Commonwealth Bank of Australia (CBA) has launched new products, services and features for business customers. CBA says that the aim is to meet more of their banking needs.
CBA’s Group Executive Business Banking Mike Vacy-Lyle said: “As Australia’s leading business bank, we are committed to developing innovative products that do more for our customers, meet more of their needs, and provide that single, holistic experience to eliminate confusion and complexity from their banking.”
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Introducing CommBank Yello
Eligible small and medium businesses will soon be able to receive special offers, discounts and other provider benefits. This results from the expansion of CommBank Yello, one of Australia’s largest customer recognition programmes. Launched in 2023, CommBank Yello provides around A$400m of value to CommBank retail customers each year.
The expansion to CBA business bank customers will allow eligible businesses to receive discounted provider offers and valuable benefits. Benefits may include offers and discounts on business-related purchases such as travel, technology hardware, business software, telecommunications and workwear.
“CommBank Yello for business is designed to reward and recognise our customers for banking with CBA. We have seen a great response from retail customers who have utilised these personal offers. So, it’s exciting to be able to soon welcome business customers to the programme,” said Mr Vacy-Lyle.
CommBank Yello will be progressively rolled out to business customers in the coming months.
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By GlobalDataAustralia’s first flexible withdrawal term deposit
In a first for term deposits in Australia, the new Flexi Business Investment Account gives businesses the ability to withdraw up to 20% of their term deposit at any time without interest adjustment or fees, earning competitive interest on the full balance of the account – including the flexible balance.
Vacy Lyle said the first-in-market proposition was an innovative product providing businesses with competitive rates and flexibility.
“Many businesses hold cash for lump sum payments for specific periods of time, such as covering tax payments at the end of financial year, or to have aside to manage unexpected costs. We know businesses want to maximise interest on the cash they may be holding. But at the same time, they want the peace of mind to make withdrawals when needed. The new Flexi Business Investment Account allows them to do just that. It means business owners can earn competitive interest on funds without the typical restrictions on withdrawals.”
The minimum balance required on the account is A$5,000, with three-, six-, nine- or twelve-month terms available. If a business does withdraw the 20% before the end of the term, the remaining 80% will continue to earn interest during the fixed term.
