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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.
Bank accounts for small businesses range from simple basic transaction accounts up to more complex accounts offering a range of online and linked banking features. The best account for your small business will depend on its size, what type of industry you’re in and what your overall banking requirements are. Read on to find out more about the features available for business bank accounts and how comparing products with Savvy can save you from having bank fees eat into your profits.
There are many different types of bank accounts on offer. Your bank account should offer you maximum convenience, ease of use and the lowest possible fees. Before opening your new bank account, think about how your business will use the account; consider some of the following questions about what your banking needs are:
Are you looking for an everyday account to handle multiple business transactions or do you need a savings account to earn interest? This fundamental question will determine if you should compare savings accounts or transaction accounts
Do your customers pay you in cash? If so, the best business account for you will probably be with a bank which has a branch nearby which can accept your cash deposits and charges the lowest possible fees for counting and receiving that money
Do you have other bank accounts, credit cards or an accounting system which you wish to link into and use with your business account? If so, you’ll need to make sure your new business account is compatible with your existing systems
Do you need to pay, or receive payments from, people or companies overseas? If so, international transaction fees should be one area you concentrate on when comparing, as they tend to attract higher banking fees in Australia
You need to think about your business plans and ambitions and choose a banking system which can scale up as your business grows. You may just have a handful or no employees now, but will your banking system be able to handle your business affairs if you have multiple employees and need a dedicated payroll system?
Naturally, the fees charged by banks vary widely, with the Big Four banks charging some of the highest fees in Australia. Online banks typically charge lower fees but don’t have the convenience of high street branches to deposit money or cheques into. There are also now many business accounts which come with no monthly account fees.
Some of the fees to watch out for include:
Yes – however, this will require careful planning and comparisons. Savvy can assist you in comparing fees so you can choose an account which offers the lowest cost for the services you require.
Banking fees are often charged per transaction of various types. Think about the type of transactions you intend to carry out and consider if you can find a way to reduce them. Compare business bank accounts in the areas where you’ll be carrying out most transactions and find an account which offers either the lowest fees or no fees for your most frequent transactions. For example, some banks offer 20 over-the-counter transactions per month fee-free, so this could cover daily banking if you do need to secure your cash takings each day. Examples of other ways to reduce fees include:
if your business bank account has minimum deposit requirements to remain fee-free, set up automatic payments and transfers to ensure you meet the minimum requirements so you can enjoy no-fee banking
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.
