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.
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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