A business bank account is a transaction account that is specifically designed for businesses rather than for personal use. You can use your business bank account to pay for day-to-day business expenses, pay invoices and staff wages and also to receive payments from clients and customers.
Here are a few key things to consider when picking a business bank account:
Some business bank accounts charge monthly fees, in exchange for more features and services than what's offered on a personal account. If you don't need larger transaction limits, staff-assisted cash deposits or specialised features, look for a business bank account with no monthly fee.
Some banks don't have any physical branches in Australia. If you need to make staff-assisted transactions in a bank branch, make sure the bank account you choose has branches in convenient locations for your workplace or home.
Does the account come with access to an online portal to help with your business reporting and tax obligations? Also, looking for an account that's already integrated with accounting software like Xero can help you manage your business admin.
Is there a limit to how many debit cards you can request, or is there a fee for each additional card? Look into this if you want to have multiple debit cards for multiple employees.
If you regularly receive cash payments you should look for a business bank account that doesn't charge you to deposit cash. It's worth comparing the cost per transaction, with an account that charges a flat monthly fee for unlimited staff-assisted transactions to see which option would save you money.
This is a feature that's not widely offered with personal bank accounts, but it can be offered with business accounts. If your business needs an overdraft facility, look for an account that offers this.
If you travel a lot for work and plan to use the debit card to withdraw cash or make purchases overseas, look for a business bank account with low or no international ATM and foreign transaction fees.
If you’re registered as a partnership, small business, company, sole trader or Trust in Australia then you need to open a business bank account, and cannot use a personal account. This is to ensure you meet your business tax obligations.
Not only is it a legal requirement, but small business bank accounts are also helpful to keep your business income separate from your personal finances.
Business bank accounts offer a range of benefits, but some of the best include:
The Airwallex Business account is a product designed for global payments that allows you to earn a return on your cash too via the Yield feature.
Read Finder's review of the Great Southern Bank Business+ Saver. Learn more about this savings account for seniors.
Read Finder's review of the Macquarie Business Savings Account. See if this product is right for you.
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.
This is a business bank account with no monthly fees or minimum balance requirements, and a complimentary Prospa Visa Business Debit Card.
Find the best business term deposit rates to help improve your bottom line.
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.
I am a sole trader and have a business account linked to savings and cheque account. I usually transfer money from business into savings, and than back to business for business expenses. I pay myself a wage from business into cheque account. I am not sure if this is the best way to go because my business account is showing all these back and forth transactions.
Thank you.
Hi Lana,
Thanks for your question.
In terms of obtaining business finance, these shouldn’t be a problem as the bank usually look at missed repayments, defaults, etc
If, personally, you think that this is an issue then you may want to consider switching.
Cheers,
Shirley
I am a migration agent working as a sole trader. under the law, I need to set up a so called “client account” (such name is required by the licencing authority) which is very similar to a “trust account”. this account – ” client account” is not allowed to attract any interest or bank fee. DO you have any recommendation as to which bank offers such account. I currently have one with commonwealth bank, but not happy with AUD 10 monthly fee which is deducted from my another account.
Thank you.
Hi Annie,
Thanks for your question.
Please use the above table for comparison.
Cheers,
Shirley
Annie do you found a better bank offer ? I have the same question at the moment, and I don’t want to pay 10 dollar every months
Hi Annie,
Thanks for your question.
Please note that finder.com.au is an online comparison and information service and is not in a position to recommend specific products, providers and services.
From our blue comparison tool above, you can see that there are a number of products that don’t charge any fees. Perhaps you could consider one of those.
Cheers,
Shirley
wondering which bank would be best suited to an online business, as I am the owner of an online business and wanting the best account for transactions etc.
Hi All Goods,
Thanks for your question.
There are a number of free or low-cost advisory services available in Australia that provide advice and assistance to new businesses. You can use the Expertise & Advice finder to help you find the right advisor.
Cheers,
Shirley
Hi
I have just started a small side business selling products online and i need a bank account for my project as customers are paying and transferring money online, I also need to transfer money overseas, can anyone recommend a bank here in Australia
Hi Jon M,
Thanks for your question.
You can take a look at this page to read about HSBC Everyday Global Account is an everyday transaction account, multi-currency account, and travel debit card all in one.
I hope this has helped.
Thanks,
Elizabeth
Where on your site is the comparison list of business bank accounts etc??
Hello Lynt,
Thanks for the question.
You may refer to our comparison of a range of business bank accounts. We are constantly trying to add more accounts to our comparison so you can have a more effective experience. You may also refer to our comparison of business credit cards. You can select the “Go to Site” button of your preferred credit card to proceed with your application. You can also contact the provider if you have specific questions. A gentle reminder, please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
I hope this helps,
Marc