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.
As your company grows, a business bank account helps you keep track of your cash flow and lets you keep your personal finances and tax separate from the business.
A good business bank should let you make transactions and track your money easily, with minimal fees and features like accounting software integration and a business debit card.
A business bank account is a transaction account. These accounts are for spending and receiving money.
If you want an account to hold some of your business income over a longer term and earn some interest, you could look at a business savings account or even a business term deposit.
Business bank accounts are not for personal use. You can open a business bank account as a sole trader, a company, a trust, an association, a not-for-profit or a self-managed super fund (SMSF).
And you'll need the following:
Your business will need a registered address, and you'll need to be 18 or over.
A good business bank account should have:
Ready to open a business account? Follow these steps to open an account today.
Thriday offers a business bank account and Visa Debit card with no monthly account keeping fees.
ANZ Plus offers a linked everyday and savings account with no monthly account fees. Plus, access digital tools and features to help you budget and save for different goals.
Virgin Money Go bank account: Pay no monthly account fees, earn points as you spend and earn bonus interest on a linked Virgin Money savings account.
Having a local bank account makes an international student's life easier and even saves them money.
If you’re over 55 and receive a pension from the government, the Australian Military Bank Pension Access Account requires your attention.
Choose from different terms when you open the Australian Military Bank Income Plus term deposit, and earn fixed interest.
Stay on budget with an account that is designed exclusively for your expenses.
Spend further than what you have on hand with an overdraft facility as a part of your everyday banking account.
Use your SMSF pension money wisely through an account that gives you unlimited free transactions to spend it along with interest to help keep it growing.
Make the most of your spending money with an account that gives you a range of ways to access it without charging you transaction fees.
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 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