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Compare business bank accounts

Here’s how to open a business bank account in Australia for smooth business management.

Having an account dedicated to your business transactions is not only a legal requirement, but also ensures you keep your business finances separate from your own personal finances.

Learn about the benefits of a business bank account in this guide, how to compare business accounts and the steps involved to set one up today. The good news is you can apply online in less than 10 minutes.

Compare business bank accounts

Rates last updated October 21st, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Business Everyday Account ($0 Monthly Fee Option)
Visa
$0
$0
Help manage your business finances.
$0 monthly account fee.
No ATM fees at more than 3,000 NAB and rediATMs, and unlimited standard NAB electronic transactions. Tap and pay with your NAB Business Visa Debit card and NAB Pay for Android smartphones. Apply online.
St.George Business Cheque Account Plus
Visa
$0
N/A
A low monthly fee to manage your business funds.
St.George Freedom Business Account
Visa
$0
N/A
A business transaction account with free online tax and legal advice.

Compare up to 4 providers

Rates last updated October 21st, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
AMP Business Saver Account
1.80%
1.80%
0.00%
$0
$0 / $0
Ongoing, variable 1.80% p.a. when you link to a transaction account in the same name. Available on balances of $2,000 or more.
BankSA Business Access Saver
0.50%
0.50%
0.00%
$0
$0 / $0
Ongoing, variable 0.50% p.a. when you link to a business transaction account. Available on the entire balance.
Bank of Melbourne Business Access Saver
0.50%
0.50%
0.00%
$0
$0 / $0
Ongoing, variable 0.50% p.a. when you link to one of the Bank of Melbourne’s eligible business transaction accounts. Available on the entire balance.
ANZ Business Online Saver
0.40%
0.40%
$0
$0 / $0
Ongoing, variable rate of 0.40% p.a. on balances more than $5,000.
Commonwealth Bank Business Online Saver
0.40%
0.40%
$0
$0 / $0
Ongoing, variable 0.40% 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.
Citibank Ultimate Business Saver
1.65%
1.65%
0.00%
$0
$10,000 / $0
Ongoing, variable rate of 1.65% p.a. on balances more than $10,000
ING Business Optimiser
2.50%
1.50%
1.00%
$0
$0 / $0
Introductory rate of 2.50% p.a. for 6 months, reverting to a rate of 1.50% p.a. Available on balances below $1,000,000.

Compare up to 4 providers

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.

Finder’s featured business bank accounts

NameMonthly account feeATM withdrawal feeMinimum deposit
NAB Business Everyday Account ($0 monthly fee option)$0$0 $0
Commonwealth Bank Business Account$10$0 $0
$10$0$0
ANZ Business Extra Account$22$0$0

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.

Business bank accounts have many benefits

Business bank accounts offer a range of benefits, including:

  • 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 compare business bank accounts

When looking for the best business bank account, it’s important to look for one that meets your individual business needs. Here are a few key considerations:

  • 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.

Follow these steps to open a business bank account

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

  1. Compare accounts. Use our table above to compare business bank accounts, and click “Go to Site” when you’ve made your decision.
  2. Complete the application. You can complete the application form online. You’ll need to supply 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’ll need to verify your identity using your driver’s licence, passport or Medicare details. For a joint account, each person listed on the account needs to verify their identity.
  4. Account opened. When the bank has successfully verified your business and completed the application process, your new business bank account will be open and ready for use. You’ll receive your debit card (or cards if you opened a joint account) in the mail within three to five business days.

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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Related Posts

Savings Account Offers

Important Information*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Citibank Online Saver

Maximum Variable Rate

3.05

Standard Variable Rate

1.70
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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16 Responses

  1. Default Gravatar
    TaylaOctober 19, 2018

    Which bank is the best for business every day transaction account

    • finder Customer Care
      NikkiOctober 20, 2018Staff

      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

  2. 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.

    • finder 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

  3. 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.

    • finder Customer Care
      ShirleyDecember 14, 2015Staff

      Hi Annie,

      Thanks for your question.

      Unfortunately at this current point in time we don’t compare business transaction accounts. You may want to try other sources.

      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

    • finder 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

  4. 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.

    • finder Customer Care
      ShirleyJanuary 19, 2015Staff

      Hi All Goods,

      Thanks for your question.

      Please note that we don’t recommend specific products, services or providers.

      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 this tool to help you find the right advisor.

      Cheers,
      Shirley

  5. Default Gravatar
    JONNovember 11, 2014

    Hi
    I have just started a small side business selling products online and i need a bank account for my project as customers are paying and transferring money online, I also need to transfer money overseas, can anyone recommend a bank here in Australia

    • finder Customer Care
      ElizabethNovember 12, 2014Staff

      Hi Jon M,

      Thanks for your question.

      You can take a look at this page to read about multi-currency bank accounts and international transaction-enabled transaction accounts.

      I hope this has helped.

      Thanks,

      Elizabeth

  6. Default Gravatar
    LyntenJanuary 23, 2014

    Where on your site is the comparison list of business bank accounts etc??

    • finder Customer Care
      MarcJanuary 24, 2014Staff

      Hello Lynt,
      thanks for the question.

      This page holds the current accounts available for comparison in the table above. We’re constantly trying to add more accounts to our comparison so our users can have a more effective experience. For more information on how to compare business accounts check this page out, and to compare business credit cards visit this page.

      I hope this helps,
      Marc.

  7. Default Gravatar
    MalcolmJanuary 10, 2014

    I intend to start and then progressively grow a property (dwelling) renovation business. The first one or two over an 18 month period will be as a sole trader situ and then most likely a trust for future more frequent/higher value projects. The longer term plan is to progressively buy renovate and then turnover quickly to minimise holding costs.

    What is the best banking product for my business. The purchase will be based on a 20% deposit (own funds) with balance borrowed from a bank.

    • finder Customer Care
      MarcJanuary 13, 2014Staff

      Hello Malcolm,
      thanks for the question.

      Unfortunately we’re not able to provide personal advice regarding which product is better for you. I recommend comparing the various accounts in the market in relation to what you’re looking for, and then calling the providers of the accounts you’re interested in to find out more.

      I hope this helps,
      Marc.

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