How has the cash rate affected business savings accounts?
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 - last updated 26 April 2024
-
Business+ Saver
No Current Offer
2.10% p.a.(for $5,000 and over)
$0.00
Reach your goals with this competitive interest savings account. $0 monthly account fees to pay. Access your savings when you need them from your linked Business+ Account. Open an account in minutes. Interest is calculated daily and paid monthly.
CompareCompareBusiness+ Saver
Reach your goals with this competitive interest savings account. $0 monthly account fees to pay. Access your savings when you need them from your linked Business+ Account. Open an account in minutes. Interest is calculated daily and paid monthly.
- special rate
- No Current Offer
- rate for $10,000
- 2.10% p.a.(for $5,000 and over)
- account fee per month
- $0.00
- Special rate conditions
- n/a
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to a Great Southern Bank Business+ account and opened in the Great Southern Bank Business app.
Read our Mozo Review to learn more about the Business+ Saver
-
Business Saver
No Current Offer
2.25% p.a.(for $0 and over)
$0.00
$0 monthly account keeping fees & Compatible with Self-Managed Super Funds
CompareCompareBusiness Saver
$0 monthly account keeping fees & Compatible with Self-Managed Super Funds
- special rate
- No Current Offer
- rate for $10,000
- 2.25% p.a.(for $0 and over)
- account fee per month
- $0.00
- Special rate conditions
- n/a
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Business Saver
-
Business Online Saver
No Current Offer
1.25% p.a.(for $5,000 and over)
$0.00
CompareCompareBusiness Online Saver
- special rate
- No Current Offer
- rate for $10,000
- 1.25% p.a.(for $5,000 and over)
- 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 our Mozo Review to learn more about the Business Online Saver
-
Business Access Saver
No Current Offer
1.35% p.a.(for $0 and over)
$0.00
CompareCompareBusiness Access Saver
- special rate
- No Current Offer
- rate for $10,000
- 1.35% p.a.(for $0 and over)
- 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 our Mozo Review to learn more about the Business Access Saver
-
Business Savings Account
No Current Offer
4.65% p.a.(for $0 to $250,000)
$0.00
CompareCompareBusiness Savings Account
- special rate
- No Current Offer
- rate for $10,000
- 4.65% p.a.(for $0 to $250,000)
- account fee per month
- $0.00
- Special rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be either a Sole Trader or director of an Australian Proprietary company.
Read our Mozo Review to learn more about the Business Savings Account
-
Business Optimiser
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
CompareCompareBusiness Optimiser
- special rate
- 1.00% p.a. (for $0 to $1,000,000)
- rate for $10,000
- 0.60% 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 our Mozo Review to learn more about the Business Optimiser
Your selected business banking
Your selected business banking
Your selected business banking
Your selected business banking
Your selected business banking
Your selected business banking
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.