5 Best Business Bank Accounts in Australia: A 2024 Guide

Australia houses over 2.5 million active trading businesses.

If you're eyeing a spot, one of the first steps is setting up your business bank account in Australia. A dedicated business bank account can strengthen your financial management and your credibility, helping your business grow effectively in this competitive market. 

However, with 95 banks operating in Australia, how do you choose the right bank for your business? 

The good news is we have already done the research, so you don’t have to. In this article, we will share 5 of the best business bank accounts in Australia, including their features, fees, and eligibility to help you choose the right provider for your business.  

A business bank account is a bank account designed for business purposes, typically registered in the name of the company or entity. These accounts will have features designed for businesses, such as higher transaction limits, multi-currency capability, access to business loans, and more.

In Australia, you are required to maintain a business bank account if you run a business as a partnership, company, or trust.

The most common type of business account in Australia is a business transaction account for everyday business activities. This account functions like a business checking or current account, just under a different name. Other common ones are savings accounts, time deposit accounts, and specialised accounts for specific niches.

In terms of the banking landscape, four major institutions—the Big 4—dominate in Australia, including Commonwealth Bank, Westpac, Australia & New Zealand Banking Group, and National Australia Bank.

Here are the benefits of having a business bank account:

• Separating business and personal finances leads to better bookkeeping and simplifies tax management.
• Having a business bank account can make your business appear more trustworthy to clients and suppliers. This makes it easier for clients and suppliers to trust your business. 
• Business bank accounts come with features designed for businesses, such as connections to merchant accounts for receiving payments, business lines of credit, and integration with accounting software. Some accounts also offer multi-currency capabilities for international sales.
• For limited companies, having a business account helps separate personal liability from business liability, protecting personal assets from business debts. 

Next,  let's take a look at the best business bank accounts in Australia.

Australia and New Zealand Banking Group (ANZ), headquartered in Melbourne, is a multinational banking and financial services institution in Australia. It stands as Australia's second-largest bank by assets, with total assets exceeding 1.1 trillion Australian dollars.

The bank provides a comprehensive range of personal, business, and institutional banking products and services. In terms of business solutions, ANZ covers business finances, accounts, merchant, and payment services. It also offers specialised international banking services tailored for indigenous small business owners.

ANZ serves over 8.5 million retail and business clients across nearly 30 markets globally.

ANZ business accounts include business transaction accounts, savings accounts, and specialist accounts. Here are the key features:

• Process unlimited ANZ ATM and digital transactions.
• Integrate with accounting software.
• Receive notifications for incoming and outgoing payments through the ANZ App.
• Track spending, categorised by merchant or type, within the ANZ App.
• Set regular payments to settle bills or pay suppliers.
• Turn your smartphone into a payment terminal.
• Benefit from high daily payment limits of up to AUD 50,000 with ANZ Internet banking or AUD 1 million with ANZ Internet Banking for Business and ANZ Shield/Security device.
• Personalise your business Visa debit card by selecting its colour.
• Connect to Apple Pay and Google Pay.
• Link your eligible ANZ Business Transaction account to your ANZ Business Online Saver account and earn interest up to 1.25% p.a. on savings from AUD 5,000.
• Set up PayID® features, which enable you to receive payments faster without providing a BSB and account number.

To be eligible for business checking and savings accounts, you must:

• Be 18 years of age or older
• Have an Australian business
• Be the owner or director of the business
• Provide two forms of ID and your ABN or ACN for verification

The Commonwealth Bank of Australia, commonly known as CommBank, is an Australian multinational bank offering retail and commercial banking services primarily in Australia and New Zealand. It is the largest bank in Australia, with a market capitalisation of approximately 168 billion Australian dollars and total assets of 1,252 billion Australian dollars.

CommBank provides a wide range of business services and products, including various bank accounts, payment solutions such as Smart EFTPOS terminals, business loans, equipment finance, business cards, and support for businesses at various stages. 

Currently, they serve approximately 17 million customers in Australia and are one of the leading banks.

Their key business accounts include a business transaction account, an online savings account, and a term deposit account. The key features are as follows:

• Get unlimited free electronic transactions.
• Access a business Visa debit card.
• Use tap and pay options with Apple Pay, Google Pay, and Samsung Pay.
• Access free business insight tools and accounting software.
• Get quick help from in-app messaging with the customer service team, in-app virtual assistant, and Australian-based phone support.
• Redeem benefits from the bank’s partners, such as discounted Google Workspace subscriptions, Google ad credits, discounts on nbn®, and phone plans.
• Link the business transaction account to a business online saver to earn interest from 0.25% - 1.25%.
• Connect to the Smart Mini reader and access same-day settlements.

You can open an account if you have:

• An Australian Business Number (ABN)
• An Australian Company Number (ACN) (if applicable)
• A registered business name

You can open an account online if you are:

• A sole trader
• An Australian private company (Pty Ltd)
• A self-managed super fund (SMSF)
• A partnership with up to 4 individuals as partners
• Your ACN must be linked to your ABN

Otherwise, you will need to visit a branch to apply.

National Australia Bank, or NAB, is one of Australia's top financial institutions, ranking among the largest in terms of market capitalisation, earnings, and customer base. NAB's total assets exceeded 1,059 billion Australian dollars.

The bank caters to a diverse range of financial needs, including personal accounts, small, medium, and large businesses, private clients, and government and institutional entities.

With a global workforce exceeding 38,000 colleagues, NAB serves over eight and a half million customers across Australia, New Zealand, and various international locations.

The key business accounts are business transaction accounts, savings and term deposit accounts, and specialised accounts. The key features are as follows:

• Benefit from unlimited standard NAB electronic transactions.
• Integrate with accounting software packages such as Xero, MYOB, and Reckon.
• Access overdraft service.
• Get an NAB business Visa debit card.
• Get discounts, benefits, and offers from bank partners, including a free trial for NAB Bookkeeper software, up to 21% off Sendle, 50% off your Payroller annual subscription, up to 20% off on Electronic Signatures, a 6-month free eBay store subscription, Amazon Web Services discounts, Squarespace discounts and more.

You are eligible if:

• You are a sole trader, partner, director of an Australian private company, or trustee of a trust.
• You reside in Australia and are an Australian tax resident.
• You have an active ABN or ACN unless you are a sole trader without an ABN.

Established as Australia's first bank and longest-standing company, Westpac Bank has a rich history spanning over two centuries. With assets totalling over one trillion Australian dollars, it ranks among Australia's four major banking institutions and is a leading bank in New Zealand. 

Westpac operates through a diverse portfolio of financial service brands and businesses, providing an extensive suite of consumer, business, and institutional banking services alongside wealth management solutions.

Westpac and its other subsidiaries collectively cater to over 12.7 million customers.

Westpac offers a variety of business accounts, including business transaction accounts, business cash reserves, term deposits, and foreign currency accounts. Here are the key benefits of the primary transaction account:

• Process unlimited electronic transactions.
• Get a business debit Mastercard® card.
• Access EFTPOS Air mobile app usage.
• Integrate bank feeds into your accounting software.
• Unlock up to AUD 10,000 in value through exclusive partner offers on essential business services, such as discounts with MYOB, business Uber rides, and earning rewards with AGL energy, among others.
• Manage business and personal finances together via app and online banking.
• Access optional overdraft.
• Connect eligible accounts to the Business Cash Reserve savings account and benefit from an introductory interest rate of up to 2.54% p.a. for the initial 5 months on balances up to AUD 9,999.

You are eligible if you meet the following criteria:

• You are a sole trader, partnership, company, association, SMSF, trust, or not-for-profit.
• You operate in Australia with an Australian address.
• You and all signatories are more than 18 years old.

You can open an account online if you're a sole trader, a 1-director company, or already a Westpac business customer. If you don't meet these criteria, we recommend visiting one of their branches.

Established in 1875, Heritage Bank has since grown into one of Australia's leading customer-owned banks, with branches across Queensland and New South Wales and a network of mortgage broker partners nationwide.

Heritage Bank offers essential financial services for both personal and business banking, such as loans, term deposits, credit cards, and banking accounts designed for small and medium-sized businesses.

Heritage Bank's main business accounts include the business cheque transaction account, time deposit account, body corporate account, self-managed super fund account, and more. 

Here are the key features of their main business transaction account:

• Fee-free withdrawals at Heritage ATMs and the Big 4 bank ATMs in Australia
• Access Bank@Post services, where you can bank through the participating Australian post offices.
• Get a 0.01% interest rate.
• Digital wallet setup for secure payments on the go
• Complimentary chequebooks and duplicate deposit books
• Get a business Visa debit card.
• Cancel or lock your card and block specific transaction types via the mobile banking app.
• Access electronic statements. 
• Access paper statements after 100 transactions, six months, or upon request.
• Access business overdraft.
• Get help from 24/7 award-winning local customer service.

We could not find specific information regarding business eligibility on the Heritage Bank page.

Comparing options and finding the most fitting account for your business can be challenging. To help you navigate this process, we've outlined key factors to consider below. 

When choosing a business account based on your business requirements, the different types of business accounts that each provider offers should be able to check all the boxes you need to help your business thrive.

Common products and services to consider are:

• Different types of business accounts, such as checking or savings accounts
• Business debit, credit, or payment cards
• Accounting software integrations
• Business loans and insurance options
• Overdraft facilities
• Channels and service hours of customer service

These days, Internet banking can save you a lot of time and money. Make sure to review the transaction features available for digital services on their platform. Some accounts may also offer the choice of digital-only access at lower fees than the option to visit physical branches.

In addition to digital features, check if the bank has an ATM network in convenient locations near you.

Lastly, be sure to assess the fees to ensure they fit your budget. Many business accounts in Australia come without a monthly fee and waive fees for electronic transactions, but other transactions and deposits typically incur fees based on your account tier. Additionally, international transactions often come with service charges plus conversion fees.

Understanding these fees will help you plan to save on overall costs.

Each of the business accounts mentioned is a great option if your business is looking to grow further in Australia.

If you're a small business, you may consider the options that offer a great deal and rich features, or opt for those that are ideal to help your business grow as you see fit.

It's also important to stay informed and up to date about the latest features and fees by visiting the bank website to see which option is best for you and your business.