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Commonwealth Bank offers online savings to businesses

Australian lender Commonwealth Bank has launched its Business Online Saver, a new online savings account aimed at businesses offering a variable interest rate of 5.65% in a bid to attract new business customers.

<p>The bank believes that the account will attract business customers who hold their surplus funds at other financial institutions, as well as taking in non-bank customers. Although customers can apply online, by phone or in branch, transactions will only be possible online.<br /><br />Customers must have a Commonwealth Bank Business Cheque Account in order to be eligible for the account. According to the bank&#0039;s executive general manager for the working capital services, the product is unique in the market. Business customers can effectively manage their working capital with flexible same-day access to funds and unlimited transfers.<br /><br />Importantly there are no minimum deposit or withdrawal amounts and no bank fees. Reflecting our responsiveness to business customers&#0039; needs, we are the first among the major banks to launch a non-tiered online saving account for our business customers.</p>