Our verdict

This is a flexible business bank account that allows you to switch between monthly account fee options depending on how often you make transactions in branch.

The Comonwealth Bank Business Transaction Account allows you to switch between different account options depending on your banking needs. The $10 monthly account fee option includes 20 free assisted transactions per month, so it could suit you if you make a lot of transactions in branch.

The $0 monthly fee option includes unlimited free electronic transactions, however you’ll need to pay a $3 fee for each staff-assisted transaction you make in branch. This option could suit you better if you mostly make online transactions.

Being able to choose between the two fee options means you’re not paying for something that you don’t use, which is great.

You can also integrate your account with Xero or MYOB to easily import your transaction data from NetBank and help manage your accounting.

Pros

20 free assisted transactions per month for a $10 monthly account fee
Unlimited electronic transactions
Can switch to the $0 monthly account fee option at any time
Free Commonwealth Bank Business Visa Debit card

Cons

$10 monthly account fee applies
Overseas ATM fees and transaction fees apply

Details

Key details

Product Name	Commonwealth Bank Business Transaction Account ($10 Monthly Fee Option)
Monthly account fee	$10
Card access	Visa
Own network ATM fee	$0
International ATM Fee	International ATM fee $5
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay, Samsung Pay, Garmin Pay

Eligibility

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Key features

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$10 monthly account fee

This bank account has a $10 monthly account fee and includes 20 free staff-assisted transactions per month.

If you don't make many assisted transactions (for example depositing cash or cheques in branch), this account has a $0 monthly fee option. With the $0 monthly fee option you'll instead pay $3 per staff-assisted transaction.

Account management

The Commonwealth Bank Business Transaction Account separates your business finances from your personal accounts. Not only does this make it easier to keep track of your business transactions at tax time, but it also ensures that you can easily monitor your business's cash flow at all times through NetBank.

MYOB and Xero integration

Integration with MYOB and Xero means you can streamline accounting by allowing you to send online transaction data with CommBank's NetBank.

Set up real-time account alerts

CommBank provides free, real-time alerts to let you know when your account balance is low or high, or when you've been paid. This gives you greater control over the cash flow of your business no matter where you are.

Unlimited electronic transactions

The Commonwealth Bank Business Transaction Account features unlimited CommBank electronic transactions and CommBank ATM cash withdrawals with no transaction fees. This ensures convenient and easy access to your money whenever you need.

Assisted transactions

With the $10 monthly fee account option, the account provides 20 free CommBank staff-assisted or transactions per month.

If you switch to the $0 monthly fee account option, you don't get any free staff-assisted transactions. Instead, there's a $3 fee for each assisted transaction you make. You can switch between these account options at any time in NetBank.

No minimum balance

There is no minimum balance requirement on this account, meaning you are free to focus your attention on your business rather than maintaining a specific amount in your account.

Business Visa debit card

The Commonwealth Bank Business Transaction Account comes with a Business Visa debit card, providing simple and convenient access to your funds wherever Visa is accepted.

24/7 access

You can manage your money at any time through NetBank, CommBiz, the CommBank app and ATM and phone banking services.

Pair with a savings account

You also have the option of combining your Commonwealth Bank Business Transaction Account with a Business Online Saver for no additional cost. This second account allows you to earn a competitive interest rate on balances of $10,000 or more.

Quick application process

It's quick and easy to apply for an account online, with the application process taking around 10 minutes.

Compare other CommBank business products

How to apply

Eligibility

Before you apply, make sure you meet the following eligibility requirements:

Minimum age. You must be at least 18 years old to apply for this account online. You can open this account at 16 years old with a signatory.
Business requirements. For domestic businesses you should have your ABN or ACN. If you're a foreign entity you'll need to contact the bank directly (in branch or by calling 13 19 98) to see what details are required.

If you're new to CommBank business banking and either a sole trader or a director of a private company, you can open an account online in around 10 minutes. However, if you cannot be identified, or you are not a sole trader or a director of a private company, you'll need to visit your nearest CommBank branch to apply.

To apply online, all you need to do is:

Answer a few questions about yourself and your business.
Verify your identity online (if you're a new customer).
Verify your business details online.

Documentation needed

You'll need the following information and documentation handy when you apply:

Business details. These include your ABN or ACN and your registered office address.
Identification. If you're a new Commonwealth Bank customer, you must supply at least one form of ID, for example a driver's licence, Medicare card, passport or birth certificate.
Contact details. CommBank also requires the names and email addresses of any other directors (if applicable) and of shareholders who own more than 25% of the company's shares.

What happens after I submit my application online?

Once you submit your application online, CommBank will be in touch within 3-5 working days. You'll receive a confirmation email and Welcome Pack with further instructions on setting up your NetBank.

If you're looking for an account that provides easy access to your funds and a convenient way to manage your business cash flow, the Commonwealth Bank Business Transaction Account is well worth a look. But before you apply, make sure to compare this account with other business transaction accounts to ensure you find the best product for your needs.

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Alison Finder

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yoooooo

February 17, 2022

how do i make another bank account to save money in

im with commonwealth bank

Alison Banney Finder

March 08, 2022

Hi there,

If you’re looking to open another account with Commonwealth Bank, you can visit our guide here to see the different types of accounts they offer.

Then go to the Commonwealth Bank website to apply online.

For other banks, have a look at our Savings Accounts page to see your options. Use the comparison table to compare and choose. Then click the Go to Site button to apply.

Before applying, don’t forget to read the terms and conditions, and eligibility requirements to make sure that it would suit your needs.

I hope this helps!

Regards,

Alison

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Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

Commonwealth Bank Business Transaction Account ($10 Monthly Fee Option)

Pros

Cons

Key features

$10 monthly account fee

Account management

MYOB and Xero integration

Set up real-time account alerts

Unlimited electronic transactions

Assisted transactions

No minimum balance

Business Visa debit card

24/7 access

Pair with a savings account

Quick application process

How to apply

Eligibility

Documentation needed

What happens after I submit my application online?

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