5 Best Business Bank Accounts in Australia: A 2026 Guide

Starting or running a business in Australia? To stay organised from day one, you need to choose the right business account.

Australia houses over 2.7 million active trading businesses, reflecting a mature and crowded market. Whether you’re a sole trader or a starting company looking to establish yourself, the right business account can save you money on fees, streamline payments, and make accounting far easier.

But how do you choose the right bank for your business? To help you decide, we’ve reviewed five of the best Australian business accounts for 2026, comparing their features, fees, and eligibility to help you choose the right provider for your business.  

In Australia, you are required to maintain a business account if you run a business as a partnership, company, or trust. Sole traders, including freelancers and independent contractors, are not required to use business accounts, but it's strongly recommended to use one to separate business and personal funds for clearer financial management. 

Here are some of the most common types of business accounts you can find in Australia.

Transaction accounts for daily cash flow
Used for everyday business banking such as deposits and transfers. They are often linked to a debit card for easy access.

Savings accounts for earning interest
Allow businesses to keep spare cash while still being able to access funds. These accounts often require a minimum balance to earn interest.

Term deposits for fixed returns
Offer higher interest than savings accounts but with limited access to funds. Money must be locked away for a set period, commonly ranging from one month to five years, for most Australian businesses.

Specialised accounts for specific use
In Australia, these mainly include foreign currency accounts for international trade and industry-specific accounts such as those for farmers, trust accounts, or real estate businesses.

Founded in the UK in 2015, Revolut is a global fintech offering financial services to over 70 million individuals globally. Through Revolut Business, it serves more than 500,000 businesses worldwide, with over 20,000 companies joining each month.

In Australia, Revolut Business provides payment services like multi-currency business accounts, local and international transfers, employee debit cards, and expense management tools. These services are designed to support businesses ranging from SMEs to larger enterprises.

Revolut Business accounts enable companies to hold and manage multiple currencies in one place. Here are the key features you get with Revolut Business.

• Monthly fee: AUD 10 on Basic, AUD 21 on Grow, AUD 79 on Scale, and custom pricing on Enterprise
• Local transfers: AUD 0.20 per transaction after your no-fee monthly allowance
• International transfers: AUD 10 per transaction after your no-fee monthly allowance
• International card transactions: No cost
• Expense management tools: AUD 8 per person per month

For details on fees, please visit the Revolut Website.

To be eligible for a Revolut Business account, you must meet the following requirements:

• Your company must be fully incorporated and active.
• Your company needs to be registered in Australia.
• Your company can’t be registered as a charity, a public sector entity, or a cooperative.
• Your company can’t operate in unsupported industries.
• Your current home address needs to be in Australia, the US, the UK, Singapore, Switzerland, or the EEA.

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. The bank was named Money’s Business Bank of the Year at the 2025 Consumer Finance Awards.

CommBank provides a wide range of business services and products, including bank accounts, payment solutions, business finance, and cards. For business transaction accounts, there are two core products: Business Transaction Online and Business Transaction In-Branch.

• No monthly fee
• Free electronic transactions
• AUD 5 per assisted transaction and AUD 10 per QuickCash deposit 

For more details, please visit CommBank Business Transaction Account Rates and Fees.

National Australia Bank, or NAB, is one of Australia's top financial institutions, serving over eight and a half million customers across Australia, New Zealand, and various international locations. The bank was recognised as Australia’s Best Small Business Bank at the Digital Banker 2025 Global SME Banking Innovation Awards. 

The bank caters to a diverse range of financial needs, including personal accounts, SMEs and large businesses. NAB also offers a wide range of business credit cards and business finance solutions. The NAB Business Everyday Account is NAB’s most popular business transaction account.

• No monthly fee
• Free standard electronic transactions
• AUD 3 per assisted transaction, plus AUD 3 for each cheque.
• 3% international transaction fee for debit card

For more information about NAB fees, please visit the NAB business banking fees and charges page.

You are eligible if:

• You are at least 18 years old
• 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 rank among Australia's four major banking institutions and is a leading bank in New Zealand. Their business transaction account won Mozo’s Small Business Exceptional Everyday Account award in 2025. 

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.

• No monthly fee
• Free electronic transactions
• AUD 3 fee for staff-assisted transactions, including cheque.

For detailed information on account fees, please refer to the Westpac Bank fee document.

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.

• No monthly fee
• Free direct credits and debits
• Free cheque deposits and counter cash deposits
• AUD 5 for overseas ATM withdrawal, plus overseas currency conversion fee

For more information, visit their Business Accounts page.

You can apply if you are a sole trader, partnership, company, trust, association, Australian Government body, body corporate, co-operative, deceased estate, or self-managed super fund.

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

Looking at providers offering business savings products, the key differences are interest rates and the balance required before interest applies.

• Best headline rate: Commonwealth Bank offers the highest standard variable rate.
• Lowest balance to earn interest: Commonwealth Bank allows interest to be earned from any balance, although the rate is minimal below $50,000. 

The table below summarises the key numbers of each account.

This section compares business term deposit accounts from Australia’s major banks.

Commonwealth Bank and NAB stand out for the headline rates, making them best if return is the top priority and the funds can be locked in. Commonwealth Bank is flexible, as it allows partial early withdrawal on certain term deposits, which suits businesses that may need access to cash. Westpac occasionally offers strong promotional rates, but early access is less clearly defined. 

The table below summarises the key information. 

All major providers support international payments and business financing, but the experience varies. The table below summarises how each providers in Australia compares on international transfer capabilities and business financing options. 

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. 

• Products and features: Most major banks offer similar basics, but differences show up in areas like overdraft facilities, card options, lending options, and accounting integration for bookkeeping. Additional payment acceptance tools, such as EFTPOS terminals, may also be offered by some banks. Choose an account that best supports your business needs.
• Fees and rates: Many Australian business accounts have no monthly account fee, free electronic transactions and low fees for local transfers. Costs usually apply for international payments, currency conversion, and in-person cash handling, so check these carefully. 
• Introductory offers: Some banks provide fee waivers or promotional deals for new customers. These can make real savings. However, you have to read the product disclosure statement carefully. 
• Access: Consider whether you need branch access, cash deposits, or ATM availability, or if online-only banking is enough. Cash-handling businesses should pay attention to in-branch fees, which are common for Australian business bank accounts. Accounts may also have a transaction limit.
• Customer support and digital experience: Service channels, support hours, and mobile app quality matter when issues arise. App store ratings can offer useful insight.
• Security and protection: Ensure the bank is an authorised deposit-taking institution (ADI). Deposits with ADIs are protected up to $250,000 per account holder, per institution.

The process and eligibility criteria vary by providers, type of account, and the nature of your business. Here’s what you’ll typically need:

• Proof of identity: Birth certificate, driver’s license, Medicare card, or passport.
• Business details: This includes the Australian Business Number (ABN) and the Australian Company Number (ACN).
• Proof of address: Acceptable documents include utility bills, bank statements, or a lease agreement.

Some banks allow you to open a business account online if you already hold a personal account with them. However, it’s best to contact your chosen bank to confirm their specific requirements.

All of the accounts covered here are offered by established Australian banks and meet the core needs of most business owners. The real difference comes down to how you bank day to day and whether the account can keep up as your business evolves. Start with what you need now, but leave room to switch or add accounts as your cash flow, team size, or markets change.

If your business operates internationally beyond Australia, particularly across Asia, you may also want to explore international non-bank options such as a Statrys business account. With this account offered by a licensed payment service provider, businesses registered in Hong Kong, Singapore and the BVI can hold and manage major currencies (AUD, USD, CNY, EUR, GBP, and more), send and receive international payments, and track real-time payments.