Compare business savings accounts

A business savings account allows you to earn interest on your business funds, and can be linked to your business transaction account for easy access whenever you need it.

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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
ANZ Business Online Saver
Pay no account keeping fees and earn an ongoing, variable rate of 0.05% p.a. on balances more than $5,000.
AMP Business Saver Account
Earn an ogoing standard variable rate of 0.5% p.a. for all balances.
ING Business Optimiser
Introductory rate of 1% p.a. for 6 months, reverting to a rate of 0.1% p.a. Available on balances below $1,000,000.
Westpac Business Cash Reserve
Earn more interest on amounts over $10,000
NAB Business Cash Maximiser
Earn a competitive interest rate on balances $10,000 or more
Commonwealth Bank Business Online Saver
Ongoing, variable 0.01% p.a. when you link to Commonwealth Bank Premium Business Cheque Account or Business Transaction Account and maintain a balance of $10,000 or more.
ME Business Online Savings Account
Earn a competitive interest rate on your business savings.
Bank of Queensland Business WebSavings Account
Bank of Queensland Business WebSavings Account
St.George Business Access Saver
Ongoing, variable 0.01% p.a. when you link to a St.George business transaction account. Available on the entire balance.
Hume Bank Professional Cash Management Account
Earn 0.01% p.a. for balance $100,000+. Interest rates are tiered, higher interest rates available on larger deposits.

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What are business savings accounts?

A business savings account is an account that allows you to earn interest on your business funds while you're not using them. It's like a regular high interest savings account, except it's for business use rather than personal use. A business savings account will also often have a minimum balance requirement that needs to be met in order to earn interest, and this balance requirement is usually higher than those on personal savings accounts.

By linking the business savings account to a business transaction account, you can easily transfer money back and forth when you need to. This way your funds will be working for you while you're not using them, generating passive income. A lot of business savings accounts offer tiered interest rates, meaning the higher your balance the more interest you can earn.

Business savings account Maximum interest rate p.aInterest rate conditions
ING Business Optimiser1.00%Valid for the first 6 months on balances up to $1 million (conditions apply)
BOQ Business Websavings Account0.45%Valid for the first 4 months only between $10,000 to $5 million (conditions apply)
AMP Business Saver Account0.5%Interest is earned on balances of $1,000,001 or more
ME Business Online Saving Account0.6%No conditions - interest applies to whole balance

Business savings accounts are for sole traders, partnerships or trusts.

A business savings account is not for personal use. You can only open a business savings account if you're operating as a sole trader, partnership or trust in Australia. This is to ensure that all businesses are keeping their business finances separate from their personal finances. If you're a sole trader you're not legally required to use a dedicated business account, however you might find it easier to do so.

You will need to prove you're a business by providing your Australian Business Number (ABN) and/ or Australian Company Number (ACN), plus supply your registered business address when opening the account.

Business savings accounts have many benefits

Business savings accounts are specially designed with a range of features to help your business better manage its finances. These accounts can;

  • Allow you to earn a high rate of interest on business funds, much higher than you would receive in a business transaction account
  • Offer a bonus interest rate for a special introductory period
  • Offer low or no transaction fees
  • Allow easy access to your funds if required
  • Offer the security and confidence of knowing that your money is protected by the Australian Government Guarantee
  • Be tailored to suit short or long-term business goals

The pros and cons of business savings accounts

A business savings account could be a smart choice if you have extra money at the end of each month that you don't need to pay invoices or other expenses. Consider the pros and cons below:


  • Passive income. A savings account is a good way to keep your money at work when it’s not needed for other business purposes.
  • Withdraw funds without penalty. Unlike term deposits, a business savings account allows you to withdraw funds when you need to without penalty and without having to give any notice.
  • Security for your funds up to $250,000. Due to the Australian Government Guarantee on deposits totalling up to $250,000, a business savings account is a secure way to store your business funds.


  • Fees may vary. Some banks may charge fees after a certain number of transactions or withdrawals.
  • A high minimum account balance may be required. Some banks will require you to maintain an ongoing account balance of at least $10,000, which may be difficult if you're a new business.

Here's how to choose the best business savings account

The best business savings account for you will be one that meets the financial needs and goals of your business. Therefore, the best business savings account for your business might be different for another business. For example, will you need to be able to access your funds regularly or will you be happy to lock them away for a large period of time without making a withdrawal? Do you need a business savings account that can be linked to your existing transaction account with another bank, or are you happy to link it to the transaction account with the same financial institution?

The answers to these questions will help you determine which is the best business savings account for you. Once you know what features are important you can start shopping around and comparing business savings accounts. Consider the tips below when comparing accounts.

How to compare business savings accounts

When comparing business savings accounts, make sure to consider the following:

  • Check the fees. Look for a business savings account that doesn't charge any monthly account keeping fees.
  • Transaction limits. If you often need to withdraw money from your business savings account, look for one that allows several (or even unlimited) withdrawals. Some savings accounts will apply a monthly withdrawal limit of just one or two transactions.
  • The interest rate. The main benefit of a business savings account is the ability to earn interest on your funds. Interest rates vary from bank to bank, with some even offering a higher introductory rate for a few months after opening the account.
  • Access to funds. Make sure you can easily access your account using Internet banking and via a mobile baking app when you're on the go.
  • Minimum balance requirements. With some business savings accounts, the minimum balance requirement can be in the tens of thousands of dollars, while with others there is no minimum balance requirement at all. Consider how much your business can afford to have locked into savings when comparing the different accounts.

How to open a business savings account

Ready to open a business savings account? Follow these steps to open an account today.

  1. Compare accounts. Use our table above to compare business savings accounts, and click “Go to Site” when you’ve made your decision.
  2. Complete the online application. You’ll need to provide your personal details as well as your business ABN, ACN and tax file number. Your business must be registered in Australia, with a registered address.
  3. Verify your identity. You, and anyone else who will have access to the account, will need to verify your identity using your driver’s licence, passport or Medicare details.
  4. Account opened. When the bank has verified your business, your new business savings account will be open and ready for use. You can now access the account via Internet banking or with the mobile banking app to transfer money into it from your business transaction account.

- Common questions asked about business savings accounts -

How am I taxed on my business savings account?

Just as an individual needs to pay tax on any interest they earn from a personal savings account, your business will need to pay income tax on interest it earns in a business savings account. Make sure to keep track of any interest you earn each year and declare it to the ATO.

How do 1-year business savings accounts work?

A 1-year business savings account, known as a term deposit, offers a fixed interest rate on your deposit amount for one year. This ensures a consistent investment return on your business funds, but you can't access any money in the account until your deposit matures after one year.

What is the difference between an ABN and ACN?

An Australian Business Number (ABN) is issued by the Australian Taxation Office (ATO) to all businesses, from sole traders right through to large corporations. It is an 11-digit number and must be displayed on any invoices the business issues. An Australian Company Number (ACN) is issued by the Australian Securities and Investments Commission (ASIC) to every new company in Australia. This nine-digit number ensures that companies can be identified when transacting business. The ACN identifies your business while the ABN allows your business to carry out transactions.

Do I get instant access to funds with my business savings account?

This depends on the type of account you open. Business savings accounts offer access to your funds whenever you need, by transferring money to the linked transaction account. Business notice saver accounts require you to provide notice ahead of time, for example 30 days in advance. Term deposits will not allow you to access any money until the fixed interest rate period ends.

Can I apply for a business savings account with a bad credit score?

Banks will take your credit history into account when you apply to open a business account.

Can a business savings account be used for personal savings?

No, these accounts are designed specifically for businesses.

I have multiple employees who will need to access my business savings, is this possible?

Yes, some business savings accounts are structured to allow access to a certain number of employees. Understand however that you are still responsible for the account.

Is my business savings safe?

Yes, deposits in a business savings account of up to $250,000 are secured by the Australian Government in the same way that a personal savings account is.

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    8 Responses

      Default Gravatar
      samJuly 10, 2019


      May I use a business saver account to pay monthly bills so money in every week and withdraw end of month? I am with St George bank now.


        Avatarfinder Customer Care
        JeniJuly 12, 2019Staff

        Hi Sam,

        Thank you for getting in touch with Finder.

        Please note that a business savings account is an account that allows you to earn interest on your business funds while you’re not using them. I suggest that you contact your chosen bank on how you may use your business account on paying monthly bills and other transaction. Basically, when you apply for a business account, you may speak with a business relation manager to discuss your options or apply online.

        Please make sure that you’ve read the relevant T&Cs or PDS of the business account to help consider whether the product is right for you.

        I hope this helps.

        Thank you and have a wonderful day!


      Default Gravatar
      JamesJuly 5, 2019

      Can I transfer funds electronically between Citi Bank and Commonwealth bank accounts

        Default Gravatar
        NikkiJuly 5, 2019

        Hi James,

        Thanks for getting in touch!

        Yes, you can do an electronic transfer from your Citibank Savings to a Commonwealth Bank account. Note that for transfers to other Australian bank accounts – the payee would expect to receive the funds within 2 working days. Also, there are no fees charged for processing a domestic transfer.

        Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.


      Default Gravatar
      BronAugust 24, 2018

      I have a business which I deposit cheques and cash into a transaction account at a branch. What would I do if I transferred my accounts to an online branch?

        Avatarfinder Customer Care
        JoshuaAugust 28, 2018Staff

        Hi Bron,

        Thanks for getting in touch with finder. I hope all is well with you. :)

        Check with your bank if they have an online banking system that you can use. From there, you can also determine the exact steps to transfer your account to an online account.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!


      Default Gravatar
      BarbMay 10, 2018

      Why is there a difference in interest rates between a business saver account and a personal saver account? Is there any reason why a business cannot use a personal saving account and earn the extra interest?

        Default Gravatar
        NikkiMay 11, 2018

        Hi Barb,

        Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

        A business saver account and a personal saver account’ interest rates are different because a business saver account means it is an account regulated by Australia since it earns income hence it will be subject to certain tax rates that will not be relevant to your personal savings.

        Hope this clarifies,


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