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How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
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Finder Score for term deposits
Finder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.
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A business savings account allows you to earn interest on your business funds while you're not using them. These accounts are a convenient way to earn passive income and can be linked to your business transaction account for easy access whenever you need it.
Read this guide to find out what to look for when choosing a business savings account and compare business savings accounts in Australia to find the best one for your needs.
Learn more about business transaction accounts
If your business is registered as a partnership, company or trust in Australia, you’re required to open a business transaction account. These are accounts designed specifically with businesses in mind and can be used to pay for your day-to-day business expenses, pay invoices and wages and receive payments from clients and customers.
This guide breaks down how business bank accounts work, the factors you should consider when comparing business bank accounts and the differences between personal and business bank accounts.
Reducing business banking costs
Keeping costs to a minimum is a crucial aspect of budgeting effectively as a small business owner. Paying unnecessary banking fees can eat into your business profits but choosing the right transaction and savings accounts can help you minimise or avoid these fees entirely.
Read this guide to find out how you can cut down on business costs by choosing the right bank account. Learn about the different types of banking fees you're likely to encounter and how you can avoid them.
Reducing business banking fees
"I was always on the lookout for a business account that had no account keeping fee - it didn’t seem reasonable to me that I can have a personal transaction account and pay nothing for it, but because the account was marked for business use, I had to pay $10 per month.
I can understand a fee if the business transacted hundreds of payments each week, but all of our payments flowed through a third party app, so there was only one deposit and a few dozen payments a month. So, I shopped around and settled on a bank that offered business transaction accounts for free."
Watch: 5 winning strategies to improve small business cash flow
4:06
Frequently Asked Questions
A business transaction account is typically best for small businesses as it provides easy access to funds, multiple payment options and online banking features. These types of accounts usually have a monthly fee.
For startup businesses, a business transaction account with low fees and good online banking features is ideal.
To open a business bank account in Australia, you need proof of identity comprising 100 points, using things such as a passport, licence or birth certificate. You'll also need to provide an Australian Business Number (ABN), and details of the business structure.
If you're a sole trader, you can use a personal bank account to make and receive payments. But it is advisable to use a dedicated bank account to keep personal and business finances separate, so you can make sense of your deductions and income easily at tax time.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards.
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which bank provide cheapest and best and fast eftpos mobile terminal for small business
NikkiJune 15, 2018
Hi Vanda,
Thanks for your message and for visiting Finder.
You may refer to our guide on how to set up an EFTPOS machine if you are looking for an EFTPOS terminal provider.
Hope this helps. Feel free to message us back should you further questions.
Cheers,
Nikki
ellieMarch 22, 2018
i need to know which australian bank offers the lowest foreign transaction fees.
please let me know
thank you
ellie
Finder
JeniMarch 22, 2018Finder
Hi Ellie,
Thank you for getting in touch with Finder.
You can check some Australian banks offering debit cards with low foreign transaction fees. On the page is a comparison table you can use to see which account suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
The Auswide Bank Business Access Account is a business transaction account that lets you earn interest. This account has no minimum balance requirement and a low monthly fee.
The Suncorp Premium Business Bank Account is a business bank account with no monthly fees, unlimited fee-free transactions and a linked Visa Debit Card.
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which bank provide cheapest and best and fast eftpos mobile terminal for small business
Hi Vanda,
Thanks for your message and for visiting Finder.
You may refer to our guide on how to set up an EFTPOS machine if you are looking for an EFTPOS terminal provider.
Hope this helps. Feel free to message us back should you further questions.
Cheers,
Nikki
i need to know which australian bank offers the lowest foreign transaction fees.
please let me know
thank you
ellie
Hi Ellie,
Thank you for getting in touch with Finder.
You can check some Australian banks offering debit cards with low foreign transaction fees. On the page is a comparison table you can use to see which account suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Have a great day!
Cheers,
Jeni