During the first quarter of 2020, millions of Australians received the news about the series of financial assistance that the…Read More »
Australian financial service providers have considered offering special term deposit rates to their clients. As of March 2020, the administrators…Read More »
Frequently asked questions
As an entrepreneur, is opening a business savings account a better option for me compared to opening a term deposit for enterprises?
It is natural to feel uncertain when deciding between a business term deposit and a business savings account. After all, either of these two bank products could be the correct choice for you. It depends on your objectives and needs. A business savings account is ideal if you want to keep your funds in the bank and make it earn interest. Also, this bank product is suitable for you if you want easy access to your money when you have to use it. On the other hand, a term deposit for business is the correct choice for your enterprise if you are pleased to keep your funds locked away for quite some time. Plus, this bank product is perfect for you if you want to secure a high and guaranteed rate of return on your funds over a specific period.
What is the most optimal term deposit for my enterprise?
Typically, you would be searching for the best term deposit for your business savings if you are eyeing the highest rate of return for your money. Nonetheless, it is not simple to find the term deposit for businesses that is “the best.” You will need to differentiate various factors to discover a perfect match for yourself. These elements include the maximum and minimum deposit limits available, the term you are interested in investing over, and the interest rate on offer.
What are the things I need to have when applying for a term deposit for businesses?
Here in Australia, once you have decided on the business term deposit for your enterprise and you are all set to apply already, make sure that you meet the following requirements and conditions:
1. You should be above 18 years old;
2. You should be the proprietor or representative of a business partnership, business firm, sole trader, and so forth;
3. You need to have essential details like the name and address of your commercial establishment, Australian Company Number or ACN, and your Australian Business Number or ABN; and
4. You will have to provide your personal information to the bank. These crucial details include your bank information, name, e-mail address, and phone number.
We should remind you that the application procedure for a business term deposit is not entirely online, unlike with personal banking products. Plenty of lenders will either require you to visit their branch to complete your application or perform it over the phone.