How has the cash rate affected business savings accounts?

By Maria Gil · · 2 min read
Fact Checked
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.