Compare Business Bank Accounts in Australia

You can use your business account solely for expenses like supplier payments or employee wages, while keeping personal expenses separate. Major bank NAB suggests that even if you’re a small business, sole trader or running a business part time, opening a separate account can be beneficial.

A dedicated business account gives your business a sense of professionalism and may help build trust with customers, suppliers and partners. It also demonstrates your business’s legitimacy, as you'll typically need to provide details like your ABN or ASIC registration to open the account.

Business bank accounts often offer features that cater specifically to business needs, such as invoicing tools, merchant services or overdraft protection. One useful feature some accounts offer is an "integrated gateway", which lets you set up a payment processor on your website to accept credit card transactions directly from customers.

Having a business transaction account may make it simpler to track and report expenses for tax purposes because it keeps your business and personal finances separate. You can easily pull statements that show all business-related transactions, making it quicker to prepare for tax lodgments, including your Business Activity Statements (BAS).

Helps you manage cash flow by keeping track of incoming and outgoing payments more effectively. With features like automatic bill payments and electronic transfers, you can ensure regular bills are paid on time, preventing late fees and disruptions to services.

A business bank account is usually required when applying for business loans or a line of credit. If or when the time comes, you may qualify for these services if you already have a well-established account with a lender and can demonstrate a solid cash flow history.

Some accounts provide enhanced security features to protect your business funds and reduce fraud risks. Many business accounts have fraud protection, multi-factor authentication for online banking, and daily transaction limits to safeguard your cash.

Depending on the business transaction account you choose, it may come with higher fees compared to personal bank accounts. This includes monthly fees, transaction fees and additional costs for services like payroll processing or invoicing.

Some accounts have a minimum balance requirement, which may force you to keep a certain amount of money in the account to avoid fees. Failing to meet this requirement could result in monthly charges or restrictions on the account.

Most banks have a capped number of in-branch withdrawals you can make each month. For example, St. George’s Freedom Business Account allows 30 in-branch withdrawals per month, while its Business Cheque Account Plus offers 70 withdrawals each month.

"Free" typically means no monthly fees, but there may still be other charges or limited features. Services like bank transfers or overdraft protection could have extra costs. Additionally, a minimum monthly balance (e.g. $100,000) may be required to qualify for the $0 monthly fee.

To set up your business bank account, you'll need to provide documents such as proof of business registration, identification, and financial details (e.g. ABN/ACN if applicable). The time it takes to process your application will depend on the type of business you have, whether it's a sole trader, partnership, company, trust, association, or co-operative.

Some business accounts charge a monthly fee if you plan on doing most of your banking in-branch rather than online. For example, CBA’s Business Transaction Account charges a $10 monthly account fee for in-branch transactions, while there are no monthly account fees for businesses banking online.

Some banks charge interest or an overdrawn account fee if the account becomes overdrawn without prior arrangement. These costs can become significant if the account remains overdrawn for an extended period and are generally higher than standard charges applied to an arranged overdraft.