Formerly Credit Union Australia, Great Southern Bank (GSB) is a mutual bank with origins dating back to 1946. It is among Australia’s largest customer-owned banks with a stated commitment to help all Australians own their own homes.
While Great Southern Bank is best known for its extensive personal banking services, in recent times, it’s also boosted its business banking offerings. In 2024, it launched its 100% digital business banking platform Business+, offering a one-stop shop for small business banking.
Since that time, Business+ has continued to broaden its product range and the types of businesses it can cater for which now include private companies, partnerships, trusts, and self-managed super funds (SMSFs).
Features of Business+
Business+ is a dedicated app-based business banking service offering:
Transaction account with no monthly account fees
High interest savings account with no monthly account fees, no minimum balance requirements, or no cap on large balances
Debit Mastercard
Paperless, digital onboarding for fast set-up
Unsecured loans up to $50,000 and vehicle loans up to $250,000 (available to sole traders and companies)
Integration with MYOB or Xero
Built-in invoice-generation with card payment capability
Why choose Business+ over other business banking?
Great Southern Bank’s chief customer officer Rolf Stromsoe said Business+ has been designed specifically around the needs of small business, based on considerable market research.
For too long, bigger banks have overlooked smaller businesses.
As a customer-owned bank, we put customers at the heart of everything we do - and this product reflects that focus.
Business+ has been built specifically with them in mind - a flexible, digital-only, mobile-first solution that’s simple to use and quick to set up.
Rolf Stromsoe, Great Southern Bank's chief customer officer
Business+ advantages
Caters for sole traders, companies, partnerships, trusts, and SMSFs
One of few banks to offer paperless, digital onboarding (app also caters for businesses with multiple directors)
- Savings account offers decent interest rate with no cap on maximum account balance to limit interest-earning potential
Creates, sends, and tracks tax-compliant invoices at no cost via the app
Flexible payment options, including review and approval workflows, as well as batch payments
Finance options including unsecured term loans, overdrafts, and secured vehicle loans
Fully digital finance applications via both the mobile app and web
Business+ cons
Some fees apply for specific card transactions such as foreign currency transactions
Currently doesn’t support charities, not-for-profits, or clubs/associations (although work to extend to these entities is underway)
Finance currently available to sole traders and companies only (with work to extend to more business types in the future)
Great Southern Bank business banking: Customer review
Ben Scull has an accounting background and spent more than two decades in a business consultancy before launching his pressure washing business almost by accident.
What began as a side hustle became his main game, prompting the sole trader to look around for a business banking option separate from his personal banking.
“To be honest, after a bit of googling, the main reason I chose Great Southern Bank was because it was easy to sign up with them online and there were no fees involved,” Mr Scull said.
“That was quite compelling for a small business.”
Mr Scull said he was also impressed with the “super-easy” integration with his Xero business accounting software.
“It’s been good for me to do transactions on the app on the run and to reconcile things as I go,” he said. “It saves me a lot of time.”
Mr Scull said he’s been through significant updates with the app which has remained straightforward and “very user-friendly”.
He now intends to use Great Southern Bank’s business finance for a loan for a new vehicle.
“I’ve honestly had no issues at all and have no reason to look around for other options,” he said. “It’s worked very well for me and my needs.”
Ben Scull, Sculls Pressure Cleaning
What do you need to open a Business+ Account?
A Business+ Account can be opened completely online so there's no need to come into a branch.
You will need an email address and an Australian mobile number and one form of ID, such as a driver’s licence, passport, or Medicare card.