Time is money when you run your own business, so it’s essential that you’re able to quickly and easily manage your business finances with minimal fuss. The Commonwealth Bank Business Transaction Account allows you to organise your business and personal bank accounts in NetBank, track your business transactions and conveniently monitor your business’s cash flow. The account provides several simple ways to access your funds, including unlimited electronic transactions, a Business Visa debit card and 20 fee-free cheque, CommBank staff-assisted or Quick Deposit transactions per month. And with customised account alerts to help you track your account activity on the go, you can easily control your business’s cash flow at all times.
What are the features of the Commonwealth Bank Business Transaction Account?
The Commonwealth Bank Business Transaction Account offers a long list of attractive features to business owners. These include:
The Commonwealth Bank Business Transaction Account separates your business finances from your personal accounts. Not only does this make it easier to keep track of your business transactions at tax time, but it also ensures that you can easily monitor your business’s cash flow at all times through NetBank.
MYOB and Xero integration
Integration with MYOB and Xero means you can streamline accounting by allowing you to send online transaction data with CommBank's NetBank.
Set up real-time account alerts
CommBank provides free, real-time alerts to let you know when your account balance is low or high, or when you’ve been paid. This gives you greater control over the cash flow of your business no matter where you are.
Unlimited electronic transactions
The Commonwealth Bank Business Transaction Account features unlimited CommBank electronic transactions and CommBank ATM cash withdrawals with no transaction fees. This ensures convenient and easy access to your money whenever you need.
If you prefer to use more traditional banking methods, the account provides 20 free cheque, CommBank staff-assisted or Quick Deposit transactions per month.
No minimum balance
There is no minimum balance requirement on this account, meaning you are free to focus your attention on your business rather than maintaining a specific amount in your account.
Business Visa debit card
The Commonwealth Bank Business Transaction Account comes with a Business Visa debit card, providing simple and convenient access to your funds wherever Visa is accepted.
$10 Monthly account fee
A $10 monthly account fee applies to the Commonwealth Bank Business Transaction Account.
You can manage your money at any time through NetBank, CommBiz, the CommBank app and ATM and phone banking services.
Pair with a savings account
You also have the option of combining your Commonwealth Bank Business Transaction Account with a Business Online Saver for no additional cost. This second account allows you to earn a competitive interest rate on balances of $10,000 or more.
Quick application process
It’s quick and easy to apply for an account online, with the application process taking around 10 minutes.
- Fee-free transactions
- Real-time alerts
- $0 opening balance
- Unlimited electronic transactions
- Available for businesses only
- $10 monthly fee applies
What you’ll need to know before applying
If the Commonwealth Bank Business Transaction Account sounds like it has all the features you’re looking for in a business account, click on one of the “Apply now” links on this page. You will be redirected to the Commonwealth Bank website where you can find out more about the account and complete an online application.
Eligibility to apply
Before you apply, make sure you meet the following eligibility requirements:
- Minimum age. You must be at least 18 years old.
- Business requirements. Your business must be registered in Australia and have a valid ABN or ACN.
If you’re new to CommBank business banking and either a sole trader or a director of a private company, you can open an account online in around 10 minutes. However, if you cannot be identified, or you are not a sole trader or a director of a private company, you’ll need to visit your nearest CommBank branch to apply.
To apply online, all you need to do is:
- Answer a few questions about yourself and your business.
- Verify your identity online (if you’re a new customer).
- Verify your business details online.
You’ll need the following information and documentation handy when you apply:
- Business details. These include your ABN or ACN and your registered office address.
- Identification. If you’re a new Commonwealth Bank customer, you must supply at least one form of ID, for example a driver’s licence, Medicare card, passport or birth certificate.
- Contact details. CommBank also requires the names and email addresses of any other directors (if applicable) and of shareholders who own more than 25% of the company’s shares.
What happens after I submit my application online?
Once you submit your application online, CommBank will be in touch within 3-5 working days. You'll receive a confirmation email and Welcome Pack with further instructions on setting up your NetBank.
If you’re looking for an account that provides easy access to your funds and a convenient way to manage your business cash flow, the Commonwealth Bank Business Transaction Account is well worth a look. But before you apply, make sure to compare this account with other business transaction accounts to ensure you find the best product for your needs.