Bankwest Business Banking Shut Down: Why Thriday is Your Answer

February 20, 2024
6
minutes to read
by
Michael Nuciforo
Table of Contents

If you're seeking the best alternative to Bankwest for your business banking needs, you've come to the right place. In this blog, we'll explore how easy it is to switch from Bankwest to Thriday, highlighting why Thriday is the best alternative for Bankwest small business customers. By the end of this post, you'll clearly understand how Thriday can empower your business with its exceptional business bank account*. So, let's delve into the details and discover why Thriday should be your top choice for hassle-free business banking.

What is Bankwest? 

Bankwest is a prominent banking institution that has served customers across Australia for many years. Recognised for its wide range of financial services, Bankwest has been a trusted name in the industry. Based in Perth, WA, Bankwest was acquired by Commonwealth Bank in 2008.

Bankwest offers a comprehensive suite of banking services such as transaction accounts, loans, credit cards, merchant services, and various financial management tools. With a reputation for stability and reliability, Bankwest has built a loyal customer base, providing them with the necessary tools and support to manage their finances effectively. However, recent changes have impacted Bankwest's business banking services, leaving many customers searching for a suitable alternative. 

Now that we have a basic understanding of Bankwest's role in business banking let's explore why they decided to discontinue offering these services and how Thriday emerges as the perfect alternative for Bankwest customers

Business Banking Services Offered by Bankwest 

Before shutting down its business bank account offering, Bankwest was known for its comprehensive range of business banking services designed to meet the unique needs of small businesses. Let's delve into some of the critical services they used to offer before asking customers to switch their business banking to Commonwealth Bank:

  • Business Accounts: Bankwest provided a variety of business account options, including free business bank accounts, savings accounts, and term deposits. These accounts were designed to facilitate everyday banking activities, manage cash flow, and earn interest on surplus funds. 
  • Loans and Credit Facilities: Bankwest offered business loans and credit facilities to help entrepreneurs access the capital needed to start or expand their businesses. Whether it was a small business loan, equipment finance, or a commercial property loan, Bankwest aimed to support the growth and success of companies.   

Bankwest's business banking services aim to provide comprehensive solutions to meet the diverse needs of small businesses. However, recent developments have resulted in Bankwest discontinuing its business banking offerings, prompting customers to seek a reliable and suitable alternative. That's where Thriday is the perfect alternative for Bankwest customers looking for a free business bank account*. In the next section, we will explore why Thriday is the best choice for a smooth transition and continued business banking support. 

 

Why is Bankwest No Longer Offering Business Banking? 

Bankwest's decision to discontinue its business banking services surprised many of its loyal customers. While the exact reasons behind this strategic shift may not be explicitly stated, it is clear that Bankwest felt that its customers would receive a better business banking experience if they moved over to the Commonwealth Bank (their parent company). Several other factors could have influenced this decision: 

  • Market Dynamics: The banking industry is undergoing rapid transformation driven by technological advancements and changing customer expectations. To stay competitive, financial institutions must adapt and realign their strategies. Bankwest may have reassessed its business model and decided to focus on personal banking only.
  • Shifting Priorities: As banks reassess their priorities, they sometimes make strategic decisions to allocate resources to more strategic or profitable areas. This could lead to discontinuing certain services, such as business banking, as they may not align with their current objectives. 
  • Cost-Effectiveness: Providing comprehensive business banking services requires significant infrastructure, technology, and support systems investments. Bankwest may have evaluated the cost-effectiveness of its business banking operations and decided to streamline its offerings to improve overall efficiency. 

While the decision to discontinue business banking services by Bankwest may be disappointing for their existing customers, it also opens up an opportunity to explore new providers, such as Thriday, a reliable and innovative alternative. The following section will explore why Thriday is the best choice for Bankwest customers seeking a new business banking partner. 

 

Why is Thriday the Best Alternative for Bankwest Customers? 

As Bankwest customers seek a new business banking solution, Thriday emerges as the perfect alternative. Here are the key reasons why Thriday stands out as the best choice: 

  1. Business Bank Account: Thriday offers a $0 monthly business bank account*, ensuring small business owners can save on unnecessary fees and expenses. With Thriday, you can enjoy the benefits of a full-featured business bank account* and Visa Debit card* without incurring any monthly maintenance charges. 
  2. Tailored Services for Small Businesses: Thriday understands the unique needs of small businesses and tailors its services to cater specifically to them. Whether you're a startup, freelancer, or established business, Thriday provides the tools and support to manage your finances effectively and efficiently. 
  3. Enhanced Digital Capabilities and User Experience: Thriday's cutting-edge digital platform empowers businesses with seamless online banking experiences. From intuitive mobile banking apps to user-friendly interfaces, Thriday leverages technology to make banking convenient and accessible anytime, anywhere. 
  4. Personalised Customer Support: Thriday offers personalised customer support to assist you every step of the way. Their dedicated team of experts can address your queries and provide practical guidance on managing your business finances. 
  5. Advanced Automation: Thriday has integrated bookkeeping, accounting, invoicing and tax features making tax time, relax time, when it comes to your business. Once you get set up on Thriday, you need to earn and spend money, and your finances are taken care of.
  6. Streamlined Onboarding Process: Switching from Bankwest to Thriday is smooth and hassle-free. Thriday's streamlined onboarding process ensures a seamless transition, allowing you to quickly set up your business account and start enjoying the benefits of its comprehensive banking services. 

Don't just take our word for it. Hear from satisfied Thriday customers who switched to Thriday and experienced the advantages firsthand. They have found Thriday a reliable, cost-effective, and customer-centric alternative for their business banking needs. 

In the next section, we will explore how Thriday works and provide a closer look at its business banking features and functionalities, ensuring you clearly understand what to expect when you choose Thriday as your new business banking partner. 

 

How Does Thriday Work? 

Thriday's approach to business banking is designed to simplify and streamline your financial management. Here's a closer look at how Thriday works and the features it offers: 

  • Account Setup: Getting started with Thriday is quick and straightforward. You can sign up for a $0 monthly business bank account* online in 3 minutes by providing the necessary information and completing the verification process. Thriday's digital onboarding ensures a seamless experience without requiring lengthy paperwork or branch visits. 
  • Online and Mobile Banking: Thriday's user-friendly online and mobile banking platforms allow you to access your accounts, check balances, make payments, and manage transactions on the go. 
  • Invoice Solutions: Thriday enables you to accept payments from your customers easily. You can set up branded invoice templates, issue invoices, and even accept payments, providing convenience and flexibility for your customers. 
  • Tax Management Tools: Thriday equips you with powerful financial management tools to track your income and expenses, monitor cash flow, and generate detailed reports to gain valuable insights into your business finances. 

Thriday's user-friendly interface, comprehensive features, and personalised support make it an ideal choice for Bankwest customers seeking a reliable alternative. With Thriday, you can enjoy a seamless transition, access innovative banking solutions, and focus on growing your business. 

Thriday's all-in-one platform makes it easy to manage your business

 

Switch to Thriday from Bankwest in 5 Simple Steps 

Here is a step-by-step guide on how to switch from Bankwest to Thriday: 

  1. Sign Up with Thriday: Visit Thriday's website or app and sign up for a business bank account*. Fill out the necessary information and complete the verification process. Thriday's digital onboarding ensures a quick and convenient account setup.
  2. Transfer Funds: Once your Thriday account is set up, transfer your funds from your Bankwest account to your new Thriday account. You can do this by initiating a transfer through Bankwest's online banking platform or contacting customer support for assistance.
  3. Update Payment Information: Update your payment information with vendors, clients, or service providers to ensure future transactions are directed to your Thriday account. This includes updating your payment details for subscriptions, direct debits, or recurring payments. 
  4. Redirect Deposits: If you receive regular deposits from clients or customers, inform them of your account switch and provide them with your new Thriday account details. This will ensure that future deposits are directed to your new bank account*. 
  5. Close Bankwest Account: Once all your funds have been transferred, consider closing your Bankwest business account to avoid unnecessary fees or charges. Contact Bankwest's customer support to initiate the account closure process. 

Once the transition is complete, you can take full advantage of Thriday's $0 monthly business bank account*, digital features, and personalised support. Explore the financial management tools, payment solutions, and other benefits that Thriday offers to support your business growth. 

Remember, if you encounter any challenges or have questions during the switch, Thriday's customer support team is ready to assist you immediately.

Thriday's commitment to serving the needs of small businesses, combined with a $0 monthly business bank account*, advanced digital capabilities, and personalised support, positions them as the best alternative for Bankwest customers. Switch to Thriday and experience the convenience and efficiency of a business banking partner that understands your unique requirements.

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.

Why waste time on financial admin when Thriday can do it for you?

JOIN FOR FREE
Already have an account? Login here
Thriday Debit Card

SEE HOW THRIDAY HELPS
SMALL BUSINESSES

Live demo this Thursday at 12:30pm.
SAVE YOUR SPOT
Close