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Best Business Bank Accounts

An in-depth look at business bank accounts to find out what’s available and how to compare the best features with Savvy.

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, updated on July 31st, 2023       

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Compare bank account offers

Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology.  Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.

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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)

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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.

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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.

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Get $40 with a new Complete Freedom everyday bank account.

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Westpac Choice for easy day-to-day banking

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More about the best business bank accounts

The best bank account for your business will be one that provides you with all the features and connectivity you need, with the lowest fees possible.  Savvy helps you find the account that’s right for you by providing you with clear and precise comparison data so you’re able to look at different bank accounts side-by-side to see which is your best choice.

What different types of business bank account can I choose from?

The features you’re looking for in an account will determine the best business bank account for your particular needs.  If you’re a sole trader or have recently started your business, you may just be looking for a basic business bank account suitable for a small business.

However, if your business is larger or well-established, you may need more advanced features like budget analysis, tiered access levels and multiple security tokens.  If this is the case, one of the larger banks’ dedicated business platforms may be what you’re after.  Savvy can help you compare business bank accounts by providing you with clear comparison information so you’re able to clearly see which account would best suit your needs based on its features.

Bank accounts are usually divided into two different types: transaction accounts and savings accounts, although there are business bank accounts available that offer transaction features but also pay interest on the account balance.  Such accounts could be thought of as hybrid accounts which offer an ‘all-in-one' business account solution.

In addition, there are also global or international accounts which offer a basic choice of transactions but allow deposits and payments in a range of currencies.  Such accounts can also offer international money transfers far cheaper than a traditional business bank account.

There are many different types of business savings accounts, ranging from high-interest accounts to ‘locked’ savings accounts and term deposits.  Some of these offer bonus interest if certain deposit conditions are met, while others offer a higher interest rate if they’re linked to a transaction account or a credit or debit card.  Decide on what type of account you need and compare the features of similar accounts to make sure you get the best deal available in Australia.

Which features should I compare in business bank accounts?

Features available for transaction accounts include:

  • simple transaction accounts offering no-fee banking, such as no monthly fees and no transaction fees
  • unlimited free online transactions including direct debit, direct credit, internet transactions and ATM use
  • instant payments using OSKO (which is the fast inter-bank transfer system backed by BPAY) and the New Payments Platform (NPP)
  • no minimum account balances needed for free transactions
  • linking to popular business credit cards (either Mastercard or Visa)
  • direct data feeds to popular accounting platforms such as Xero and MYOB
  • synching with Apple Pay, Google Pay, Samsung Pay, PayPal and other popular online payment systems
  • mobile banking apps which allow you to switch seamlessly between your phone, smart watch and tablet
  • high-end business banking platforms allow tiered security access, so accounts and payroll staff can be given limited account access
  • security payment systems for accounts staff, such as USB authentication and multiple security tokens which provide a new security code every 30 seconds
  • two-factor authentication to keep your data safe
  • access to business insights and handy tools such as profitability comparisons, predictive budgeting and sales trend comparisons

Features to look out for in business savings accounts include:

  • competitive interest rates offered with compounding either monthly or annually
  • high-interest savings accounts which may have minimum deposit conditions attached
  • tiered savings accounts which offer different interest rates depending on the sum deposited
  • ‘locked’ or ‘closed’ savings accounts which offer a bonus interest rate if no withdrawals are made
  • term deposits offering a higher interest rate in return for locking in your savings for a fixed term (anywhere from one month to years)
  • cash deposit accounts, which are ‘all-in-one' deposit solutions allowing you to tailor your investment between term deposits and at-call funds linking to your transaction account or credit card for seamless transfers

How do I decide which account would be best for my business?

Firstly, it’s important to think about whether you need an account to assist with your banking transactions or one in which to deposit your savings.  If you have a small business and limited transaction needs, consider a hybrid account.

Once you’ve determined if you require an everyday account or a savings account, think about the type of features your business requires.  Here are some suggestions to get you thinking:

  • if you receive payments in cash, look for a bank which is nearby and has a free night-safe deposit system to reduce teller fees
  • if you pay suppliers online, look for a business account which allows unlimited electronic transactions
  • if you often do your banking on the run, look for an account which has a mobile app which is compatible with your phone, smart watch or tablet
  • if your customers pay you using ‘pay and go’ facilities, look for an EFTPOS machine which has the lowest percentage fees or several fee-free transactions permitted per month
  • if you use an accounting package, look for a business bank account which can direct feed data into your accounting software
  • if international transactions are common for your business, look for an international or global account which allows deposits and payments in multiple currencies and has an allowance of free international money transfers (IMTs) per month
  • if you have multiple employees who make payments, look at a business package which allows different levels of account access

What advanced business bank account features are now being offered?

Personalisation

Business banking is moving towards personalisation and individual budgeting based on past behaviour. What this means for you is that your business banking app may tell you at a glance how much money has flowed into your account that day, week or month.  It may tell you who has paid you and how much money has been received in a specified period.

Alerts and notifications

You may be able to set alerts or notifications to tell you when payments have been made into your account or when funds are leaving your account.  You could authorise payments your accounts staff have scheduled straight from your smartphone or watch.  Expect to see more of this type of banking personalisation as online banking matures and grows.

Auto-budgeting

Auto-budgeting involves your bank app recognising that certain payments occur regularly, so it’ll begin to predict when payments are due. You may receive a text or notification that bills are due or overdue or a warning that an imminent direct debit will take your account overdrawn.  Your banking app may regularly send account information to your phone or watch, summarising how much you’ve spent in each category and how much money remains in your account until your next payment is due.

Account splitting and sub-accounts

Your banking app or online platform may divide your outgoings into categories which you’ve set, such as ‘utility bills,’ ‘materials,’ ‘suppliers’ and report to you how much has been spent in each category.   Split accounts and multiple sub-accounts are also becoming more popular, bringing the ability to categorise and analyse your payments, spending or saving to a far higher degree than previously possible.

Types of bank account

Why compare bank accounts with Savvy?

More business bank account questions answered

How do I find a bank account which is compatible with my current software?

The best way to determine which financial systems work well together is to ask either your accountant, your financial advisor or your bank account manager.  Either one should be happy to discuss which systems they use and which banks offer a direct feed of information into their system.  These days, accounting software tends to be compatible with many different banking systems, although this wasn’t always the case. 

What documents will I need to open a business bank account in Australia?

You’ll need 100 points of ID as the person opening the bank account, plus detailed information on all directors and owners of the company.  This information includes the full name, date of birth, residential address and tax file number of all company directors.  In addition, you’ll need your company ACN or ABN, tax file number, plus details of your business registered address and registered office address.  If you have a business partnership, you’ll need to provide the partnership agreement.

How much do banks usually charge for over-the-counter transactions?

The standard fee for an over-the-counter transaction is $2.50 per transaction.  This is for a teller-assisted transaction, such as depositing cheques or cash or withdrawing funds which can’t be done using an ATM.  Many business bank accounts come with several free transactions per month, so you may be able to arrange your banking to take advantage of these free transactions to reduce the fees you’re charged.

As a sole trader, do I really need a separate business bank account?

If you check with your accountant, the answer is yes – many accountants can tell nightmare tales of spending hours trying to go through a bank statement line by line to ascertain whether the transaction was a personal or business one.  For your sake and your accountant’s, make sure you keep your personal and small business transactions separate.  It’s not a legal requirement, but it will save you a great deal of angst come tax time.

Can I earn interest on the money in my business transaction account?

You can – hybrid business accounts are becoming more popular with customers wanting a ‘one-stop-shop' for all their banking needs. These accounts offer the convenience of a transaction account, such as being able to pay people using BPAY, QR codes, OSKO and PayID, but they also pay interest on the account balance.  However, don’t expect to receive the highest interest rate from such a hybrid account.  Look to a term deposit if you’re after the highest rate for your savings.

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