The Australian and New Zealand banking group (ASX. ANZ) was ranked by Canstar Cannex as the best financial institution for small businesses, offering the greatest value amongst their peers.

According to Peter Arnold of Canstar Cannex, services offered by ANZ such as credit card options, extended lines of credit, cash management, and variable loans are all imperative to small businesses and were vital in the agency’s decision-making process. 

Specialised teams catering to the needs of business clients, an all-inclusive network of branch locations, and outstanding online banking for small businesses, helped ANZ edge out its competitors to win the prize.

ANZ regained the award from Westpac (ASX. WBC), the largest bank in Australia. ANZ and Westpac provide virtually the same financial products to the same clientele, so this award merits bragging rights for the holder, and a call to Westpac to improve its business (customer) services.

Canstar Cannex is a finance research and rating group that assists consumers by rating hundreds of financial products and institutions based on rates and services offered.

Canstar Cannex also released a report, which found compared to two years ago that small businesses are currently paying more interest on loans, and receiving less on deposits. Currently three major banks are offering higher interest rates on consumer deposits than small business deposits.

A wise offer for banks, as small businesses tend to have larger funds in checking and savings than personal accounts, therefore banks will pay less total interest on funds held in their care. Small businesses find themselves in a bind between two possibilities. Either earn small yields as they park their cash flows in banks, or receive higher yields in the capital markets; however, such markets are harder to access for small businesses compared to larger corporations.

Friday, ANZ closed the trading Day at $21.56 ending the week up $1.14 or 5.58%. Westpac closed Friday at 22.50, up .8 (or 3.69%) for the week.

Source:  http://www.wabusinessnews.com.au/