Fact checked
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)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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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.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
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.
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.
Features available for transaction accounts include:
Features to look out for in business savings accounts include:
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:
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.
Our comparison service is free to use, meaning you can compare bank account offers at any time.
You can compare accounts and choose to open one online from wherever you are, at home or on the go.
By partnering with trusted Australian institutions, you can be more confident when comparing offers with us.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
