Business bank accounts in Australia

Compare business bank accounts

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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

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Product AUFSA-MPS	Payment types	Machine type	Least-cost routing	Cost
Zeller Terminal	Visa, Mastercard, EFTPOS, American Express, JCB, Apple Pay, Google Pay	Countertop, Portable	No	$259 to own the terminal with no lock-in contract	Zeller payment terminals accept a large range of payment types including EFTPOS, debit, credit and contactless transactions and can be counter-top based or used as a portable terminal.	Go to siteMore Info	loading Fetching your data...
Zeller Virtual Terminal	Visa, Mastercard, American Express, JCB	Portable	No	1.75% + $0.25c transaction fee incl. GST for all cards	Go to site	loading Fetching your data...
Zeller Tap & Pay	Visa, Mastercard, American Express, JCB, Apple Pay, Google Pay	Portable	No	1.4% transaction fee incl. GST flat-rate for all cards	Go to site	loading Fetching your data...
PayNuts Pay Nothing EFTPOS	Visa, Mastercard, EFTPOS, American Express, AliPay, Apple Pay, Google Pay	Countertop, Portable	Yes	N/A	PayNuts offers portable EFTPOS terminals with the option of paying zero transaction fees. You can also pay no terminal hire fees if the minimum monthly transaction volume is met.	Go to siteMore Info	loading Fetching your data...
Tyro Pro	Visa, Mastercard, EFTPOS, American Express, JCB, Apple Pay, Google Pay, Samsung Pay	Portable	Yes	$29/month terminal rental fee	Featuring 24/7 local support, integration with existing POS systems and an available linked interest-earning transaction account.	ContinueMore Info	loading Fetching your data...

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What is a business bank account?

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.

How to compare and find the best business bank account

Here are a few key things to consider when picking a business bank account:

The monthly account fee

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.

The branch network

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.

The online portal

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.

Debit cards

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.

Staff-assisted transactions

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.

The overdraft facility

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.

International fees

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.

Who needs a business bank account?

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.

Benefits of a business bank account

Business bank accounts offer a range of benefits, but some of the best include:

• Designed for businesses. Business transaction accounts are designed with businesses in mind, rather than everyday consumers. They include features that are beneficial to businesses, such as an overdraft facility.
• Keep your business money separate. Having a dedicated business bank account ensures you keep your business finances completely separate from your personal finances.
• Often integrated with business services. These accounts often include added support for businesses, such as seamless integration with accounting software to reduce the admin burden.
• Specialised online platform. Often banks will offer a dedicated online portal for business bank customers that’s tailored to their needs. For example NAB Connect is NAB’s online business banking tool that allows customers to manage remuneration payments and offers customised transaction reports.
• Larger transfer limits. Business bank accounts often allow for larger daily transfer and transaction limits than personal bank accounts to accommodate large invoice payments and staff wages, etc.
• Easier at tax time. With all your business expenses organised separately from your personal finances, it’s easier to manage your tax obligations at the end of the financial year. Your business expenses will be clearly identifiable in their own account.
• Manage your cash flow. With all your business expenses, payments and earnings in the one account, it’s easier to analyse your day-to-day business cash flow.
• Multiple people can use the account. You can opt for a joint business account if you’d like another person such as a business partner or co-owner to have access to the same account.

How to apply for a business bank account

1. Apply online. Once you've chosen an account, complete the online application on the bank's website (or you can also go in branch if the bank has branches).
2. Add your details. Fill in your name, age, address, contact details and residency status. You'll also need to provide details of your business, such as the business name, address, TFN and ABN.
3. Verify your identity. Once the bank has verified your identity with your driver's licence, passport or other forms of ID, your account will be opened instantly.
4. Fund your account. Transfer some money into your new bank account from another account or deposit cash into the account via a bank branch, ATM or Post Office. You'll soon receive your debit card in the mail.

Frequently asked questions

• What are good business term deposit accounts?

  A business term deposit allows you to lock some money away for a set period of time (called a term) and earn a fixed rate of interest. These aren't designed for day-to-day use, but could be good if you've got a large amount of money that you're not using for a while.

• What are good business savings accounts?

  A business savings account allows you to earn a variable interest rate on your money, but unlike a term deposit you can still access the money if you need to.

• What's the difference between personal bank accounts and business accounts?

  Personal bank accounts and business transaction accounts are very similar, and work in the same way. They're both designed for day-to-day spending and come with a debit card.

  While most personal bank accounts have no monthly account keeping fees, business bank accounts often do come with a monthly fee because they offer more services and features than personal transaction accounts. For example, they might offer a larger overdraft facility and bigger daily spending limits than personal accounts, along with added reporting and accounting features.

  Sometimes business bank accounts will offer additional accounting software and tools that personal bank accounts won't offer.

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
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