Choosing a bank and bank account is as personal as choosing what you’re going to wear in the morning.
What fits you and makes you happy will be completely different than what is right for someone else
There are 53 Australian banks in total, and 14 of those are controlled by the government.
Just like with individual accounts, there are pros and cons to each bank.
So how do you know which one to go with?
First, decide what’s important to you and your business.
Second, do some research!
Luckily, we’ve done some of the work for you.
Let’s dive into some of the best business bank accounts in Australia.
The Best Business Bank Accounts in Australia
- National Australia Bank
- Commonwealth Bank
- Heritage Bank
- Great Southern Bank
- Australia-New Zealand Bank
- Alternative Business Bank Accounts
1. National Australia Bank - Business Everyday Account
This account is great for someone who wants a Big 4 bank for their business.
It’s the only bank account offered by any of the Big 4 banks that doesn’t charge you a monthly account fee and there are unlimited electronic transactions.
Without those additional fees and requirements, you’d still have access to 24/7 customer service, local ATMs to use, and online banking.
2. Commonwealth Bank - Business Transaction Account
This account is also with a Big 4 bank and boasts no monthly account fee and an associated Visa Debit Card.
Your business gets unlimited electronic transactions, and you can create customized notifications for balances.
If you want to pay $10 a month, you can upgrade to 20 free assisted transactions instead of just 10.
3. Heritage Bank - Body Corporate
This account was created with corporate organizations in mind and boasts no account fees or ATM withdrawal fees.
These are actually two separate accounts.
One is a transaction account that earns interest.
The other has lower fees but no interest.
You can decide which option is best for your business.
It’s important to note that Heritage Bank is customer-owned and has 24/7 customer service.
4. Great Southern Bank - Everyday Business Account
This account is made for being the center of your daily spending for the business.
Again, this account has no fees associated with having the account.
You get unlimited electronic payments and access to mobile banking.
There’s also an overdraft feature that can provide some additional funds when you need more money than is currently sitting in the account.
5. Australia-New Zealand Bank - Business Extra
The ANZ Business Extra account does have an account fee associated with it of $22 monthly.
But, with that fee, you get access to ANZ Internet Banking for Business which is usually $15 a month itself.
Transactions are unlimited with this account and you’re getting Big 4 service.
6. Alternative Business Accounts
There is a wide range of other ways to satiate your business account needs, and one of them is the use of virtual business accounts provided by Neobanks.
Neobanks are the newest trend in bucking traditional banking, and in fact, a lot of these new companies are not even banks themselves.
They provide the same services and business accounts as a bank would, but because of their focus on payment instructions rather than loans, are able to provide corporate-level services that smaller companies cannot enjoy from a bank.
At least until they're a big enough player.
The best neobank options include Statrys and Airwallex.
Why Australian Business Bank Accounts?
Having an account specifically for your business is important in order to track spending and income easier.
It also gives you the most accurate picture of your taxes.
The reason you’d want to go with a business account rather than an individual one is that these accounts are designed with business in mind. They offer several benefits that individual accounts typically don’t.
One of the benefits of having a business account is that most of them will integrate with accounting software to alleviate some of the manual work.
This also helps simplify things come tax time.
Another benefit of using a business account is that there are larger transfer and transaction limits.
Some businesses need to make large purchases and don’t want to be hindered by the bank they work with.
Last, you can have multiple users associated with one account.
That means your business partner and you can have full access to the account at the same time.
So, what should you be looking at when deciding what business account in Australia is best for you and your specific needs?
You’ll want to first look at fees associated with the account.
Are there fees for the account to exist?
Are there international and foreign exchange fees?
It might not be a deal-breaker, but you want to know upfront since that will have to factor into your cost of doing business.
Another thing to look at is the network of branches and their online portal.
For some, having a local branch isn’t a big deal. Others may want to pop in regularly to do business in person.
If you deal in quite a bit of cash, you may want easy access to ATMs.
You’ll also want to see their online portal and make sure it’s user-friendly and robust enough for what you need as far as transfers, transactions, and reporting.
Other things you may want to look at are:
- The overdraft policy
- Contactless payments
- Assisted transactions
- Linked debit card
- How many people can be on one account
Each of the business accounts above is a great option for those in Australia.
Do your research to confirm which option is best for you and your business.
Looking for a new way to make business payments without all the headaches a traditional bank brings?
Open an account with Statrys today and get a virtual business account in under 48 hours.
It's time to kick traditional banks to the curb and start paying smarter.