Business banking

Great Southern Bank is the trading name of Credit Union Australia Limited. You may have previously known us as CUA.

For over 75 years we’ve helped our customers manage their money. We do this by providing clever products and smart tools that help you reach your financial goals sooner. Plus, being customer-owned means that our profits go back into our products and services, not shareholders.

We love helping people reach their financial goals and we can’t wait to help you reach yours, whatever they may be. Jump on Business+ online or download our Business+ app to get started.

You must provide at least one of the following types of identification to open a Business+ Account or Business+ Saver:

• Australian Driver’s Licence
• Australian Passport
• Medicare Card

ID tip

If you submitted any one of these identifications and weren’t successful, try another type. Submitting more than one form of ID helps us confirm your identity and increases the chances of a successful verification.

If you’ve successfully completed the identity verification process, it should only take a few minutes to open a Business+ Account or Business+ Saver with Business+ online or the Business+ app.

You can request a card through the ‘Card’ section of Business+ online or the Business+ app. Select the Business+ Account you'd like the card linked to and confirm your mailing address is up to date. Once you confirm your address, your card will usually be delivered to you within 10 business days. Please note, delivery times may differ depending on where you’re located.

The good news is there are no monthly account keeping fees with your Business+ Saver.

There could be other fees though, so it's best to take a look at the Terms and Conditions for information about the fees and charges relating to your account.

Yes, before you open a Business+ Saver, you’ll need to open a Business+ Account, which you can do with Business+ online or by downloading the Great Southern Bank Business+ app from the Apple App Store or Google Play.

A transaction account is designed to be used for day-to-day expenses and often comes with a debit card for convenient access to the account.

Savings accounts don’t have a debit card, but should offer a competitive interest rate helping you to achieve your savings goal sooner. Savings accounts can offer bonus interest when certain criteria are met.

Although it isn’t mandatory to open a small business savings account, having one will complement your Business+ Account and brings with it some benefits:

• Having a savings record helps you get a business loan, overdraft, or credit card
• Gives you access to money when you need it most
• Offers a higher interest rate than a transaction account

A term deposit lets you grow savings you’ve already built by locking them away for a set period of time and at a set interest rate.

Your term can be anything from one month to one year, but it’s worth keeping in mind that you can’t make extra deposits after the initial deposit . If you need access to funds before maturity you will need to provide 31 days notice.

In contrast, a savings account lets you make unlimited deposits and withdrawals. However, the interest rate may be different than a term deposit. Savings accounts can be helpful if you’re just starting out and want to deposit money regularly, while a term deposit is useful for earning interest on savings you already have.

A competitive term deposit rate can be a clever way to grow the savings you already have. Plus, your return on investment won’t be affected if interest rates fall. Putting some of your savings into a term deposit account could help you save smarter.

Some of the benefits include:

• Choice to select the term that suits you to maximise interest you earn
• Guaranteed rate of return even if interest rates fall
• Interest paid at the end of the term with options to open a new term deposit or hold in your other accounts
• You won’t be tempted to spend your hard-saved cash as it’s locked away for a term

At the end of your term your invested amount and interest will be transferred to your Business+ Account or Business+ Saver with a few clicks you can easily set up a new term deposit with a rate that suits you.

You’ll receive an email or text message reminder when your term deposit is approaching maturity.

A notice period of 31 days is required to withdraw your funds before your term deposit matures. Please be aware that you may not earn your full interest amount if you withdraw money early. This is outlined in our terms and conditions.

If you’re your experiencing financial hardship and need funds sooner, please get in touch with us through Chat in Business+.

Yes, Business+ is 100% digital, so you can easily manage your term deposit without having to call us or visit a branch.

Yes. Money placed in a term deposit account with a bank, building society or credit union is protected by the Australian Government’s Financial Claims Scheme (FCS).

The scheme protects deposits up to $250,000 per person, per financial institution. In the unlikely event that a financial institution closes you’ll have the peace-of-mind that your money is safe.

Learn more about the FCS.

Yes, because Business+ is 100% digital you can do everything online.

You’ll need to meet our eligibility criteria for a Business+ Unsecured Loan. You can find these here.

The maximum amount you can borrow depends on your business circumstances and financial situation. Below is a guide of our limits:

• Business+ Unsecured Overdraft: $10,000 - $50,000
• Business+ Unsecured Loan: $20,000 - $50,000

When you apply for business finance, you (and any directors, partners or guarantors) may need to provide:

• Financial statements, preferably prepared by an accountant
• Proof of individual income
• Bank statements
• Identification

These documents help us understand your business’s financial position.

In most cases, you can expect an indicative decision within minutes of submitting your application and a final decision within 1-2 days.

Between $20,000 and $5,000,000 depending on your business circumstances and financial situation.

You can use your loan for any business purpose, like buying a new or existing business or franchise, commercial real estate, equipment and fit outs, cashflow etc. Speak to one of our Business Bankers to learn more.

In most cases, you can expect an indicative decision within 48 hours of submitting your application.

When you apply for business finance, you (and any directors, partners or guarantors) may need to provide:

• A completed application form.
• Proof of income (financial statements and/or payslips)
• Proof of property ownership

Your loan needs to be secured by residential property, commercial property  or term deposit.

View the latest Interest Rate Schedule or Commercial Lending Schedule of Fees.

If your interest rate is variable, it’s calculated daily on the balance owing and debited on the first day of each month.

If your interest rate is fixed, it’s calculated daily on the balance owing and debited monthly on the anniversary when the loan was opened.

No, you can make extra repayments at any time. Please refer to the Commercial Lending Schedule of Fees.

You can find out what your Business+ Account daily limit is, including your ATM withdrawal limits, by reading our Business+ Banking – Schedule of Fees and Access Limits factsheet.

Card transaction limits and ATM withdrawal limits are separate to your daily mobile banking limits.

Only your Business+ accounts are found on Business+ online and your Business+ app. Your other Great Southern Bank accounts are accessed with the Great Southern Bank app or Online Banking.

No. Think of it like our beloved Carlton Football Club men’s and women’s teams. While they’re all part of the same club, they play separately.

It’s the same with your Great Southern Bank products and your Business+ products. They’re all offered by us, but they don’t play together.

If you have banking that isn’t part of the Business+ suite of products, you’ll need to use the Great Southern Bank app or Online Banking.

No. Our Business+ products are designed to be 100% digital.

For help with anything to do with your Business+ products, use the Chat in the Help section of Business+ online or the Business+ app. You’ll be helped by one of our team (yep, a real person).