Compare Business Banking Packages

By Mozo ·

It's important for a small business to establish a relationship with a bank, as you may one day want to ask for a business loan or demand a mates rate on fees. 

While one institution is unlikely to have the best possible deal for every small business bank product, you could win out in the end by taking out a small business package encompassing business bank accounts, business savings account products, business credit cards and more.

Business Loans Comparison Table - last updated February 27, 2021

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  • About Zip Business Capital

    Line of Credit

    Zip Business Loans online application process can be completed in as little as five minutes, and once approved you can access the funds within 24 hours. A line of credit up to $500k that converts into a loan when you draw down.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    2% to 3%
    Instantly, once approved
    Go to site
    Details

  • About Heritage Bank

    Fully Drawn Loan

    Heritage Banks Fully Drawn Business Loan is a good option for most business needs such as purchasing a property, buying a business or longer term working capital requirements.

    Interest Rate
    Upfront Fee
    Funding speed
    2.95% p.a. variable
    Negotiable
    Varies
    Go to site
    Details

  • About Timelio

    Invoice Finance

    Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    $0.00
    24 hours
    Go to site
    Details

  • About Prospa

    Business Loan

    Business loans available from $5K to $300K and funding possible in 24 hours. Prospa uses risk-based pricing to determine your interest rate, which can range from 14.95% p.a. to 24.95% p.a. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.

    Interest Rate
    Upfront Fee
    Funding speed
    Interest rates vary based on risk. Rates range from 14.95% to 24.95% p.a.
    3%
    from 24 hours
    Go to site
    Details

  • About Heritage Bank

    Line of Credit

    Heritage Banks Business Line of Credit is a flexible form of finance, allowing you to decide when to make principal reductions, plus the ability to re-use these funds at any time during the term of the facility.

    Interest Rate
    Upfront Fee
    Funding speed
    3.75% p.a. variable
    Negotiable
    Varies
    Go to site
    Details

PROS of a small business package

  • Having a relationship with a bank will help if you need a small business loan down the track. It should also bring better customer service.
  • With multiple accounts (should) come discounts on fees. Negotiate a good deal if you're bringing lots of business.
  • It's endlessly easier to have all your accounts with the one provider: for accounting, for management, and for sanity.

CONS of a small business package

  • There's always going to be a slightly better term deposit or cheaper business credit card with someone else. But you might find that constantly switching for the best deal, or having accounts with multiple institutions, is not worth the money it saves.

Looking for a business loan? Check out our top loans below.

^See information about the Mozo Experts Choice Business Loans Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.