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Compare business bank accounts

A business bank account can help you manage your day-to-day spending, protect your transactions and integrate into your reporting and accounting tools. Here's how to find the best account for your business.

Best for international transactions
  • International transaction fee of 2%
  • $0 account keeping fee
  • $0 NAB ATM transactions
  • Pay only for what you need
More info
Best for overall value
  • $0 monthly account keeping fee
  • Unlimited fee-free transactions
  • Earn higher interest with flexiRates
  • Link account directly into Xero or MYOB
More info

Compare business bank accounts

1 - 8 of 80
Name Monthly fee Govt. Guarantee Own network ATM fee Card type
Zeller Business Transaction Account
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Go to siteMore Info
Prospa Business Account
Apple Pay Google Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Thriday Business Account
Apple Pay Google Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Suncorp Business Premium Account
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Auswide Bank Business Access Account
Apple Pay Google Pay
Monthly fee
$10
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
ANZ Business Essentials
Apple Pay Google Pay Samsung Pay Fitbit Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Heritage Bank Body Corporate
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
Bank of Melbourne Freedom Business Account
Apple Pay Google Pay Samsung Pay
Monthly fee
$10
Government Guarantee
Own network ATM fee
$5
Card type
Visa
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Showing 8 of 8 results
1 - 5 of 5
Name Product Payment types Machine type Least-cost routing Cost
Zeller Terminal
Visa, Mastercard, EFTPOS, American Express, JCB, Apple Pay, Google Pay
Countertop, Portable
No
$259 to own the terminal with no lock-in contract
Zeller payment terminals accept a large range of payment types including EFTPOS, debit, credit and contactless transactions and can be counter-top based or used as a portable terminal.
Tyro
Visa, Mastercard, EFTPOS, American Express, JCB, UnionPay, AliPay, Diners Club
Countertop, Portable
Yes
From $29/month with no lock-in contracts
Featuring 24/7 local support, integration with existing POS systems and an available linked interest-earning transaction account.
Zeller Virtual Terminal
Zeller Virtual Terminal
Portable
N/A
PayNuts Pay Nothing EFTPOS
Visa, Mastercard, EFTPOS, American Express, AliPay, Apple Pay, Google Pay
Countertop, Portable
Yes
N/A
PayNuts offers portable EFTPOS terminals with the option of paying zero transaction fees. You can also pay no terminal hire fees if the minimum monthly transaction volume is met.
Zeller Tap & Pay
Zeller Tap & Pay
American Express, Apple Pay, Google Pay
Portable
N/A
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What is a business bank account?

A business bank account is a 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.

How to compare and find the best business bank account

Here are a few key things to consider when picking a business bank account:

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The monthly account fee

Some business bank accounts charge 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 features, look for a business bank account with no monthly fee.

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The branch network

Some banks don't have any physical branches in Australia. If you need to make staff-assisted transactions in a bank branch, make sure the bank account you choose has branches in convenient locations for your workplace or home.

Public

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 can help you manage your business admin.

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Debit cards

Is there a limit to how many debit cards you can request, or is there a fee for each additional card? Look into this if you want to have multiple debit cards for multiple employees.

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Staff-assisted transactions

If you regularly receive cash payments you should look for a business bank account that doesn't charge you to deposit cash. It's worth comparing the cost per transaction, with an account that charges a flat monthly fee for unlimited staff-assisted transactions to see which option would save you money.

Public

The overdraft facility

This is a feature that's not widely offered with personal bank accounts, but it can be offered with business accounts. If your business needs an overdraft facility, look for an account that offers this.

Public

International fees

If you travel a lot for work and plan to use the debit card to withdraw cash or make purchases overseas, look for a business bank account with low or no international ATM and foreign transaction fees.

Who needs a business bank account?

If you’re registered as a partnership, small business, company, sole trader 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.

Not only is it a legal requirement, but small business bank accounts are also helpful to keep your business income separate from your personal finances.

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 apply for a business bank account

  1. Apply online. Once you've chosen an account, complete the online application on the bank's website (or you can also go in branch if the bank has branches).
  2. Add your details. Fill in your name, age, address, contact details and residency status. You'll also need to provide details of your business, such as the business name, address, TFN and ABN.
  3. Verify your identity. Once the bank has verified your identity with your driver's licence, passport or other forms of ID, your account will be opened instantly.
  4. Fund your account. Transfer some money into your new bank account from another account or deposit cash into the account via a bank branch, ATM or Post Office. You'll soon receive your debit card in the mail.

Frequently asked questions

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24 Responses

    Default Gravatar
    ChrisFebruary 9, 2024

    Hi I’m looking for bank for business banking and international transfers at good margin and exchange rates
    Chris

      AvatarFinder
      ElizabethMarch 12, 2024Finder

      Hi Chris,

      Unfortunately we can’t recommend specific products as it really depends on your personal financial circumstances, business financials and preferences. You can compare your options for business banking on the page above and you can click “more info” on the tables for each review to find out specific details.

      This page on business transfers might also be useful https://www.finder.com.au/international-money-transfers/business-transfers

      Hope this helps,

      Elizabeth

    Default Gravatar
    MadsMay 2, 2023

    I have setup a business with a ABN. I will need to make salary payments and incur expenses on behalf of the business from this account. I’d also like a credit card for expenses made for this business, as I’d like the business to earn points. Which business account would be best?

      AvatarFinder
      AlisonMay 2, 2023Finder

      Hi Mads, we aren’t able to offer you any personal financial advice or product recommendations. You can compare business credit cards here: https://www.finder.com.au/credit-cards/business-credit-cards, or if you’d like some personal advice for your business we suggest speaking with a financial planner or accountant. Thanks!

    Default Gravatar
    AdamFebruary 6, 2022

    Why don’t you have a phone number as I wish to speak to someone?

      AvatarFinder
      AlisonMarch 10, 2022Finder

      Hi Adam,

      Finder doesn’t have a phone number to call. However, you can leave a comment or question for us, or chat with us. All you need to do is click on the chat button found in the lower right corner of our website.

      Please note that we are a comparison website. If you’re trying to call a specific bank, please visit their website to find their contact details.

      I hope this helps.

      Thanks,
      Alison

    Default Gravatar
    carlieApril 2, 2019

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

      AvatarFinder
      MaiApril 3, 2019Finder

      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

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