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.
|NAB Classic Banking Account|
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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The competition for business banking in Australia is fierce, so there are plenty of special offers to take advantage of if you’re looking for a new account. Savvy helps you compare business bank accounts by presenting easy-to-understand information side-by-side so you can choose one which is just right for your business needs.
There are three basic areas to consider when choosing a business bank account – compatibility, functionality and cost. Here’s a breakdown of what to look for and what to beware of as you narrow down your choices to find the best account for your needs.
Whether you’re a small business or a SME, it’s vital that all your financial systems are compatible and work seamlessly together. Talk to your accountant or current bank business manager about familiar systems and platforms, as it would be a waste of time to decide on a great new bank account only to find your existing business management or accounting software won’t accept a direct data feed from your proposed new bank.
Also, look for an account which will let you make payments on the run using your phone or smart watch with Apple Pay, Google Pay or Samsung Pay. Make sure you’re able to connect your phone and mobile devices to the account so you can access your bank details wherever you are.
Next, consider what your main banking needs are.
Think carefully about the functions you need your new bank account to offer, and then use Savvy’s free service to compare accounts which fit the bill.
Bank fees are the bane of every business. They can eat away at your profits and reduce your overall profitability. However, there are ways to minimise bank fees if you’re prepared to read the small print and pick and choose a new account (or accounts) carefully. Basic account-keeping fees range from $10 up to $25 a month, but many banks do offer fee-free accounts, so it's important to be comparing these options and see if they’re suitable for your needs. Some key cost considerations include:
It's important to look at everyday transactions such as paying bills and buying supplies. Search for an institution which offers free online and electronic transactions so you can pay your suppliers using BPAY, QR codes and direct EFT systems without incurring fees. Some accounts offer unlimited daily electronic transactions, whilst others have caps or limits, after which you’re charged a set fee per transaction. These fees may only be $0.20 to $0.60 per transaction, but if you’re a growing business they can add up over the space of a month.
Look for offers which include a set number of free eligible transactions per month, such as 20 to 30. These may include transactions such as banker-assisted transactions, Express Business Deposits (EBDs), Express Cheque Deposits (ECDs) or standard cheque deposits. Big banks charge anywhere from $0.60 per paper-assisted transaction (such as withdrawals and deposits) to $2.50 for a banker-assisted transaction, so the higher number of free transactions you can find, the better.
Many of the major banks charge $2.50 or more per cash deposit, which adds up if you need to bank your cash every day. Some banks in major capital cities offer free cash depositing in a secure night safe, so consider if taking advantage of such facilities could save you money on cash deposits. Also, you should always compare to see if your cash deposits could be included in your free transactions per month, to cut down the cost of one of the most expensive everyday transactions.
Many of the big banks have their own platform for international money transfers (IMTs) but still charge per transaction, either a proportion of the transfer sum (2% to 3% is common) or a set fee. For example, while Commonwealth Bank charges a flat $6 per transaction, ANZ charges $7 to Pacific Island nations, $9 to other countries and $32 if sent in AUD from an Australian account (figures current as of April 2022).
If international payments are a common occurrence in your business, consider opening a global currency or international account. Such accounts allow you to make and receive payments in hundreds of different currencies, and often offer free IMTs.
Yes – it may well be worth opening different bank accounts for different purposes. Online banks offer many no-fee options for business accounts and can offer highly sophisticated transaction account features such as rounding up, account sweeping and predictive budgeting. However, they don’t offer high street branches for you to deposit your day’s cash takings and may not always be compatible with your accounting package.
Global accounts may be the cheapest option for international business banking but may also offer lower interest rates for your savings. The best bank account for your business may either be a combination of several different accounts or chosen for the most vital features, with compromises made in areas of less importance.
Transaction accounts are crucial for managing your everyday expenses, from paying your bills and rent to doing your grocery shopping.
Your account doesn't have to be with a bricks-and-mortar bank, however, with a wide range of online-only banks and institutions on the market.
Giving your child a bank account with special restrictions attached can help teach them financial literacy and the importance of money.
Student transaction accounts often come without fees and are designed to help you manage your funds and encourage good habits.
If it's come time in your relationship to start managing couples' expenses together, a joint account could help you do so more effectively.
Banks and other institutions offer special transaction accounts for businesses of all sizes to enable you to cover your ongoing expenses.