Mozo guides

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 - last updated 15 April 2024

Search promoted business bank accounts below. Advertiser disclosure
  • Business+ Account

    $0.00

    Unlimited internet transactions

    An everyday business transaction account for sole traders and small businesses. $0 monthly account fees to pay. Unlimited electronic fee-free transactions. Easy account opening in the Business app with no paperwork. Fast and secure with worldwide access to your funds with debit Mastercard.

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  • $0 Business Everyday Account

    $0.00

    Unlimited standard NAB electronic transactions, no ATM fees at NAB ATMs

    Ideal for businesses that mostly transact online and make few banker assisted transactions. No monthly fees to pay. Unlimited electronic and NAB ATM transactions included. Express Business Deposits (EBD), Express Cheque Deposits (ECD) 60c per transaction. Banker assisted transactions $2.50 each. Apply online in less than 10 minutes.

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  • Mozo Expert Choice Badge
    Business Transaction Account - $0 Monthly Account Fee option

    $0.00

    Unlimited electronic transactions. $5 per assisted transactions, $10 for quick deposits and $5 for cheques issued and deposited.

    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.

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  • Business Cheque Account

    $0.00

    Unlimited free transactions from counter deposits, phone and internet. 10 free transactions from own-bank ATMs and big 4 ATMs in Australia, 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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  • 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. 

Mozo Editorial
Mozo Editorial

Mozo’s team of experienced journalists and money experts provide news, insights, practical guides and expert analysis to help you master your personal finances. We follow editorial guidelines that focus on accuracy, reliability and timeliness; helping you make informed financial decisions with confidence and the most of your hard-earned money.

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