It’s a form of security and an alternative to providing a cash deposit or bond directly to a supplier or ‘beneficiary’. It's an unconditional undertaking given by the bank on behalf of its customer to pay the beneficiary the amount guaranteed on written demand.

Avenue’s bank guarantee is 100% cash backed. This means that, if you need a bank guarantee for $100,000, you’ll need to deposit $100,000 with Avenue as security. Available for all commercial leases (office, industrial, retail and more), Avenue’s bank guarantee is designed to be simple and secure. We believe that in the 21st century, a business bank should offer digitally enabled products and that’s why we’ve reinvented the bank guarantee – to make it faster, fairer, and fuss-free for you.

Draft bank guarantees

A draft bank guarantee is provided to you as soon as your application is submitted. It’s important to download and verify this with your landlord so that if any amendments need to be made, we can do them sooner rather than later (and avoid incurring additional fees).

Please note that the draft is for illustrative purposes only and is not legally binding. We’ll issue a binding bank guarantee after your application is approved and we receive your security deposit.

How much does an Avenue Bank Guarantee cost?

For a limited time, we have $0 upfront fees. The Avenue Bank Guarantee also has an ongoing fee of 3.00% per annum and is charged at the end of each month. We also offer competitive interest rates on your security deposit (currently 3.50% per annum).

Note: If you make a mistake on your application and need your bank guarantee amended, you may incur a variation fee of $250.

Do bank guarantees have an expiry date?

The expiry date of a bank guarantee is agreed between you and the beneficiary and normally aligns with the dates your contractual obligations to the beneficiary ends. Avenue’s bank guarantees can be issued with or without an expiry date.

Keep in mind that so long as your bank guarantee is active, you’ll continue to be charged an ongoing fee and your security deposit cannot be released until the bank guarantee is cancelled.

How fast can I get an Avenue Bank Guarantee?

Your bank guarantee can be issued in as little as 24 hours from the receipt of your security deposit (subject to eligibility criteria). Get the green-light faster so you can get the place you need and get on with what you do best. Apply for a bank guarantee in minutes, not weeks.