Our verdict

New and existing business owners could appreciate the flexibility and ease in banking that the Freedom Business Account offers.

This is a business transaction account that’s suited to businesses which make a combination of in-branch and online transactions. There’s a $10 monthly account keeping fee, and in exchange you’ll get 30 free in-branch transactions a month. This includes depositing and withdrawing cash and depositing cheques.

You’ll get a business debit card with this account which you can use to make unlimited EFTPOS and electronic transactions in Australia. Another benefit of banking with BankSA is you can use all Westpac Group ATMs for free, including BankSA, Westpac, St.George and Bank of Melbourne ATMs.

If you make more than 30 in-branch transactions a month, you could consider the BankSA Business Cheque Account Plus instead. This account has a $20, but you can make 70 free staff-assisted transactions a month.

Pros

Unlimited fee-free electronic transactions
Fee-free ATM withdrawals at St.George, BankSA, Bank of Melbourne and Westpac ATMs

Cons

$10 account keeping fee
Need to be an Australian resident
Not intended for personal use

Keep your business banking separate from your personal finances with a flexible account that allows for both online access and branch transactions. You'll get a business Visa Debit Card which you can use to make unlimited free online and in store transactions, plus 30 free in-branch transactions a month.

Details

Key details

Product Name	BankSA Freedom Business Account
Monthly account fee	$10
Card access	Visa
Own network ATM fee	$0
International ATM Fee	International ATM fee $5
International transaction fee	3%
Monthly deposit required to waive account fee	$100,000
Contactless Payments	Apple Pay, Google Pay, Samsung Pay

Eligibility

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	$1

Key features

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Monthly fees

You will be charged an $10 monthly account service fee which will be deducted right from your available balance.

Transaction fees

You are allowed up to 20 deposits and/or withdrawals at a branch and 20 cheque deposits or merchant envelopes. If you do go beyond 20 you will be charged $1.00 per transaction.

Other fees

There is unlimited use of online banking to access your account without incurring any fees.

Business Visa debit card

If you opt to link a Visa debit card to your business transaction account you can make an unlimited number of withdrawals for free using the ATM networks of BankSA, St.George, Bank of Melbourne and Westpac. You may be charged a third party fee for using an ATM outside of this network. The Visa debit card can also be used to make purchases in a store or online without any charge to you.

BankSA app

After signing up for online banking, you can further your flexibility with the BankSA app for Android or Apple mobile devices. This will give you complete access to your account, allowing transfers and balance checks as well as other features such as an ATM finder.

Purpose

This account is only available for business owners or companies, and is not intended for personal use.

Free legal and tax advice

BankSA provides professional lawyers and accountants to assist their business account customers. You may contact them through email up to three times in regards to the same issue before you will need to continue with their service at your own cost.

How to apply

Once you have made your comparisons, if you find that the Freedom Business Account has the features you want you can apply online by visiting BankSA website.

Eligibility

You should check the following eligibility requirements first to make sure that your application will be accepted:

Business registration. Your business must be registered to operate in Australia in order to qualify for this account.
Residency requirements. You and any other individual listed on the account must be permanent residents of Australia.

Depository requirements. An opening deposit of $1 is all that is needed to get this account started.

Documentation needed

Once you determine that you and your business are eligible for the Freedom Business Account, you should gather the following information that will be asked for as you fill out your online application:

Business registration. Your business must be registered in Australia. This is shown using your Australian Business Number (ABN), Australian Company Number (ACN), Australian Registered Business Number (ARBN) or Australian Registered Scheme Number (ARSN).
Tax file number. The business Tax file number (TFN) will be used to help you avoid having to pay withholding tax on the account and to ensure that you are compliant with Australian tax laws.
Personal information. If you are a sole trader then you will only need to supply BankSA with personal details pertaining to yourself, while a partnership will require details of two listed partners for the business. Companies need to give the personal information for the directors and/or the company secretaries.

What happens after I submit my application?

Once you have submitted the application online to the BankSA, a business account specialist will contact you within one business day. Once the information provided has been verified, you will receive a welcome pack in the mail which needs to be filled out and mailed back to the bank before you will be given details for your transaction account.

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Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

BankSA Freedom Business Account

Pros

Cons

Key features

Monthly fees

Transaction fees

Other fees

Business Visa debit card

BankSA app

Purpose

Free legal and tax advice

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other business transaction accounts

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