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Compare Business Bank Accounts

With so many business bank accounts to choose from in Australia, it’s important to compare as many as possible with Savvy.

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, updated on September 11th, 2023       

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Compare bank accounts for business

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.

site-logos Up Everyday Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Osko,
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Mastercard $0 0%
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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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site-logos ING Orange Everyday
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Apple Pay,
  • Google Wallet,
Visa $0 0%
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.

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site-logos NAB Classic Banking Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Samsung Pay,
  • Apple Pay,
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Visa $0 0.01%
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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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site-logos St.George Complete Freedom Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Visa $0 0%
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Get $40 with a new Complete Freedom everyday bank account.

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site-logos Westpac Choice
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $5
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Mastercard $0 $0
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Westpac Choice for easy day-to-day banking

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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.

More about how to compare business bank accounts

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.

What features should I look at when comparing business bank accounts?

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.

Compatibility

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.

Functionality

Next, consider what your main banking needs are.

  • If you’re a small business, you may only need a basic transaction account and somewhere to park your savings
  • If you’re a growing business, you may need a business account with a platform that allows multiple levels of account access and several security tokens
  • If you’re a medium-sized business, your accounts personnel or financial officer may need the ability to do batch processing of payments
  • If you manufacture, you may need the ability to send and receive multiple international payments to buy raw materials and sell your goods overseas
  • If you’re in a retail environment and receive payments in cash, you may need to consider where your nearest bank branch is to avoid lengthy travel to do your daily cash banking

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.

Cost

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:

  • Free electronic transactions

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.

  • A portion of chargeable transactions free per 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.

  • Does your cash cost you money?

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.

  • International transactions can be costly

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.

Can I open more than one business bank account?

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.

Types of bank account

Why compare bank accounts with Savvy?

Frequently asked questions about business bank accounts

Is there a difference between the interest offered for business and personal term deposits for savings?

No – banks tend to offer the same interest rate on personal and business savings accounts and term deposits, so it’s crucial to compare rates when deciding on the best one for your business’ needs.  The difference between personal and business accounts is that often bonus interest offers are aimed at personal accounts and not business accounts, offering bonus interest for depositing a certain sum per month, for example, or for making a specified number of transactions on a linked debit card.  However, you may be required to have a higher minimum balance to open the account, such as $10,000.

What documents will the banks want to see before I can open a business bank account?

First, you’ll need to provide 100 points of ID to prove your identity as an individual.  This will include one major form of ID (such as your passport) and a secondary form of ID which includes your photo and signature (often a drivers’ licence is used for this purpose).  For your business, you’ll need either your ACN or ARBN, your company details such as full name and registered business address, plus the full name, residential address, date of birth and foreign tax status of all company directors and owners.

Is it illegal to use a personal bank account for business?

No – if you’re a sole trader, it may be tempting to use your personal bank account for your business banking.  However, it’s not advised either by accountants or the Australian Tax Office and can create a nightmare when it comes to tax time.  Though not technically illegal, it will create headaches when you try to summarise costs or produce accurate tax records for your business, as opposed to personal expenditure.  Therefore, it’s far easier to open a bank account just for your business and keep all your finances neat and tidy.

Should I have my business credit card and accounts with the same bank?

This will depend on how you use your credit or debit cards and which accounts you have them linked to.  A debit card will automatically be linked to the funds in your transaction account and will allow you to access them when using PayWave or PayPass, or EFTPOS and ATMs.  However, your credit card may not be linked to your transaction account but instead linked via direct feed to your accounting package.  It’s not necessary to have your credit cards with the same institution as your transaction account, but it can make life easier if automatic payments and transfers are permitted between your accounts at the same bank.

Is it considered safe to link a business bank account to an accounting package?

Yes – there are many reputable accounting packages which are used by millions of small to medium-sized businesses worldwide.  They use the same cloud security protocols as those used by the big banks.  Many have worked closely with the banking sector (as well as with accountants and bookkeepers) to develop multiple layers of security which keep your personal and business data safe.   

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