Our verdict

This is a business bank account with no monthly fees or minimum balance requirements, and a complimentary Prospa Visa Business Debit Card.

This account could suit you if you’re a small business, sole trader or business owner and do most of your banking online. This business account has no monthly fees, no ongoing deposit requirements and no minimum balance requirement making it ideal for smaller businesses.

However, if you appreciate the option of assistance at any hour of the day or even just on the weekends, you should keep that in mind as Propsa’s support team is only available 9am-6pm Monday to Friday.

This account is also currently lacking a few features that other business accounts offer, including an overdraft facility, Xero integration and invoice and expense management tools. However Prospa says these features are all on the way and will be available soon.

Pros

No monthly fees or minimum balance requirements
Mobile app
Complimentary Prospa Business Visa Debit card
Schedule payments in advance
Apple Pay and Google Pay available

Cons

Overdraft facility currently unavailable
Support team not available 7 days a week (only available 9am-6pm Monday- Friday AEST)
Xero integration currently unavailable

The Prospa Business Account is designed to help Australian small businesses manage their business expenses and everyday transactions. This account has no monthly fees or minimum balance requirements, the option to schedule payments and a mobile app to access your account 24/7. The account comes with a complimentary Prospa Business Visa Debit card which is accepted anywhere that takes Visa, plus Google Pay and Apple Pay are available.

Details

Key details

Product Name	Prospa Business Account
Monthly account fee	$0
Card access	Visa
Own network ATM fee	$0
International ATM Fee	International ATM fee $0
International transaction fee	0%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay

Eligibility

Minimum Age	18
Minimum opening deposit	N/A

Key features

No monthly fees

There are no monthly account-keeping fees attached to this business account.

No monthly minimum deposit or ongoing balance requirement

There are no monthly minimum deposits attached to this business account, and you don't need to maintain a minimum balance.

Deposit funds easily

You can deposit funds into the account easily using your BSB and Account Number.

Real-time payments

You can make real time payments to other bank accounts with different banks as well as make BPAY payments.

Pay in advance

You can schedule payments in advance. These payments can either be one off or recurring, and can be cancelled if necessary.

Free Prospa Business Visa Debit Card

This account comes with a Prospa Business Visa Debit Card which you can use to make purchases in person and online. This card is accepted anywhere that takes Visa worldwide.

Apple Pay and Google Pay available

You can link your account to Apple Pay or Google Pay to make secure, contactless payments with your phone or wearable device.

Access to fee-free ATMs

Prospa does not charge ATM fees to withdraw cash. However, you may be charged a withdrawal fee by the ATM operator. You can use your Prospa Business Visa Debit Card at Westpac, CommBank, NAB and ANZ ATMs with no fee.

Prospa mobile app available

You can access your Prospa business account and manage your money anywhere and at any time via the mobile app.

View statements

You can download statements in both PDF and CSV format to access your business' information.

How to apply

The Prospa Business Account is available to business owners, sole traders, partnerships and trusts and is not available for individual personal use. Applying for this account online takes around 5 minutes.

Eligibility

Minimum age. You must be at least 18 years old.
Australian citizen or permanent resident. You must be an Australian citizen or permanent resident.
Business requirements. You must be the owner or director of the business, and you will need to provide a valid ABN or ACN number.

Documentation needed

Business identification. You will need to have your valid ABN or ACN handy.
Personal identification. New customers will need to provide identification documents when applying such as your driver's licence, Australian passport or Medicare card.
Details about other directors. You will need to have details of any other directors of your business (if you have more than one director).

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Luana Matrone is a graduate at Finder aiming to help consumers make more informed financial decisions. She has a Bachelor of Commerce majoring in Marketing and a Bachelor of Psychology from Macquarie University. Outside of work Luana enjoys sport, shopping and can make a mean choc top. See full profile

Prospa Business Account