Top business banking deals to boost your business growth
After a tough year, many small businesses are looking to transition out of survival mode and begin growing their operations again. In times of economic uncertainty, managing the ups and downs of your business’ cashflow can be made easier with the right banking products under your belt.
Whether it’s a business loan to help fund ‘big ticket’ purchases such as stock or new equipment, a credit card to cover smaller cashflow shortages, or a bank account to keep track of all your business transactions, you’ll have plenty of attractive offers to sift through.
So to help you shop around, here are our editorial picks for top business loans, bank accounts and credit cards available to Australian businesses right now. Read on for a snapshot of their key features.
Top business loans
Zip Line of Credit
- Borrow up to $500k without collateral
- Only pay interest on what you use
- Fee-free extra repayments
Unsure exactly how much you’ll need to borrow to boost your cashflow? With Zip’s unsecured business loan, you can draw down whatever amount you need (up to an approved credit limit) and you’ll only be charged interest on the portion you access. Just keep in mind each drawdown will come with a fee.
There are also other flexible features to enjoy, including the ability to sync your repayments to your cashflow (weekly, fortnightly or monthly) and to pay off your loan early without penalty. The Zip Business Loan can also be integrated with accounting softwares including MYOB, Intuit QuickBooks, Sage and Xero, helping you keep all your business finances in one place.
Customers will also appreciate the fast application and approval speeds, as funding with Zip could be possible in just 24 hours. But first, check that your business ticks a few boxes: you’ve run your business for at least 18 months and earned at least $200,000 in the last year.
Bizcap Business Loan
Don’t have an A+ credit rating? Then Bizcap’s unsecured short-term business loan could be for you, as it welcomes businesses with defaults from past hardships or poor credit scores. Eligible businesses can borrow up to $600,000 over 3-12 months. You’ll need to budget for an upfront fee, but in return you can access perks including free extra repayments and the option to match your repayments to your business cashflow (weekly or daily).
The application process could take only 10 minutes, with approval and access to funding possible in three hours. To be eligible, you’ll need to have been trading for at least five months, with a monthly turnover of over $10,000.
Heritage Bank Fully Drawn Loan
- Choose between variable and fixed rates
- No maximum borrowing amount
- Match repayments to your cashflow
If you’re looking for a loan to support your cashflow over the long run as you make big purchases like a property or another business, then Heritage Bank’s Fully Drawn Loan could be your match. This loan is secured, which means you'll need to put up an asset as collateral. Borrowers can choose between variable rates or fixed rates over 1-5 year terms, with the best rates offered to those who opt for residential security (e.g. their family home) as opposed to other security types.
Either way, you’ll have great features at your disposal, including the ability to make repayments weekly, fortnightly or monthly depending on your cashflow. Not to mention you can contribute extra repayments and also make redraws should you need to access those funds later on. Just watch out for the $20 redraw fee and a break fee that applies if fixed rate borrowers pay off their loan early.
Zip Business Trade
- Charges 0% interest (fees apply)
- Loan approval in 10 minutes
- Fee-free extra repayments
Love the sound of an interest-free business loan to help cover some of your everyday costs? That’s what Zip Business Trade is offering, with a choice of either a standard and a premium account depending on how much you need to borrow. The standard Zip Business Trade account is great for spending on small expenses like office supplies or social media ads, with amounts up to $3,000 available as a line of credit without any interest costs attached. There is just a monthly $20 fee to factor in, but this fee is waived if you have zero balance at the end of the month.
If you’re worried about missing a repayment deadline, the Zip Business Trade by default comes with a ‘set and forget’ option where repayments are automatically direct debited from your bank account every month (you can also opt out if you want to). In addition, you can make free repayments at any time to pay off your balance faster. Approval can take as quick as 10 minutes during business hours, wth funds available immediately. To qualify, you’ll need to have been in business for at least six months and make more than $5,000 in monthly sales.
Lumi Unsecured Business Loan
- Borrow up to $150,000 with no collateral required
- Apply online in 5 minutes and get funding within 24 hours
- No early repayment penalty
Lumi’s straightforward small business loans have no hidden fees or charges and are so easy to apply for that the online process takes just 5 minutes. What’s more, there’s no collateral needed for loans up to $150,000 and funds can be received same day. You can pause your loan repayments for 4 weeks interest-free at any time and there are no early repayment fees.
Top business bank accounts
Commonwealth Bank Business Bank Account
- 2020 Mozo Experts Choice Award winner^
- Multiple types of transactions available - online, cheque, staff-assisted
- Compatible with digital wallets
The Commonwealth Bank Business Account has all the essential features you may want in a business bank account, plus more. Its first option charges no monthly account fees whatsoever and provides you with an unlimited number of free domestic electronic transactions and Commbank ATM withdrawals per month - perks which helped the account win a 2020 Mozo Experts Choice Award for Small Business Exceptional Everyday Account.^
If you prefer doing your banking in-person, you can also access 20 free cheque and staff-assisted transactions every month by paying a $10 monthly fee. Both versions can be linked to contactless payment options including Apple Pay, Google Pay, Samsung Pay and PayID, giving you the convenience of making business purchases with your digital wallet.
NAB Business Everyday Account
- 2020 Mozo Experts Choice Award winner^
- No monthly fees if you limit transactions ($10 for unlimited)
- Multiple contactless payment options
If you’re looking for a transaction account with plenty of flexibility, turn your attention to the Mozo Experts Choice Award-winning NAB Business Everyday Account. For starters, this account comes in two versions depending on the number of monthly transactions your business needs to make each month - if it’s only a few transactions, then you can avoid paying monthly fees altogether, but if you prefer having the freedom to make as many transactions as you’d like, then the tradeoff is a $10 monthly fee.
With both versions, you’ll be able to link your account to any NAB Visa debit card free of charge. You can also connect to digital wallets like Apple Pay, Google Pay, PayID or Samsung Pay to make purchases when you don’t have your physical card with you.
Top business credit cards
American Express Business Explorer Credit Card
- 2020 Mozo Experts Choice Award winner^
- 3.99% p.a. intro rate (19.99% p.a. after six months)
- 100k bonus rewards points (spending conditions apply)
The Amex Business Explorer Credit Card is dressed to impress, with an ultra low intro rate of 3.99% p.a. for the first six months (19.99% p.a. after) and up to 55 interest-free days, giving eligible businesses breathing space to pay off any outstanding balance. Whether you’ve got five or 50 employees, the Amex Business Explorer also lets you have up to 99 additional cardholders.
Plus for a limited time (until 6 October 2021), you could score 100,000 rewards points if your business spends $3,000 in the first three months after approval. Any other purchases you make (except at government bodies) could also earn you 2 rewards points per $1 spent. Better still, these points are uncapped and have no expiry date so you can save them for future business trips. It’s little wonder the Amex Business Explorer snagged a 2020 Mozo Experts Choice Award for best Rewards Business Credit Card.^ Just be sure to budget for its $149 annual fee.
NAB Qantas Business Signature Card
- 100k bonus Qantas points (spending conditions apply)
- Up to 44 interest-free days
- Compatible with multiple digital wallets
If travel makes up a big part of your business expenses, then the NAB Qantas Business Signature Card could be your ticket to getting free or discounted flights. Right now, 100,000 Qantas points could be up for grabs for new cardholders if they spend $4,000 on everyday business purchases within 60 days of opening their account. They can also earn 1 Qantas Point for every $1.50 spent on eligible purchases, capped at $50k per statement period.
Besides rewards, the NAB Qantas Business Signature Card comes with 44 interest-free days to help you make your repayments without being stung by the 18.50% p.a. purchase rate. Another perk is that you may not have to carry your physical card with you, as this plastic can be linked to Apple Pay, Google Pay, Samsung Pay and even smartwatches like Garmin and Fitbit. But you will need to weigh up a $295 annual fee.
NAB Rewards Business Signature Card
- 2020 Mozo Experts Choice Award winner^
- 100k bonus points (spending conditions apply)
- Other perks like purchase protection
The NAB Rewards Business Signature Card makes building up your rewards points stash all too easy. In fact, you could earn 100,000 if you spend $4,000 on everyday business purchases in the first 60 days of opening your account. Plus for every $1 spent, you could earn 1.25 points (uncapped), and redeem them for flights, gift cards or cash. You’ll also have access to other in-built benefits like complimentary concierge, travel insurance and purchase protection. It’s no wonder the NAB Rewards Business Signature Card took home a 2020 Mozo Experts Choice Award for best Rewards Business Card.^ Just watch out for the $175 annual fee and the 18.50% p.a. purchase rate which applies if you miss or don’t make a repayment in full.
For even more deals, head on over to our business banking page where you’ll be able to browse a whole suite of products ranging from business loans to business credit cards.
^For a full list of Mozo Experts Choice Award winners for the aforementioned categories, check out our Small Business Accounts Awards and Small Business Credit Card Awards pages.
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