Business savers miss out on RBA rate hikes, but switching opportunity knocks
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As the Reserve Bank of Australia (RBA) holds the cash rate steady at 4.35%, new Mozo analysis reveals a surprising twist in the savings landscape.
Despite 13 rate hikes since May 2022, business savers have been left behind – but they may also have the most to gain by switching accounts.
Let’s look at the numbers.
According to the Mozo database, the average business savings rate sits at a mere 1.99% p.a., significantly lower than the 3.48% p.a. average for personal savings accounts. This discrepancy has widened since the RBA began its tightening cycle, with business rates rising only 187 basis points compared to 306 basis points for personal accounts.
"It's clear that many banks are leaving their business customers behind," says Rachel Wastell, Mozo's personal finance expert. "Despite these business struggles, when you compare the average savings rate of personal savings accounts to business savings accounts, the difference is stark."
How business owners can get a better savings account
However, the silver lining for business owners lies in the potential gains from switching to rate leading accounts. While the average rates are lower, businesses that shop around could earn up to 4.65% p.a. on their savings (unconditional) – a whopping 2.66% above the average rate.
By contrast, personal savers switching to the best rates would only see a 1.77% improvement over their average. This translates to real gains: on a $20,000 balance, a business saver could earn $548 in annual interest by choosing a top rate, $179 more than a personal saver making a similar switch.
"Essentially small businesses who want to get savvy with their spending in time for the start of the new financial year could offset a lower interest rate average by opting for a bank who values business savers," Wastell explains.
Top business savings accounts currently offer rates ranging from 4.65% to 5.05% p.a., with some featuring bonus or introductory rates, as per Mozo data. Providers like Queensland Country Bank, Southern Cross Credit Union, and AMP Bank are among those offering the highest rates for business customers.
Business owners looking to switch can check out our business savings account page for more providers or compare some in the tables below.
Small business savings account comparisons on Mozo - last updated 5 December 2025
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Business Save
No Current Offer
4.00% p.a.(for $0 to $250,001)
$0.00
No deposit or withdrawal conditions. No minimum balance to earn interest. No set up or monthly account fees on Business Save.
CompareCompareBusiness Save
No deposit or withdrawal conditions. No minimum balance to earn interest. No set up or monthly account fees on Business Save.
- special rate
- No Current Offer
- rate for $10,000
- 4.00% p.a.(for $0 to $250,001)
- account fee per month
- $0.00
- Special rate conditions
- n/a
- Access
- -
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to a Everyday Business Account with AMP Bank GO.
Read reviews and learn more about small business savings accounts
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Business Online Saver
No Current Offer
0.05% p.a.(for $5,000 to $25,000)
$0.00
CompareCompareBusiness Online Saver
- special rate
- No Current Offer
- rate for $10,000
- 0.05% p.a.(for $5,000 to $25,000)
- account fee per month
- $0.00
- Special rate conditions
- n/a
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to ANZ deposit account.
Read reviews and learn more about small business savings accounts
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Business Access Saver
No Current Offer
0.01% p.a.(for $0 to $50,000)
$0.00
CompareCompareBusiness Access Saver
- special rate
- No Current Offer
- rate for $10,000
- 0.01% p.a.(for $0 to $50,000)
- account fee per month
- $0.00
- Special rate conditions
- n/a
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read reviews and learn more about small business savings accounts
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Business Optimiser
0.75% p.a. (for $0 to $1,000,000)
0.35% p.a.(for $0 and over)
$0.00
bonus rate for 6 months
CompareCompareBusiness Optimiser
- special rate
- 0.75% p.a. (for $0 to $1,000,000)
- rate for $10,000
- 0.35% p.a.(for $0 and over)
- account fee per month
- $0.00
- Special rate conditions
- Bonus rate for the first 6 months from account opening on balances up to $1,000,000
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Min combined balance of $50,000 required across any Business Optimiser and Business Term Deposits held in a business entitys name.
Read reviews and learn more about small business savings accounts
-
Business Online Saver
No Current Offer
0.01% p.a.(for $0 to $50,000)
$0.00
CompareCompareBusiness Online Saver
- special rate
- No Current Offer
- rate for $10,000
- 0.01% p.a.(for $0 to $50,000)
- account fee per month
- $0.00
- Special rate conditions
- n/a
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a Commonwealth Bank business cheque account in the same name
Read reviews and learn more about small business savings accounts
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Business Cash Maximiser
No Current Offer
0.50% p.a.(for $10,000 and over)
$0.00
CompareCompareBusiness Cash Maximiser
- special rate
- No Current Offer
- rate for $10,000
- 0.50% p.a.(for $10,000 and over)
- account fee per month
- $0.00
- Special rate conditions
- n/a
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account from this provider
Read reviews and learn more about small business savings accounts
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Business Bonus Saver
3.90% p.a. (for $1 to $2,000,000)
0.25% p.a.(for $1 to $2,000,000)
$10.00
Minimum $1,000 monthly deposit and no withdrawals to earn bonus interest each month.
Get a high-interest savings account for your business. At-call balances earn a high interest on balances up to $2 million as long as you deposit a minimum of $1,000 per month. Internet and mobile app banking access. Deposit $1k with no withdrawals to trigger bonus interest each month. PayID for easy account identification.
CompareCompareBusiness Bonus Saver
Get a high-interest savings account for your business. At-call balances earn a high interest on balances up to $2 million as long as you deposit a minimum of $1,000 per month. Internet and mobile app banking access. Deposit $1k with no withdrawals to trigger bonus interest each month. PayID for easy account identification.
- special rate
- 3.90% p.a. (for $1 to $2,000,000)
- rate for $10,000
- 0.25% p.a.(for $1 to $2,000,000)
- account fee per month
- $10.00
- Special rate conditions
- Minimum $1,000 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- BPay, Internet banking, Bank@Post
- Minimum balance
- $1.00
- Other restrictions
- Online access only. No Visa card access. Must become a First Option Bank member to open an account.
Read reviews and learn more about small business savings accounts
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