A business bank account is designed to help manage your company's income and day-to-day expenses. It provides a way to pay bills, purchase new assets or receive payments from customers.
As your company grows, a business bank account helps you keep track of your cash flow and lets you keep your personal finances and tax separate from the business.
A good business bank should let you make transactions and track your money easily, with minimal fees and features like accounting software integration and a business debit card.
Other business banking products you should know about
A business bank account is a transaction account. These accounts are for spending and receiving money.
If you want an account to hold some of your business income over a longer term and earn some interest, you could look at a business savings account or even a business term deposit.
Who can open a business bank account?
Business bank accounts are not for personal use. You can open a business bank account as a sole trader, a company, a trust, an association, a not-for-profit or a self-managed super fund (SMSF).
And you'll need the following:
Your ID
An ABN or ACN
Your business will need a registered address, and you'll need to be 18 or over.
How do I find the best business account for me?
A good business bank account should have:
Minimal fees. Most banks don't charge a monthly account fee. But you should also look at what kind of transactions (if any) have a fee attached. Some banks don't charge fees for most online transactions but do charge fees for cashing or issuing cheques, or making staff-assisted transactions in a branch.
A business debit card. If you want to be able to access your funds easily, look for an account that comes with a business debit card.
Free transactions. The best business bank accounts offer unlimited electronic transactions for most types of transaction. Some charge fees for international transactions or overseas ATM withdrawals.
Accounting software integration. Some banks let you plus your accounting software (like MYOB or Xero) into your business bank account. This makes it easier for you to track your accounts and is a huge help at tax time.
Perks and support. Some banks offer extra benefits, such as small business advice or perks like discounts with partner providers.
How to open a business bank account
Ready to open a business account? Follow these steps to open an account today.
Compare accounts. Use our table above to compare business bank accounts (see some tips below on how to compare business bank accounts).
Complete the application. You can complete the application form online. You'll need to supply your personal details as well as your business ABN, ACN and tax file number and registered business name and address.
Verify your identity. You'll need to verify your identity using your driver's license, passport or Medicare details. For a joint account, each person listed on the account needs to verify their identity.
Account opened. When the bank has successfully verified your business and completed the application process, your new business bank account will be open and ready for use (this can happen in a matter of minutes!). You'll receive your debit card (or cards if you opened a joint account) in the mail within 3 to 5 business days.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio
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Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio
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Additionally, you can compare transaction accounts side-by-side to find the right bank account for you. Select ‘Go to Site’ to head over to their website to apply. Please ensure to read through the relevant product disclosure statement and terms and conditions before you open an account.
The Auswide Bank Business Access Account is a business transaction account that lets you earn interest. This account has no minimum balance requirement and a low monthly fee.
The Suncorp Premium Business Bank Account is a business bank account with no monthly fees, unlimited fee-free transactions and a linked Visa Debit Card.
The Great Southern Bank Everyday Business Account is a convenient transaction account for your day-to-day business spending with no account-keeping fees.
If business banking fees are having a negative impact on your business’s bottom line, we have everything you need to know to avoid those unnecessary costs.
A business HISA is a good alternative for a business owner who is not interested in aggressively investing their excess business funds. These allow access to the money when needed, while it works at gaining interest when not.
If you're looking for the best business bank account, the first step is to compare your options. Take a look at a range of business bank accounts here to suit your small business and help with cashflow.
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hi, do you have a comparison table for business savings accounts and transaction accounts?
Hi Pam,
Thanks for your enquiry.
You can compare a range of high interest business savings accounts and you might also be interested to read our guide for small business bank accounts.
Additionally, you can compare transaction accounts side-by-side to find the right bank account for you. Select ‘Go to Site’ to head over to their website to apply. Please ensure to read through the relevant product disclosure statement and terms and conditions before you open an account.
I hope this helps you refine your search.
Thanks,
Belinda