Complete guide and comparisons to St George Business Account

Money know-how
26 Jan 2024
13 mins read
Written by Team Instarem

St. George, an esteemed Australian financial institution with deep roots in the nation’s banking history, is a go-to choice for many businesses when it comes to banking solutions. Recognizing the unique financial challenges and opportunities faced by businesses, St. George offers a diversified portfolio of business accounts tailored to suit varying needs.

 

From fledgling startups taking their first steps to established corporations scaling new heights, St. George’s business banking solutions aim to empower every business journey. This comprehensive review delves into St. George’s array of business account offerings, unpacking their features, benefits, and how they stand out in the dynamic Australian business banking landscape.

Different business products offered at St George

St. George Business Accounts
Freedom Business Account

St. George’s Freedom Business Account is designed for modern businesses seeking an efficient banking solution. With its online and mobile banking capabilities, it is a perfect fit for those looking to manage their business finances digitally, while still having the option for in-branch banking.

 

Key Features:

 

  • Enjoy a $0 account-keeping fee for the first year, which reverts to $10 thereafter.
  • Benefit from unlimited electronic transactions and 30 in-branch transactions monthly.
  • Keep business and personal expenses separate with a dedicated Business Visa Debit Card.
  • Access your account anytime, anywhere, be it online, via mobile, in branches, or ATMs.
  • With the integration of Osko, receive payments almost instantly. Enhanced security measures, such as real-time alerts and online fraud protection, safeguard your funds.
  • Pay for one month of MYOB Business and receive a bonus of 12 months, facilitating easier bank account connections, invoice creation, and payment monitoring

 

This business account is opened to various business entities operating in Australia. You can open online instantly if you are a sole trader, single director company, or existing St. George business customer. Otherwise, a branch application is required.

Business Cheque Account Plus

St. George’s Business Cheque Account Plus is tailored for businesses that value digital banking but also frequent in-branch services. This account provides an optimal blend for diverse banking needs.

 

Key Features:

 

  • At $20 a month, avail unlimited electronic transactions and 70 in-branch transactions monthly.
  • The Business Visa Debit Card allows a clear separation between personal and business expenses.
  • Access your account anytime, anywhere – online, mobile, in branches, or ATMs.
  • Unlock the power of MYOB Business: pay for one month and receive an additional 12 months, simplifying bank connections, invoice creation, and payment tracking.
  • Enjoy instant payments with Osko integration, paired with added security features like PayID using your ABN. Further peace of mind is provided with guarantees against internet fraud and timely security alerts.

 

Australian businesses, from sole traders to not-for-profits, are eligible. Please note, that to open this account, an in-branch visit is necessary for identity verification.

Business Access Saver

St. George’s Business Access Saver is the ideal solution for businesses eager to keep a robust savings cushion while maintaining easy access to funds. Crafted with the business owner in mind, it prioritises interest accumulation, flexible savings management, and hassle-free account maintenance.

 

Key Features:

 

  • Relish a $0 monthly fee while your savings earn daily interest, paid monthly.
  • 24/7 online access lets you manage your savings through a linked St. George transaction account.
  • Enjoy freedom with no requirements for minimum monthly deposits or balances.
  • Stay in control with no fixed-term contract, granting you unrestricted access to your savings.
  • Unlimited electronic transfers to and from your linked St. George account come at no extra cost.
  • Strategically separate business savings for improved financial oversight, especially handy during tax seasons.
  • Enhanced security measures ensure protection against potential internet fraud.

 

This account is available to a broad spectrum of Australian business entities. If you’re a sole trader, a single director company, or already banking with St. George, the online application process promises simplicity and speed.

St. George Business Visa Credit Card

A range of credit cards to help businesses manage expenses, earn rewards, or benefit from interest-free days.

Amplify Business

St. George’s Amplify Business Visa Credit Card is a business rewards credit card specifically tailored for business owners and professionals who wish to maximise the value from their regular business expenses. Offering a plethora of features and rewards, it’s a card designed to blend business functionality with personal perks.

 

Key Features:

 

  • Get the most out of your business expenses with uncapped points. Every eligible purchase contributes to your reward tally. What’s more, international spending earns you double points.
  • Designed to cater to businesses of varying sizes, the Amplify Business card allows for up to 3 additional cardholders without any extra charge. This is especially useful for sole traders and partnerships.
  • New cardholders benefit from a waived annual card fee for the first year, saving $89. Plus, take advantage of up to 55 interest-free days on purchases.
  • Integrate seamlessly with MYOB and BAS for expense reporting.
  • Two reward systems available — Amplify Points and Qantas Points.

 

With an online application process that promises an instant response in just 10 minutes

BusinessVantage

St. George’s BusinessVantage Visa credit card is a low rate business credit card, perfect for businesses looking to spend without worrying about the burden from high interest rates.

 

Key Features:

 

  • Experience efficient expense management with a competitive variable purchase rate of 9.99% p.a. for new cards. Plus, you can optimise your cash flow with up to 55 interest-free days on purchases, provided you clear the closing balance by the due date each month.
  • The card stands out with its potential to support larger businesses: up to 99 additional cards can be issued, each with its individual credit limit. This facilitates decentralised spending while maintaining control over budgets.
  • A minimal annual card fee of $55 per card ensures that businesses can enjoy the benefits without breaking the bank.
  • Boosted security comes standard. The complimentary Unauthorised Transaction Insurance safeguards the account holder against eligible unauthorised transactions, following specific terms and conditions.
  • Designed with simplicity and efficiency in mind, the card offers detailed statements to streamline expense tracking. If your business has multiple departments or divisions, you can also opt for consolidated summaries, making financial reporting a breeze.
  • It’s an inclusive solution, suitable for a range of business structures – from sole traders and companies to partnerships and trusts.

 

Interested businesses can simply call 13 38 00 or drop by a St. George branch for further assistance.

Foreign Exchange & International

St. George Bank, like many major banks, offers a suite of services under the umbrella of FX (foreign exchange) and International products to cater to businesses and individuals with overseas financial requirements. Here’s a breakdown:

 

Foreign Currency Accounts:

 

  • This is ideal for businesses or individuals who transact in multiple currencies.
  • $0 account keeping fee
  • $10.50 conversion fee per transaction to and from a St.George (AUD) account held in the same name
  • 10 currencies available, including USD, GBP and EUR

 

International Payments:

 

  • St. George facilitates smooth and secure international payments, both incoming and outgoing.
  • Make a fast and secure one-off transfer in over 15 currencies.
  • $0 to make an international payment in foreign currency
  • $20 to make an international payment in Australian Dollars
  • $12 to receive an international payment

 

Additional services

Banks typically offer a range of products and services to businesses, and St George is no different. Its products and services include:

Business loans

St. George offers a comprehensive suite of business loans tailored to a myriad of needs. From the Business Loan for Startups, aimed at businesses operating under two years with loans up to $50k, to the Small Business Loan offering competitive rates starting at 6.24% p.a. and lending starting from $20k.

 

They also cater to specific equipment and vehicle financing with potential tax benefits. For businesses seeking flexible access to funds, the Unsecured Commercial Overdraft, available for eligible existing customers, provides up to $50K without the need for security. Lastly, for larger enterprises, the

 

Commercial Overdraft option supports cash flow needs beyond $1M. Whether you’re kickstarting a venture or navigating cash flow challenges, St. George has a solution tailored for you.

Payment solutions

St. George provides businesses with sophisticated payment solutions designed to ensure seamless transactions, be it through their EFTPOS terminals or eCommerce channels. Key benefits of utilizing their EFTPOS solutions include swift same-day settlement into your account, ensuring continuous trade even during internet outages thanks to 4G backup, and dedicated 24/7 local support to address any issues, even promising terminal replacements within 4 hours in metropolitan areas.

 

There are two main EFTPOS terminal offerings:

 

1. EFTPOS Now ($24.75 monthly terminal fee):

 

This versatile terminal is perfect for businesses of various scales, from local shops and cafés to food trucks and professional services. Features include:

 

  • Flexibility to take payments both in-store and on the move.
  • Surcharging capability for all payment types.
  • Multiple connectivity options, including 4G and Wi-Fi.
  • Enhanced transaction features like split bills, LitePOS, pre-authorisation, tipping, refunds, and the ability to email receipts.
  • User-friendly 5.5″ touchscreen display equipped with accessibility features.

 

2. EFTPOS Connect ($27.50 monthly terminal fee):

 

  1. Aimed at larger retail establishments and food service chains, this terminal offers advanced integrations to enhance transaction efficiency:
  2. Seamless integration with various Linkly On-Premises and Cloud POS systems.
  3. Inclusion of Value-Added Services like ZipPay and TruRating.
  4. Diverse connectivity options, from Wi-Fi and 4G to ethernet.
  5. Features such as tipping and split billing.

 

Insurance

St. George’s business insurance solutions cater to the diverse needs of businesses, ensuring they remain protected against unforeseen risks. With the promise of a swift claims process and the flexibility to pay premiums monthly, St. George makes it convenient and straightforward for businesses to safeguard their assets and operations.

 

  • Business Insurance Pack: Tailored for small to medium businesses, offering coverage for Public and product liability within Australia.
  • Trades and Services Pack: Focused on businesses in trades and services, providing coverage for Public and Products Liability, General Property, and Commercial Motor.
  • Office Pack: Customised for office-based professionals, offering specialised coverage in a consolidated package.

 

In essence, St. George provides a spectrum of insurance packages, ensuring that every business finds the right fit for its unique needs.

The Different St George Business Account Fees

Account Fees
 

Freedom Business Account

Business Cheque Account Plus

Business Account Saver

Account Keeping Fees

$10

$20

Nil

Minimum monthly balance to avoid Account-keeping fee

$100,000

NA

NA

Monthly Allowance Fees
 

Freedom Business Account

Business Cheque Account Plus

Business Account Saver

Monthly fee-free transaction allowance

30

70

4 staff assisted

Staff assisted transactions

$1.00

$1.00

$3.00

Cheque clearing (withdrawal)

$0.50

$0.50

NA

Cheque clearing (deposit)

$0.50

$0.50

NA

Collection Items Fees
 

Freedom Business Account

Business Cheque Account Plus

Business Account Saver

Monthly fee-free collection items allowance

30

70

Nil

Collection items (including cheque deposits)

$0.50

$0.50

$1.00

Other Fees & Charges

Account Service

Amount/ Fees

Alert services

  • SMS Alert Fee

  • Email Alert Fee

  • Dishonour Alert Facility Fee

Nil

Nil

$2.00

Duplicate account statement

  • Business accounts

  • Corporate accounts

Nil

$2.00 per statement

Issue of Deposit Only Card

$2.20 per card

Overseas withdrawal

$5.00

Cash advance made over-the-counter at any Australian Financial Institution

$3.70

Foreign currency conversion fee

3% of the AUD transaction amount

Periodical payment

  • Business accounts

  • Corporate accounts

Nil

$4.00

Overseas periodical payment

$10.00 (plus telegraphic transfer fees)

Overdrawn fee

$15.00

Stopping payment on a cheque at your request

  • Staff assisted

  • Requested using internet or phone

$15.00

$8.00

Frequent statement fee

  • Business accounts

  • Corporate accounts

Nil

$2.00 per statement

Outward telegraphic transfer

$10.00 per transfer in foreign currency (plus overseas bank charges) 

$20.00 per transfer in Australian dollars (plus overseas bank charges)

Inward telegraphic transfer

  • Credited to an account

  • All others

$12.00 (plus overseas bank charges)

$38.00 (plus overseas bank charges)

Amendment to payment details on telegraphic transfer

$15.00

Cancellation and return of funds

$25.00 (plus overseas bank charges)

Trace on telegraphic transfer

$25.00 (plus overseas bank charges)

Garnishee fee

$13.00

Multiple credits (including payroll credits)

  • Drawn on a St.George, BankSA or Bank of Melbourne account

  • Drawn on other institution per credit

$1.50

$5.00

Direct Entry Payments via Business Banking Online

$0.25

How to Open an St George Business Account:

  • Determine Your Business Type and Needs:
    • Before you begin, understand your business structure (sole trader, partnership, company, etc.) and what you want from a business account. St. George offers different accounts tailored for various business needs.
  • Gather Necessary Documentation:
    • For Sole Traders: Personal identification (like a driver’s license or passport), business details, and your ABN or ACN.
    • For Partnerships: Partnership agreement, ABN, and personal identification for each partner.
    • For Companies: Certificate of Incorporation, company’s ABN or ACN, and identification for directors and shareholders.
    • For Trusts: Trust deed and identification for trustees.
  • Apply Online or In-Person:
    • Online: Visit the St. George website, navigate to the business banking section, and follow the prompts to apply for a business account. The online process is intuitive and will guide you through the steps.
    • In-Person: You can visit a St. George branch. It’s a good idea to call ahead and maybe set an appointment to ensure you get assistance promptly.
  • Complete the Application:
    • Whether online or in person, you’ll be required to fill out the application form. Provide all relevant details about your business, its structure, nature of business, and other requested information.
  • Account Verification:
    • Once the bank receives your application, they might take a few days to verify the information. They might also request additional documentation if necessary.
  • Account Approval and Setup:
    • Upon successful verification, your business account will be approved. You’ll receive your account details, and if you’ve opted for a business debit or credit card, it will be dispatched to you.
  • Accessing Your Account:
    • Once everything is set up, you can register for online banking to manage your business account from anywhere. St. George’s online banking platform offers a host of features to help manage your finances efficiently.
  • Stay Updated:
    • It’s a good idea to regularly review your business banking needs. As your business grows, you might want to explore other financial products or services that St. George offers.

 

Always ensure you understand the terms, conditions, and any fees associated with the business account you’re choosing. If you have specific or complex requirements, consider seeking advice from a financial advisor or directly from St. George’s business banking representatives.

 

Finally, since banking regulations, products, and processes might change, always refer to the official St. George Bank website or contact the bank directly for the most accurate and up-to-date information.

Reaching Out to St George

For those requiring assistance with banking matters, St.George offers Georgie, a 24/7 virtual assistant available through both the St.George App and Internet banking. With Georgie, users can obtain immediate online help, bypassing the need to make a phone call or visit a branch.

 

Additionally, for those preferring direct human interaction, the ‘Connect’ feature within the St.George App provides a swift avenue for support.

Unlock Global Potential with Instarem

As businesses navigate their banking options, Instarem for Business emerges as an optimal choice for international financial operations.

 

Covering a vast network of over 60 countries, this cross border platform allows for bulk payment dispatches with a commitment to transparency and cost-efficiency.

 

Instarem not only simplifies account reconciliations but also offers reduced transaction costs. Its 24/7 accessibility combined with assured safety makes it a trusted partner for businesses looking beyond borders

 

Interested in exploring business payment solutions with Instarem for your business? Leave your details and one of our dedicated representatives will get in touch.

 

Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.

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