Business, Earthmoving News

CBA releases dedicated service for tradies

New business accounts and a $500 cashback are on offer for tradespeople looking to grow their small businesses

Commonwealth Bank Australia (CBA) is offering dedicated support services to tradies looking to grow or start their own business.

The bank says its new smarter business transaction accounts (BTAs) will help tradies to monitor cash flow and reduce time spent on administration, as well as access a host of other support services and perks.

The BTAs provide tradespeople with real-time payment alerts, automatic account reconciliation and easy to use invoice templates.

Commonwealth Bank executive general manager for everyday business banking James Fowle says the offerings help support the industry.

“We understand the unique business needs of tradies to manage complex cash flows and run their businesses on-the-go as they juggle full days onsite and current market conditions including increased costs,” Fowle says.

“That’s why we are customising support for the industry with a range of products and discounts to support their individual business needs, as well as tips for apprentices and insights and resources for established trades businesses.”

The bank is also offering $500 cashback for BTA-holding tradespeople running a small business who are looking to finance equipment or a vehicle.

Customer is required to have been trading for a minimum of 12 months under a current ABN with annual revenue of less than $1 million, and qualify as a tradesperson under eligible trading codes as identified by CommBank.

The cashback is a limited time offer and its available until September 15. Repayments must be debited from a BTA and the cashback will be credited into the account within 60 days.

For self-employed tradies who have had their home loan with the Commonwealth Bank for more than 12 months, other benefits are included, such as the option to access finance up to $100,000 for a business vehicle.

Business tips, discounts, and technology such as savings on internet, phone, and hardware is also available, in addition to 50 per cent off an accounting software subscription with QuickBooks.

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