Best bank for Profit First in Australia

May 11, 2024
minutes to read
by
Justin Bohlmann
Table of Contents

The traditional approach to finances leaves you constantly playing catch-up. But what if there was a way to prioritise savings and profits, ensuring your financial well-being automatically? Profit First offers a different approach.

Instead of the traditional method of waiting to see what's left over after expenses, Profit First flips the script. It prioritises profit and savings by allocating specific portions of your income upfront.

But with this system, finding the right bank is crucial. Having a bank that works seamlessly with the Profit First method would be best. Here, we'll explore the best bank for Profit First in 2024 so you can find the perfect fit to automate your savings and take charge of your financial future.

Why picking a bank for Profit First can be tricky

Profit First sounds incredible, but finding a bank that works well with it can be frustrating. Here's the lowdown:

Traditional banks are not built for Profit First

Most regular banks need to be set up for how Profit First works with multiple accounts. They might only let you open a few accounts easily, and fees for each can add up fast, eating into your profits instead of growing them.

Online banks are a maybe, but read the fine print

Online banks seem a good fit because they often offer multiple "savings pockets" within one central account. These sound similar to Profit First accounts, but there's a catch.  Figuring out all the fees at different banks can be confusing, and some online banks use these sub-accounts instead of separate checking accounts.

The difference between sub-accounts and separate accounts matters. Sub-accounts are good for organising your money, but you can only sometimes move money directly between them.  This makes it tricky to automate Profit First's system of moving money around automatically.

Meanwhile, Thriday is an all-in-one financial management tool that is happy to help you open multiple accounts (up to 10 accounts). On top of that, it offers FREE monthly access!  What's even better is that it automates your profit. Setting up automatic transfers between your accounts is easy, putting Profit First on autopilot and helping you reach your financial goals faster.

Thriday customer
Thriday customer

Things to consider when looking for a Profit First bank in Australia

Here's what to consider when searching for the best Profit First bank in Australia:

  • Multiple accounts with $0 monthly fees: You'll need a bank that allows you to open at least five FREE accounts. The Profit First method recommends accounts for:
    • Revenue (or Income)
    • Profit
    • Owner's Pay
    • Tax
    • Operating Expenses

Beyond these five, you might want even more for a more detailed view of your spending. Fee-free banking is crucial to avoid hidden costs that eat into your profits. Consider whether the bank offers sub-accounts or separate checking accounts. Sub-accounts make it challenging to automate transfers.

  • Automated transfers: Look for a bank that allows automatic transfers based on percentages and account balances. Profit First uses specific allocation percentages based on your income. Having a bank automate these transfers for you saves time and ensures accuracy.
  • Balance-based transfers: This feature allows you to set up rules where a specific amount triggers automatic transfers to other accounts based on your percentages. It streamlines your cash flow management.
  • Avoid hidden fees: Steer clear of banks that charge minimum balance fees, maintenance fees, or other hidden charges.

Thriday for Profit First banking*

Thriday is the best banking* platform for Profit First in Australia. It boasts a dedicated Australian support team that is well-versed in Profit First principles. They understand the local financial landscape and can address your specific questions and concerns, ensuring a smooth Profit First journey within the Australian context. Additionally, their alignment with Profit First Professionals Australia and New Zealand signifies their commitment to the methodology and staying up to date on best practices.

Different from traditional banks Thriday lets you open up to ten accounts online without the need to visit a branch. This translates perfectly to setting up your dedicated Profit First accounts (Income, Profit, Owner's Pay, Tax, Operating Expenses) without worrying about fees eating into your hard-earned profits.

Other remarkable features include:  

Automate Profit First with Thriday
Automate Profit First with Thriday

$0 monthly fee banking access: Breathe easy! Thriday does not charge a fee per business account like many other banks. To set up Profit First using other banks could cost up to $90/month. And that’s without any automation.

Automated transfers on autopilot: No more manual calculations or tedious transfers between accounts. Thriday allows you to automate transfers based on target allocation percentages (TAPs). Set it up once and watch your Profit First strategy run smoothly month after month. Set up automatic transfers between up to 10 bank accounts* to effortlessly manage your Profit, Owner's Pay, Tax, and other financial goals.

With your Thriday Visa Debit card: * You can make convenient purchases and manage your business expenses efficiently.

Apple Pay & Google Wallet integration: Enjoy seamless mobile payments for added convenience.

ATM access: Withdraw cash from ATMs whenever needed.

Cash deposits via Bank@Post: Deposit cash conveniently at participating Australia Post locations.

Bill Manager: Simplify bill payments by snapping a photo of your bills with your phone. Thriday will schedule automated payments to ensure you get all the due dates.

Are you ready to try Profit First? Open a Thriday account for free today!

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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