Business bank accounts with no fees

Compare business bank accounts with no fees

When comparing business bank accounts, look for one with no fees, or that have fee waivers under conditions you can realistically meet.

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Name	Monthly fee	Govt. Guarantee	Own network ATM fee	Card type
Promoted Promoted Zeller Business Transaction Account	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Mastercard	Go to siteMore Info Compare
Promoted Promoted Prospa Business Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Go to siteMore Info Compare
NAB Business Everyday Account Apple Pay Google Pay Samsung Pay Garmin Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	ContinueMore Info Compare
Airwallex Global Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Continue Compare
Suncorp Bank Business Premium Account Apple Pay Google Pay Samsung Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	ContinueMore Info Compare
Auswide Bank Business Access Account Apple Pay Google Pay	Monthly fee $10	Government Guarantee	Own network ATM fee $0	Card type Visa	ContinueMore Info Compare
Westpac Business One Account N/A	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Mastercard	ContinueMore Info Compare
ANZ Business Essentials Apple Pay Google Pay Samsung Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	ContinueMore Info Compare
AMP Cash Manager Apple Pay Google Pay Samsung Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	ContinueMore Info Compare
Heritage Bank Body Corporate Apple Pay Google Pay Samsung Pay Garmin Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	ContinueMore Info Compare
Bank of Melbourne Freedom Business Account Apple Pay Google Pay Samsung Pay	Monthly fee $10	Government Guarantee	Own network ATM fee $5	Card type Visa	Continue Compare

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How can I avoid business banking fees?

Pay no monthly account fees.

There are plenty of business bank accounts that don't charge any monthly fees, but you may need to maintain a minimum account balance or meet ongoing deposit requirements.

Avoid transaction fees.

Many business bank accounts will impose limits on the number of fee-free transactions you can make each month. These limits may differ depending on what type of transaction is made. For example, you might have unlimited free online transfers but only 10 free in-branch transactions. Look for one that suits your typical banking habits.

Find the right business credit card.

Choose a business credit card with low or no annual fee. If you need to choose a card with an annual fee, you can reduce other fees by limiting your international purchases, not withdrawing cash and always paying your bill on time.

Avoid overdrafts.

If you don’t need or want an overdraft facility, contact the bank and ask them to turn it off. Keep in mind that this could lead to transactions being declined, which may incur costs elsewhere. If you do want an overdraft facility, check the timeframe in place to replace the funds before incurring a fee.

Reduce international transfer fees.

Does your business regularly send payments overseas? Specialised international money transfer services tend to have significantly lower fees and preferable exchange rates compared to the major banks.

Consider multiple bank accounts.

For example, you might use one account with favourable international transaction rates for all your overseas transfers and banking, and have a different account for day-to-day transactions within Australia.

Request electronic statements.

Unprompted, some banks will keep sending you paper statements, and charge a fee for doing so. Check whether you can request e-statements instead to eliminate this cost.

Make sure employees are on board.

If you have employees that use company cards or make transactions on behalf of your business, ensure they know how to minimise fees. For example, you might request that they stick to using ATMs within the bank's network.

Compare accounts often.

Banks regularly make changes to their accounts and the fees they charge for different transactions. Get in the habit of doing a quick comparison of your account against others in the market to make sure you're still getting the best deal.

What are the types of business banking fees?

• Account-keeping fees. These are charged monthly and can range from $0 to as much as $20.
• Transaction fees. You might be charged a small amount such as 20 cents for certain online transactions, or a few dollars for in-branch transactions.
• Annual fees. These are common with business credit cards and could range from $0 to almost $2,000.
• Loan fees. Business loans may charge pplication and establishment fees, ongoing fees, discharge fees and others.
• International transaction fees. These can be as high as 4% of the transaction value each time you make an overseas transaction.
• ATM fees. Some banks will charge a fee if you use an ATM outside of their network. This is espcially common with overseas ATMs.

Frequently Asked Questions

• Do I need to use a business bank account?

  Yes, not only is it a good idea to keep business finances seperate from your personal finances, but standard bank accounts are for personal use only. If your business is a partnership, company or trust you're legally required to have a seperate account for tax reporting.

• Which bank is best for small business in Australia?

  The best bank for small business in Australia depends on your specific needs. NAB, ANZ and Commonwealth Bank are all Big Four banks that offer a suite of business banking options including bank accounts, term deposits and credit cards. You should compare different options based on your transaction needs and additional services like business loans or merchant services.

• Do all business bank accounts have fees?

  Not all business bank accounts have fees but most of them do. Some banks, like NAB and ANZ, offer business accounts with no monthly fees. However, other fees, such as transaction or international transfer fees, may still apply, so it is important to check the account details.

To make sure you get accurate and helpful information, this guide has been edited by Joelle Grubb and reviewed by Justine Mclean, a member of Finder's Editorial Review Board.

Written by

Alison Banney

Editor

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 bio

Alison's expertise

Alison has written 625 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living