Choosing a business bank account

Choosing a business banking account is about packing all the transaction facilities you need into the smallest possible monthly fee. There's a wide range of options, often varying from bank to bank, but here are some small business finance tips.

The personal account: Personal transaction accounts can minimise fees and seem simpler when you're getting your business up and running. But a business bank account is vital for:

  • ease of expense management
  • simplicity (and validity) of tax deductions
  • less stress in the event of an audit
  • professionalism of a non-personal account
  • Facilities: Different businesses will have different banking needs. You may need access to a pool of funds, in which case a high interest rate will be on your priority list. A high volume of transactions can make a monthly fee with unlimited usage the better option. Most accounts will offer:

Business Bank Account Comparison Table - rates updated daily

Search promoted business bank accounts below. Advertiser disclosure.
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    $0 Business Everyday Account

    account fee
    Fee free transactions
    $0.00
    Unlimited standard NAB electronic transactions, no ATM fees at NAB ATMs

    Apply in less than 10 minutes. Tap and pay with your NAB Business Visa Debit card.

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    Details
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    Business Transaction Account - $0 Monthly Account Fee option

    account fee
    Fee free transactions
    $0.00
    Unlimited electronic transactions.

    An everyday business bank account with no monthly account fee and a linked Business Visa Debit card. Make unlimited electronic transactions for free and receive customised alerts regarding your balances.

    Go to site
    Details
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    Business Cheque Account

    account fee
    Fee free transactions
    $0.00
    Unlimited free transactions from counter deposits, phone and internet. 10 free transactions from own-bank ATMs, EFTPOS, counter withdrawals, BPAY and cheques.

    $0 account fees with no monthly account keeping fees and No fees on a network of over 10,000 ATMs across Australia.

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    Details
  • internet and phone banking
  • chequing
  • Bpay
  • overdrafts
  • lockbox service
  • payroll processing

Unlike personal bank accounts, it's difficult to avoid fees - eg monthly - on a small business bank account. Just make sure you're getting the features you need, and console yourself that fees are tax deductible.

Start your search for a business account below. 

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