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How to open a business bank account online

You can compare a large range of business bank accounts here and open one online in less than 10 minutes.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Name Product Contactless Payments Instant Payments ATM Withdrawal Fee Monthly account fee
NAB Business Everyday Account ($0 Monthly Fee Option)
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$0
$0 monthly account-keeping fee.
Unlimited standard electronic transactions.
Sign up for a NAB Business Transaction Account and enjoy free digital transactions, no monthly fees, and a linked NAB Visa Debit card at no cost.

ANZ Business Essentials
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay
Osko, PayID
$0.60
$0
A straightforward business transaction account with on demand access to your funds and no monthly fee. A total of 20 ANZ ATM and Electronic Transactions are included.
Commonwealth Bank Business Transaction Account ($0 Monthly Account Fee Option)
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$0
An everyday business transaction account with a no monthly account fee option and a linked Business Visa Debit card to help you manage your expenses. Make unlimited electronic transactions for free and receive customised alerts regarding your balances. Flexibility to switch to the $10 monthly account fee option and get 20 assisted transactions per month.
Commonwealth Bank Business Transaction Account ($10 Monthly Fee Option)
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$10
You'll get 20 free assisted transactions (normally $3 per transaction) per month for one $10 monthly account fee. Make unlimited free electronic transactions. Switch to the $0 monthly account fee option at any time.
ANZ Business Extra
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$22
Enjoy access to ANZ Internet Banking for Business, plus ANZ’s optional Business Overdraft facility, which can be attached to the ANZ Business Extra at your request.
Heritage Bank Body Corporate
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
PayID
$0
$0
Two different accounts designed for corporate organisations.
Bank of Melbourne Freedom Business Account
Bank of Melbourne Freedom Business Account
Google Pay, Apple Pay, Samsung Pay
Osko, PayID
$5
$10
IMB Business Transaction Account
IMB Business Transaction Account
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0.50
$6
Great Southern Bank Everyday Business Account
Google Pay, Apple Pay, Samsung Pay
Osko, PayID
$0
$0
With no monthly account keeping fees and a linked Visa Debit card for easy access to your funds, this account is designed for your daily business spending. Option to add a commercial overdraft facility to manage your cash flow.
MyState Bank Premium Business Account
MyState Bank Premium Business Account
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0.15
$12
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Compare up to 4 providers

Business Account Offer

NAB Business Everyday Account ($0 Monthly Fee Option)

NAB Business Everyday Account ($0 Monthly Fee Option)

Business Account Offer

$0 monthly account-keeping fee.Unlimited standard electronic transactions. Sign up for a NAB Business Transaction Account and enjoy free digital transactions, no monthly fees, and a linked NAB Visa Debit card at no cost.

  • Monthly account fee: $0
  • Linked debit card: Visa
  • Assisted transaction fee: $2.50
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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.

How do business bank accounts work?

A business bank account works in a similar way to a personal bank account, but you can only open a business bank account if you're registered as a partnership, company or trust in Australia. These accounts keep track of your company’s income and expenditures in one place and come with a linked debit card (or multiple debit cards) to easily access your money.

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.

  1. Compare accounts. Use our table above to compare business bank accounts (see some tips below on how to compare business bank accounts).
  2. 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.
  3. 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.
  4. 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.

How do I compare business accounts?

Here are some things to look at when choosing a business bank account.

  • Rates and fees. It’s important you have clear idea of all the charges and fees charged to your business bank account. Some banks may charge monthly admin fees on your account while others will charge for every transaction you make.
  • Overdraft facilities. A lot of small business owners like to have the option of an overdraft facility on their business account, to help manage cashflow for larger expenses. Not all accounts offer this.
  • Your current bank. If you've already got another business product with one bank, such as a loan or credit card, it could be handy having your bank account with the same bank. This will allow you to easily keep an eye on your business accounts in the same place.
  • Transaction volume. Some accounts will charge for each transaction you make in branch, such as depositing cash or cheques, while others will include this in the one monthly fee. If you make a lot of transactions in branch it could be worth choosing an account that has a higher monthly fee but offers unlimited (or a lot of) in branch transactions.
  • Accounting software. Some accounts might include free integration with a particular accounting software, such as Xero.

Read more on this topic

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2 Responses

  1. Default Gravatar
    PamAugust 5, 2015

    hi, do you have a comparison table for business savings accounts and transaction accounts?

    • Default Gravatar
      BelindaAugust 6, 2015

      Hi Pam,

      Thanks for your enquiry.

      You can compare a range of high interest business savings accounts and you might also be interested to read our guide for small business bank accounts.

      Additionally, you can compare transaction accounts side-by-side to find the right bank account for you. Select ‘Go to Site’ to head over to their website to apply. Please ensure to read through the relevant product disclosure statement and terms and conditions before you open an account.

      I hope this helps you refine your search.

      Thanks,
      Belinda

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