Business bank accounts explained
As your company grows, the amount of transactions you make will increase which can make it hard to effectively manage all the money that comes in and out. It's easy to lose track of accounts payable and accounts receivable. This is where a business bank account can come in handy.
A business bank account is designed to help manage your company’s income and day-to-day expenses. It provides a way to pay bills, purchase new assets or receive payments from customers.
Who can open a business bank account?
These aren't for personal use, so you can only open a business bank account if you're a registered business, partnership or trust. You'll need to provide an ACN or ABN to prove this when opening the account. Your business must be registered in Australia, with a registered address.
How to open a business bank account
Ready to open a business account? Follow these steps to open an account today.
- Compare accounts. Use our table above to compare business bank accounts (see some tips below on how to compare business bank accounts).
- Complete the application. You can complete the application form online. You'll need to supply your personal details as well as your business ABN, ACN and tax file number and registered business name and address.
- Verify your identity. You'll need to verify your identity using your driver's license, passport or Medicare details. For a joint account, each person listed on the account needs to verify their identity.
- Account opened. When the bank has successfully verified your business and completed the application process, your new business bank account will be open and ready for use (this can happen in a matter of minutes!). You'll receive your debit card (or cards if you opened a joint account) in the mail within 3 to 5 business days.
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