Canstar Cannex has awarded Westpac with the Best Value National award for Small Business Banking.
The award, which aims to recognize lenders that provide value through a highly featured business banking product suite, as well as exceptional service to small businesses, was given to Westpac on account of the improvements the lender made to its business transaction accounts.
"We were impressed by Westpac's continued push towards improvement for their business customers, despite the financial carnage of the past year," said Steve Mickenbecker, head of research.
"For instance, Westpac revamped its business transaction accounts and incorporated a new and very competitive fee structure on its Business One High Plan. Two new credit cards were also introduced to help with both everyday short-term funding issues and Rewards for businesses looking to get more when repaying expenses in full."
On service, Canstar Cannex found Westpac supported small businesses by offering easy access within its branch network to business bankers and relationship managers.
The full report can be downloaded at www.canstarcannex.com.au.