Your selected business savings accounts
No Current Offer
2.25% p.a.(for $0 and over)
$0.00
$0 monthly account keeping fees & Compatible with Self-Managed Super Funds
$0 monthly account keeping fees & Compatible with Self-Managed Super Funds
Read our Mozo Review to learn more about the Business Saver
Your selected business savings accounts
No Current Offer
1.25% p.a.(for $5,000 and over)
$0.00
Read our Mozo Review to learn more about the Business Online Saver
Your selected business savings accounts
No Current Offer
1.35% p.a.(for $0 and over)
$0.00
Read our Mozo Review to learn more about the Business Access Saver
Your selected business savings accounts
No Current Offer
4.65% p.a.(for $0 to $250,000)
$0.00
Read our Mozo Review to learn more about the Business Savings Account
Your selected business savings accounts
1.00% p.a. (for $0 to $1,000,000)
0.60% p.a.(for $0 and over)
$0.00
bonus rate for 6 months
Read our Mozo Review to learn more about the Business Optimiser
Your selected business savings accounts
No Current Offer
0.25% p.a.(for $0 to $50,000)
$0.00
Read our Mozo Review to learn more about the Business Online Saver
Your selected business savings accounts
4.80% p.a. (for $0 to $5,000,000)
3.30% p.a.(for $0 and over)
$0.00
Winner of a Mozo Experts Choice Award 2019 as the Small Business Savings Bank of The Year^.
Winner of a Mozo Experts Choice Award 2019 as the Small Business Savings Bank of The Year^.
Read our Mozo Review to learn more about the Business Saver Account
Your selected business savings accounts
No Current Offer
1.15% p.a.(for $10,000 and over)
$0.00
Read our Mozo Review to learn more about the Business Cash Maximiser
Your selected business savings accounts
4.25% p.a. (for $10,000 and over)
1.50% p.a.(for $10,000 and over)
$0.00
Bonus rate for the first 4 months from account opening
Read our Mozo Review to learn more about the Business WebSavings Account
Your selected business savings accounts
No Current Offer
1.00% p.a.(for $0 and over)
$0.00
Manage your cash flow and pick up solid interest with a ME business savings account. No set up fees, no monthly fees – no fees at all
Manage your cash flow and pick up solid interest with a ME business savings account. No set up fees, no monthly fees – no fees at all
Read our Mozo Review to learn more about the Business Online Savings Account
Your selected business savings accounts
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Like a personal savings account, a business savings account is simply a place where business owners can stash their money for future use and earn interest on it! You don’t have to consistently deposit large amounts, meaning your savings can gradually grow as your business does over time, and if you need them, you’ll be able to access those funds whenever you need to. That could make a savings account the perfect option for business owners who are saving up for a future renovation or company expansion, but don’t want to lock their savings into a business term deposit!
To explore some of the savings accounts available, take a look at our comparison table above, or read on for more information about the ins and outs of business savings accounts including some of the most frequently asked questions (FAQs) about them.
Just like personal savings accounts, business savings accounts move in line with the cash rate. That means if the RBA decides to cut official interest rates, you could see lower returns on your balance. To make sure you’re always in the know when it comes to the world of savings accounts, be sure to check in with our savings account interest rates page.
While it’s not essential to open a savings account in addition to having a day to day business bank account, there are some major benefits to opting for a dedicated savings account for your business.
1. Prepare for future expenses
First of all, by regularly contributing to a business savings account you are creating a liquid asset that can be used for any financial curveballs that could be thrown your way, and let’s be real, unpredicted business costs are almost unavoidable. That could be the cost of shelling out for an essential piece of equipment that your business requires, or even saving for expansion plans in the future.
Building up a savings stash throughout the year can also provide a handy pile of cash to dip into around tax time. After all, running a business is time consuming, and having the security to pay taxes at the end of the financial year, stress-free, will be a bonus!
2. Demonstrate responsibility for future credit
Chances are that as you grow as a business, you’ll reach a point where you may need additional funding in the way of a business loan or another form of credit. And one factor that many lenders take into consideration when assessing your creditworthiness as a borrower is a demonstrated ability to save. That means a pattern of regular deposits into your business savings account could not only help you get a loan in the future, but potentially a loan with a lower rate as well!
3. Earn interest
Another major benefit of a savings account is (surprise, surprise), interest! While business savings accounts tend to have lower interest rates than their personal savings account counterparts, they can generally provide a much more rewarding place to grow savings than a business bank account, and a more flexible option than a business term deposit.
Is there a top or best business savings account? It’s a common question, but ultimately there are different types of accounts, with varying interest rates, that may be better for the individual goals of each business. Here’s a quick run through of the different types of rates available:
One great place to start comparing some of the best business savings accounts in Australia is with the Mozo Experts Choice Small Business Account Awards. In 2019, Mozo’s expert judges analysed 42 different business savings accounts, with the very best named award winners in two different categories: best Small Business Kick Start Savings or best Small Business No Strings Savings.
Now you’ve got an idea of what a great account can be used for, but when it comes to comparing options, what should you be looking for in the way business saving account features and fees?
Yes, you can include a savings account in a business banking package. A package could be a convenient way to keep all your accounts in one place and help develop your relationship with a particular bank. Not only can it just be easier to have all your accounts together (and you may even snag a discount on fees with multiple accounts), it means that if you need a business loan down the track you have already built trust with your current institution.
The flip side is that it may be unrealistic to expect that one bank will offer a great interest rate, low fees and outstanding features across all business banking products. That’s why you’ll want to weigh up the convenience of a package against any added cost.
That will come down to your businesses savings goals and needs. If you’re looking for a way to earn interest on your savings while still maintaining the flexibility of being able to withdraw those funds quickly, then a business savings account may be your best bet. Alternatively, if you prefer the idea of getting a guaranteed rate of return over a period of months or years, and you’re happy not to touch those savings during that time, then a business term deposit might be a better solution.
It depends. The majority of the business savings accounts in the Mozo database don’t come with any monthly account fee, but some do charge a monthly fee of around $5-$10. Take a look for yourself by comparing account fees in our comparison table further up the page, or hit the green ‘Search now’ button just below the table to look browse through even more accounts.
A mixture of major banks, online banks, mutual banks and credit unions all offer business savings accounts. At Mozo we compare 49 different business savings accounts from a number of institutions, but it doesn’t stop there. You’ll also be able to compare more than 200 personal savings accounts from 60 banks over at our savings account comparison hub.
Applying for a business savings account takes a few simple steps online, but keep in mind you must have all the information handy for the application. You are required to provide your personal details, along with your ABN (Australian Business Number), ACN (Australian Credit Number) and tax file number. Then, you will have to verify your identity using your passport, drivers licence, birth certificate or medicare card, and once the bank is sure you are who you say you are, your account will be opened!
Your selected business savings accounts