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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.

Name Monthly fee Govt. Guarantee Own network ATM fee Card type
Zeller Business Transaction Account
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Go to siteMore Info
Prospa Business Account
Apple Pay Google Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Thriday Business Account
Apple Pay Google Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
NAB Business Everyday Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Westpac Business One Account
N/A
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
ANZ Business Essentials
Apple Pay Google Pay Samsung Pay Fitbit Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
AMP Cash Manager
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Heritage Bank Body Corporate
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Bank of Melbourne Freedom Business Account
Apple Pay Google Pay Samsung Pay
Monthly fee
$10
Government Guarantee
Own network ATM fee
$5
Card type
Visa
IMB Business Transaction Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$6
Government Guarantee
Own network ATM fee
$0.50
Card type
Visa
ANZ Business Extra
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$10
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
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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.

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.

Read more on this topic

  • ANZ Business Essentials Account

    This is a business bank account with no monthly account keeping fees and a free ANZ Business Visa Debit card.

  • Best debit cards

    Whether you’re travelling overseas or just want easy access to your funds, here’s how to find the best debit card to suit your needs.

  • Bendigo Bank Everyday Account Product Review

    With convenient access to your funds and a host of flexible features, Bendigo Bank’s Everyday Account can help you manage your day-to-day finances with ease.

  • BCU Access account

    The Access account offers bcu customers accessibility, flexibility and convenience when conducting everyday banking transactions.

  • Online banks in Australia

    Online-only banks do not operate any physical branches resulting in reduced expenses and more affordable banking solutions for their customers.

  • How to open a bank account in Australia for foreigners

    For foreigners opening a bank account in Australia, the process is easy and user-friendly, and often comes with attractive deals and discounts on transaction fees.

  • Bank Australia Mortgage Offset

    Any funds in your Bank Australia Mortgage Offset are subtracted from your home loan principle and reduces your interest repayments while giving you on-call access to your funds.

  • Bank account offers for new customers

    Now is the best time to start looking at the new bank account offers and promotions available. There is fierce competition between banks for your business so you should take advantage of this opportunity and get yourself a deal.

  • Debit cards with no foreign transaction fees

    International transaction fees can add up to a lot of wasted money. These debit cards are great for travelling and online shopping and will save you money by waiving this annoying fee.

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2 Responses

    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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