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

    Embrace the flexibility of only paying for what you need. Sign up for a NAB Business Transaction Account and enjoy free digital transactions, no monthly fees, and a linked NAB Visa Debit card at no cost.

    Go to site
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    Business Transaction Account - $0 Monthly Account Fee option

    account fee
    Fee free transactions
    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.

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    Business Cheque Account

    account fee
    Fee free transactions
    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.

  • 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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