Frequently asked questions
Is it advisable for me to search for a bank account for a business that features an interest rate?
We must inform you that the majority of bank accounts for enterprises do not come with an interest rate. Also, those that do tend to offer rates that are not going to amaze you. Hence, you would likely feel better off searching for a business savings account, instead of looking high and low for an account with an interest rate north of zero per cent. At Mate.com.au, we make that procedure easy to perform because you will be able to begin your research for a more lavish interest rate. We allow you to tell apart more than 40 different accounts via our comparison table for business savings accounts.
What are the requirements in opening a bank account for business?
After you have discovered a bank account that fits your enterprise, the next thing that you can do is to apply for it. You may visit your bank’s local branch to perform your application, or you can conduct it online. Do not forget these essential items:
a) Personal identification, like your birth certificate, driver’s licence, and Australian passport; and
b) Your registered trading name, your Australian Company Number or ACN, or your Australian Business Number or ABN.
Is it a good idea to utilise my personal bank account for my enterprise?
Yes, indeed, you can use your own bank account for your business. Also, if you are interested in changing, we at Mate.com.au have a dedicated bank account comparison centre. This hub features 90 different personal bank accounts for you to tell apart. Nonetheless, as we have advised you, it may be advantageous for you and your enterprise if you opt to open a business bank account. It is because of the various reasons like making things more effortless for yourself and your accountant during tax time. Plus, you can partition your business and personal finances.