Choosing a business bank account

Choosing a business banking account is about packing all the transaction facilities you need into the smallest possible monthly fee. There's a wide range of options, often varying from bank to bank, but here are some small business finance tips.

The personal account: Personal transaction accounts can minimise fees and seem simpler when you're getting your business up and running. But a business bank account is vital for:

• ease of expense management
• simplicity (and validity) of tax deductions
• less stress in the event of an audit
• professionalism of a non-personal account

Facilities: Different businesses will have different banking needs. You may need access to a pool of funds, in which case a high interest rate will be on your priority list. A high volume of transactions can make a monthly fee with unlimited usage the better option. Most accounts will offer:

• internet and phone banking
• chequing
• Bpay
• overdrafts
• lockbox service
• payroll processing

Unlike personal bank accounts, it's difficult to avoid fees - eg monthly - on a small business bank account. Just make sure you're getting the features you need, and console yourself that fees are tax deductible.

Start your search for a business account below.