Newcastle Permanent Business Cheque Account

Mozo snapshot:

The Newcastle Permanent Business Cheque Account allows for flexible and hassle-free business banking. You’ll get up to 60 free transactions via ATM, EFTPOS and over the counter withdrawals as long as your balance is greater than $50,000. And while there’s a $10 monthly fee, this will be waived if you’ve got at least $10,000 saved.

Key features:

With the Newcastle Permanent Business Cheque Account, you’ll be able to manage your business’ finances and access your funds with minimal difficulty. There’s an account keeping fee of $10 per month, but that’s waived if your balance stays above $10,000.

As for withdrawing your money, you get 40 free transactions via ATM, EFTPOS and over the counter withdrawals. This bumps up to 60 free transactions if your balance is greater than $50,000. Just keep in mind that there’s a daily ATM withdrawal limit of $1,000. If you’re planning on making a withdrawal at a Newcastle Permanent branch after having exceeded your free transactions for the month, there will be a $1.75 fee.

BPay, batch payments, automatic transfers, direct credit and internet banking transactions are all free and unlimited, and you’ll be able to access your money most places thanks to the VISA debit card provided. But if you’re using an ATM overseas you’ll have to pay a $5 fee each time and a foreign exchange margin of 3% applies to overseas purchases.

Who it's good for:

The Newcastle Permanent Business Cheque Account is good for established businesses, as a larger account balance means you’ll have access to greater perks like the monthly fee waiver and the extra free transactions.