSA advises customers to contact them directly to chat with a payment specialist to get started⁸.

How to open a BankSA business account

To open a BankSA business account, you must be at least 18 years old and have one of the following business structures: sole trader, partnership, company, trust, association, or co-operative. You’ll also need to be a business operating in Australia with an Australian address³.

You can do everything online for the Freedom Business Account and Business Access Saver. However, you’ll need to visit a branch to open a Business Cheque Account Plus, or to open any account with 2+ signatories as a new customer³.

BankSA has compiled a complete list of criteria and ‘things to take’ for each business structure. Let’s take a look at what this entails.

Required documents

It’s a lot easier to apply for a BankSA business account as a sole trader. There are fewer documents and eligibility criteria, and BankSA says you can be up and running in fewer than 5 minutes. You’ll still need at least one of the following personal documents³:

• Valid photo ID in the form of a driving licence or passport
• Birth or citizenship certificate, along with a recent utility bill or Medicare card

👆Read our guide on setting up a sole trader business bank account for solo businesses.

For companies, the process is a lot more detailed³. All signatories for the account must submit a valid photo ID, and then also provide multiple other details and documents. These include:

• Your Australian Company Number (ACN) and Australian Business Number (ABN), if you have one
• The state or territory where the company was registered and incorporated
• ASIC certificate or a recent publicly issued document, such as audited accounts
• Name of regulator and licence number (if applicable)
• Full personal details for any ‘beneficial owners’

The requirements are similar for other structures like partnerships and trusts. Make sure to check the full requirements online before starting an application.

Step-by-step guide

To give you a better idea of what you’ll need to do, here’s a step-by-step process for opening a BankSA business account.

1. Choose the BankSA account that matches your business banking needs.
2. Check your eligibility and gather the right documents.
3. Apply online via the BankSA website or at a branch in Australia.
4. Provide the required business documents. BankSA says to have at least your ABN at hand to get started.
5. Submit your application and wait for approval.
6. Link your accounts (if applicable, with a savings and transaction account).
7. Start business banking with BankSA.

Pros & cons of BankSA business banking

Pros

• Full suite of business banking products - BankSA offers ample financial support to help businesses grow, with everything covered from the basics (everyday payments) to more advanced financing and tools like business loans.
• Strong branch network - BankSA is part of the Westpac Banking Corporation. It boasts the largest number of branches and ATMs in South Australia, and also has a strong presence in big cities, including Sydney and Melbourne⁹.
• Practical tools and support - BankSA provides lots of tools and services alongside its accounts to support businesses. This includes promos for online fraud protection software and access to insights and articles from selected banking experts¹⁰.

Cons

• Account-keeping fees - After the 12-month introductory period, you will have to pay a standard fee (e.g., $10 per month for Freedom Business).
• Low interest rates - Interest rates paid on business savings accounts are very low at 0.01% for balances below $50,000.
• International payment fees - It costs $20 to make international payments in AUD and $12 to receive money from overseas¹¹. When additional currency conversion fees (set by BankSA) are factored in, the cost of doing business internationally can be expensive and put a dent in profits.

Wise Business - alternative global banking

Traditional business banks excel at domestic banking in Australia. But they don’t always offer the best or most affordable way to manage international finances, which can be a big issue for modern businesses with a global reach. It means paying overseas suppliers and receiving money from clients costs a lot more than it should.

Alternative banking services, like Wise Business, provide multi-currency accounts that make international payments more affordable and keep more money in your business.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

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BankSA business banking FAQs

1. What are the typical monthly fees for a BankSA business transaction account?

There is an account-keeping fee of $10 per month for the BankSA Freedom Business Account (waived first year) and $20 per month for the Business Cheque Account Plus. You’ll also have to pay for any staff-assisted transactions outside the allotted allowances for each of these transaction accounts.

2. Can I integrate my accounting software like Xero or MYOB?

Yes. BankSA currently has a promotion for MYOB, where you pay for 1 month and get 12 months free when subscribing to one of its business transaction accounts¹². You can also integrate other accounting platforms, including Xero.

3. What international transfer options does BankSA offer?

BankSA lets you send money overseas in multiple currencies, including New Zealand dollars (NZD) and US dollars (USD), with no fees, and receive international payments for a flat rate of $12 per transaction¹¹. BankSA says it takes around 1 to 3 business days for these payments to clear.

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Sources:

1. BankSA - Business banking online
2. BankSA - About Us
3. BankSA - Freedom business account
4. BankSA - Business cheque account plus
5. BankSA - Business access saver
6. BankSA - Compare credit cards
7. BankSA - Loans and finance
8. BankSA - Payment solutions
9. BankSA - Branch locator
10. BankSA - Why choose us
11. BankSA - Business international payments
12. BankSA - Current offers MYOB