How has the cash rate affected business savings accounts?

man calculating what business savings account suits his needs

Since the RBA rate hike in May, quite a number of financial institutions have increased savings account rates, including for business savers. In fact, Mozo’s database recorded an increase by 25 of the 49 business savings accounts we track during this time period.

In May, there was an average savings rate of 0.16% - now it’s 0.39%. While this might not seem like much, it’s still a 23% increase in two months.

Why get a business savings account?

Like a personal savings account, a business account is a place for business owners to deposit money for future use and earn interest on it. Just like regular savings products, you’re not always required to deposit large sums of money with these, and so your savings can grow as your business grows. 

Some benefits from having a business savings account includes:

  • Preparing for future or unexpected expenses
  • Demonstrating responsibility for future business loans
  • Earning interest.

Business savings accounts to consider

A business savings account is a great place to deposit your profits and not spend it. There are different types of accounts available with varying interest and features to help you reach your business goals, so it’s important to search for one that fits your needs.

To assist you with your search, Mozo’s expert judges analyse and compare business accounts to find which delivers the best value. For the 2022 Small Business Banking Mozo Expert Choice Award, our team found five top tier business savings accounts to add in your potential savings accounts list.

Some of them included:

If you want to learn more about small business banking read our guides to business banking.  Alternatively, to browser and compare more accounts go to our business savings account hub or start searching below.

Small business savings account comparisons on Mozo - rates updated daily

Search promoted business savings accounts below. Advertiser disclosure.
  • placeholder
    Business Saver

    special rate
    rate for $10,000
    account fee per month
    No Current Offer
    1.00% p.a.(for $0 and over)
    $0.00

    $0 monthly account keeping fees & Compatible with Self-Managed Super Funds

  • placeholder
    Business Online Saver

    special rate
    rate for $10,000
    account fee per month
    No Current Offer
    0.20% p.a.(for $5,000 and over)
    $0.00

  • placeholder
    Business Access Saver

    special rate
    rate for $10,000
    account fee per month
    No Current Offer
    0.35% p.a.(for $0 and over)
    $0.00

  • placeholder
    Business Optimiser

    special rate
    rate for $10,000
    account fee per month
    1.00% p.a. (for $0 to $1,000,000)
    0.10% p.a.(for $0 and over)
    $0.00

  • placeholder
    Business Online Saver

    special rate
    rate for $10,000
    account fee per month
    No Current Offer
    0% p.a.(for $0 to $10,000)
    $0.00

  • placeholder
    Business Saver Account

    special rate
    rate for $10,000
    account fee per month
    1.05% p.a. (for $0 to $1,000,000)
    0.50% 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^.

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.