
Get exclusive money-saving offers and guides
Straight to your inbox
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!
Businesses and companies handle business transactions on a day to day basis with their clients and suppliers. Opening a business bank account can help you keep track of all your payments, and separate personal costs with business costs. Depending on the nature of your company, you may need one that is incredible flexible, or a no frills account that just offers the basics.
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.
A business bank account is an account which is specifically devoted for the company’s financial dealings with banks and other financial institutions, and not with individuals. This usually consists of business accounts such as loans, credit, savings and checking accounts, and is open only to businesses that have an ABN.
In addition, a business bank account will help manage the company’s operations for both on income and expenditures. It provides means to pay bills, purchase new assets or receive payments from customers.
As your company grows, the amount of transactions you make will increase which makes it hard to effectively manage all the money that comes in and out. With bad management, it’s easy to lose track of accounts payable and accounts receivable. This is where bank accounts can come in handy because they keep track of your company’s income and expenditures in one place. This account will enable to avoid transaction lapses, and could provide a more efficient way to manage customer payments.
One of the requirements in applying for a business bank account is that your company must be registered in Australia. It’s important to note that bank accounts are categorised into the amount of transactions you intend to make with your business, and the amount of facilities that your business needs. For example, if you regularly deposit cash in your business account, then you may want to opt for one that has ‘free assisted transactions’. Most accounts come with a linked debit card and cheque facility too.
The following are some of the most common business bank accounts.
In comparing the features for a business bank account it’s important to consider some few factors. Here are some significant aspects that you should take into account.
There are things to avoid or pitfalls of traps below when getting business bank accounts.
Many companies have encountered pitfalls of traps when getting business bank accounts because many did not read the terms and conditions or may not have fully understood the clauses. Remember to always check the fees and charges, expiry and review dates, guarantees and cost breakdowns.
Some of the commonly asked questions and answers about business bank account.
An everyday transaction account with no account keeping fees and access to Apple Pay, Google Pay and Samsung Pay.
Earn a market-leading bonus interest rate if you're under 30, and when you meet the account conditions. Learn more about the Westpac Life account and apply online.
Earn a fixed interest rate on a wide choice of terms with a Gateway Bank personal term deposit.
Earn a competitive fixed interest rate on a 3 or 6 month Citibank term deposit when you invest $10,000 or more.
The 86 400 savings account offers a high bonus interest rate and charges no fees. You'll get notification reminders when you're not on track to earn the bonus interest, but you need an 86 400 Pay account.
Earn a competitive interest rate plus bonus interest when you roll over your deposit into a new term deposit. Terms from 3 months to 5 years. No fees.
A bank account with no account-keeping fee and a suite of premium digital features, like mobile payments solutions to suit any OS, plus a Savings Top Up feature. Receive rebates on overseas and overdrawn fees when you meet certain deposit and transaction conditions.
Find out what you need to know about new digital bank 86 400. Full review of the Pay and Save account including fees and benefits.
Earn an ongoing competitive interest rate on your balance with no monthly deposit conditions to meet.
hi, do you have a comparison table for business savings accounts and transaction accounts?
Hi Pam,
Thanks for your enquiry.
You can compare a range of high interest business savings accounts using the comparison tables on this page and you might also be interested to read our guide for small business bank accounts here.
Additionally, you can compare transaction accounts on this page.
I hope this helps you refine your search.
Thanks,
Belinda