Members Equity launches online business account

Members Equity has launched an at-call online savings account for business offering a higher rate of interest in return for internet access to funds only. The Business Direct Savings Account pays 4.55 per cent for every dollar over $3000. There is no minimum balance but balances of $3000 or less earn just 0.25 per cent.

Members Equity says the Business Direct Savings Account targets businesses that want to optimise their surplus cash with no transaction or account-keeping fees.

Internet transaction access requires funds being transferred between the Business Direct Savings Account and any nominated bank account. Funds withdrawn before 4pm on a business day are generally available in the nominated account the next business day. The account allows up to 7 signatories with two access limits available.