Business bank accounts

A business bank account can help you manage your day-to-day business spending and cashflow. Find a business account that suits the way your business banks.

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Business bank accounts

Name Product Contactless Payments Instant Payments ATM Withdrawal Fee Monthly account fee
NAB Business Everyday Account ($0 Monthly Fee Option)
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$0
$0 monthly account-keeping fee.
Unlimited standard electronic transactions.
Sign up for a NAB Business Transaction Account and enjoy free digital transactions, no monthly fees, and a linked NAB Visa Debit card at no cost.

Westpac Business One Account - Low Plan
N/A
Osko, PayID
$0
$10
Unlimited free electronic transactions, 25 free staff-assisted and cheque transactions every month and a linked Business Debit Mastercard.
ANZ Business Essentials
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay
Osko, PayID
$0.60
$0
A straightforward business transaction account with on demand access to your funds and no monthly fee. A total of 20 ANZ ATM and Electronic Transactions are included.
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Having a business bank account ensures you keep your business finances separate from your own personal finances. Take a look at a range of business bank accounts in the table below to find one that suits your needs.

Business Account Offer

NAB Business Everyday Account ($0 Monthly Fee Option) Offer

NAB Business Everyday Account ($0 Monthly Fee Option) Offer

Business Account Offer

$0 monthly account-keeping fee.Unlimited standard NAB electronic transactions. Tap and pay with your NAB Business Visa Debit and your smartphone using Apple Pay, NAB Pay, Samsung Pay or Google Pay.

  • Monthly account fee: $0
  • Linked debit card: Visa
  • Assisted transaction fee: $2.50
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What is a business bank account?

A business bank account is a type of transaction account that is specifically designed for businesses rather than for personal use. You can use your business bank account to pay for day-to-day business expenses, pay invoices and staff wages and also to receive payments from clients and customers.

Who needs a business bank account?

If you’re registered as a partnership, company or trust in Australia then you need to open a business bank account, and cannot use a personal account. This is to ensure you meet your business tax obligations.

If you’re a sole trader or you’re doing some freelance or contract work on the side of your regular full-time job, you don’t need a business bank account. You might find that in this case, a regular personal bank account works just fine. However, you can choose to open a business bank account if you want to keep your personal finances and your business income separate.

Business bank accounts versus personal bank accounts

Many transaction accounts that banks and other financial institutions offer are for personal use only. This means that you cannot open one of these accounts if you’re a business. Instead, you’ll need to open a dedicated business transaction account.

While most personal bank accounts have no monthly account keeping fees, business bank accounts often do come with a monthly fee because they offer more services and features than personal transaction accounts. For example, they might offer a larger overdraft facility and bigger daily spending limits than personal accounts, along with added reporting and accounting features.

Benefits of a business bank account

Business bank accounts offer a range of benefits, but some of the best include:

  • Designed for businesses. Business transaction accounts are designed with businesses in mind, rather than everyday consumers. They include features that are beneficial to businesses, such as an overdraft facility.
  • Keep your business money separate. Having a dedicated business bank account ensures you keep your business finances completely separate from your personal finances.
  • Often integrated with business services. These accounts often include added support for businesses, such as seamless integration with accounting software to reduce the admin burden.
  • Specialised online platform. Often banks will offer a dedicated online portal for business bank customers that’s tailored to their needs. For example NAB Connect is NAB’s online business banking tool that allows customers to manage remuneration payments and offers customised transaction reports.
  • Larger transfer limits. Business bank accounts often allow for larger daily transfer and transaction limits than personal bank accounts to accommodate large invoice payments and staff wages, etc.
  • Easier at tax time. With all your business expenses organised separately from your personal finances, it’s easier to manage your tax obligations at the end of the financial year. Your business expenses will be clearly identifiable in their own account.
  • Manage your cash flow. With all your business expenses, payments and earnings in the one account, it’s easier to analyse your day-to-day business cash flow.
  • Multiple people can use the account. You can opt for a joint business account if you’d like another person such as a business partner or co-owner to have access to the same account.

How to find the best business bank account for your business

When looking for the right business bank account, it’s important to look for one that meets your individual business needs. Here are a few key things to consider when picking a business bank account:

  • The monthly account fee. Many business bank accounts have monthly fees, in exchange for more features and services than what’s offered on a personal account. If you don’t need larger transaction limits, staff-assisted cash deposits or specialised reporting features, look for a business bank account with no monthly fee.
  • International ATM fees. If you travel a lot for work and plan to use the debit card to withdraw cash overseas, look for a business bank account with low or no international ATM fees.
  • Foreign exchange fees. If your business regularly sends money internationally, check what the foreign exchange fees are to process international payments, plus make sure the exchange rates offered are competitive.
  • The overdraft facility. Does your business need an overdraft facility attached to the account?
  • Staff-assisted transactions. If you regularly receive cash payments from customers you should look for a business bank account that doesn’t charge you to deposit cash in-branch.
  • The branch network. Some banks don’t have any physical branches in Australia. If you often need to make staff-assisted transactions in a bank branch, make sure the bank account you choose has a variety of branches in convenient locations for your workplace or home.
  • The online portal. Does the account come with access to an online portal to help with your business reporting and tax obligations? Also, looking for an account that’s already integrated with accounting software like Xero will help you manage your business admin.
  • Check how many people can access the account. If you have a business partner or colleague who will access the account, make sure the account you choose can act as a joint business account.
  • Linked debit card. Does it comes with a linked debit card, and can you get multiple debit cards for the account to share with your business partner/s?
  • Contactless payments. Can you link the account to apps like Apple Pay, Google Pay and Samsung Pay? This is really handy when you need to make a business purchase but don't have the business debit card with you.

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    18 Responses

      Default Gravatar
      carlieApril 2, 2019

      I am after the best bank account for small business with mobile eftpos and low fees.

        Avatarfinder Customer Care
        MaiApril 3, 2019Staff

        Hi Carlie,

        Thank you for reaching out.

        You can compare business bank accounts from this page. Majority of the banks are already offering mobile eftpos such as NAB and CommBank. You can also try to contact other banks who are listed on this page to verify if they offer mobile eftpos too.

        There’s also a table above that summarises the fees per bank account. You can refer to the part that says “Finder’s featured business bank accounts”. From there you will see that NAB Business Everyday Account ($0 monthly fee option) offers $0 on monthly account fee, ATM withdrawal fee and minimum deposit. But feel free to check other banks too as well the T&Cs so you can decide who among them will work best based on your preference and business needs.

        Hope this is helpful.

        Kind Regards,
        Mai

      Default Gravatar
      TaylaOctober 19, 2018

      Which bank is the best for business every day transaction account

        Default Gravatar
        NikkiOctober 20, 2018

        Hi Tayla,

        Thanks for your visiting our page on your business bank account needs.

        The best bank account to use for you depends on your business needs and daily transactions. One that will coincide with the financial activities you’re business has on a daily basis. The part on our page that says “How to compare business bank accounts” will guide you to choose the best account for you.

        As a friendly reminder, read up on the terms and conditions and product disclosure statement of the account before you open one and contact the bank should you need any clarifications.

        Hope this helps! For any other inquiries, feel free to send us a message anytime.

        Kind regards
        Nikki

      Default Gravatar
      LanaDecember 12, 2015

      I am a sole trader and have a business account linked to savings and cheque account. I usually transfer money from business into savings, and than back to business for business expenses. I pay myself a wage from business into cheque account. I am not sure if this is the best way to go because my business account is showing all these back and forth transactions.
      Thank you.

        Avatarfinder Customer Care
        ShirleyDecember 14, 2015Staff

        Hi Lana,

        Thanks for your question.

        In terms of obtaining business finance, these shouldn’t be a problem as the bank usually look at missed repayments, defaults, etc

        If, personally, you think that this is an issue then you may want to consider switching.

        Cheers,
        Shirley

      Default Gravatar
      AnnieMarch 19, 2015

      I am a migration agent working as a sole trader. under the law, I need to set up a so called “client account” (such name is required by the licencing authority) which is very similar to a “trust account”. this account – ” client account” is not allowed to attract any interest or bank fee. DO you have any recommendation as to which bank offers such account. I currently have one with commonwealth bank, but not happy with AUD 10 monthly fee which is deducted from my another account.

      Thank you.

        Avatarfinder Customer Care
        ShirleyDecember 14, 2015Staff

        Hi Annie,

        Thanks for your question.

        Please use the above table for comparison.

        Cheers,
        Shirley

        Default Gravatar
        LinaApril 13, 2015

        Annie do you found a better bank offer ? I have the same question at the moment, and I don’t want to pay 10 dollar every months

        Avatarfinder Customer Care
        ShirleyMarch 19, 2015Staff

        Hi Annie,

        Thanks for your question.

        Please note that finder.com.au is an online comparison and information service and is not in a position to recommend specific products, providers and services.

        From our blue comparison tool above, you can see that there are a number of products that don’t charge any fees. Perhaps you could consider one of those.

        Cheers,
        Shirley

      Default Gravatar
      AllJanuary 17, 2015

      wondering which bank would be best suited to an online business, as I am the owner of an online business and wanting the best account for transactions etc.

        Avatarfinder Customer Care
        ShirleyJanuary 19, 2015Staff

        Hi All Goods,

        Thanks for your question.

        There are a number of free or low-cost advisory services available in Australia that provide advice and assistance to new businesses. You can use the Expertise & Advice finder to help you find the right advisor.

        Cheers,
        Shirley

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