Business Bank Account Comparison

Business banking is made cheaper and easier with a great everyday account‚ one that has the features you need and none of the fees you don't. Start comparing them below.

Niko Iliakis
Money writer
Fact Checked

Small business bank account comparisons on Mozo - last updated 21 November 2024

Search promoted business bank accounts below. Advertiser disclosure
  • Business+ Account

    $0.00

    Unlimited internet transactions

    An everyday business transaction account for sole traders and small businesses. $0 monthly account fees to pay. Unlimited electronic fee-free transactions. Easy account opening in the Business app with no paperwork. Fast and secure with worldwide access to your funds with debit Mastercard.

    Compare
    Find out more
    Details
  • $0 Business Everyday Account

    $0.00

    Unlimited standard NAB electronic transactions, no ATM fees at NAB ATMs

    Ideal for businesses that mostly transact online and make few banker assisted transactions. No monthly fees to pay. Unlimited electronic and NAB ATM transactions included. Express Business Deposits (EBD), Express Cheque Deposits (ECD) 60c per transaction. Banker assisted transactions $2.50 each. Apply online in less than 10 minutes.

    Compare
    Go to site
    Details
  • Business Transaction Account - $0 Monthly Account Fee option

    $0.00

    Unlimited electronic transactions. $5 per assisted transactions, $10 for quick deposits and $5 for cheques issued and deposited.

    An everyday business bank account with no monthly account fee and a linked Business Visa Debit card. Make unlimited electronic transactions for free and receive customised alerts regarding your balances.

    Compare
    Find out more
    Details
  • Business Cheque Account

    $0.00

    Unlimited free transactions from counter deposits, phone and internet. 10 free transactions from own-bank ATMs and big 4 ATMs in Australia, EFTPOS, counter withdrawals, BPAY and cheques.

    $0 account fees with no monthly account keeping fees and No fees on a network of over 10,000 ATMs across Australia.

    Compare
    Find out more
    Details
Search now

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.

Business bank account resources

Reviews, news, tips and guides to help find the best business bank account for you.

Business bank accounts explained

Whether you’re in the process of setting up a new business or you’ve decided that it’s time for a financial refresh by switching banks, you've come to the right place. With over 60 different business bank accounts in our database, our comparison table makes searching for a great match for your business that much easier (and quicker).        

But what actually makes a great bank account for your business and what are some of the fees and features you’ll want to consider to make your decision an informed one? Read on below for more information on business bank accounts, including some of the most frequently asked questions about them.

Why do I need a business bank account? 

It’s not uncommon for small businesses owners to simply make use of their own personal bank accounts, but there may be a couple of advantages to opening a dedicated business bank account as well. 

  • Separate finances: It can be hard enough to find an individual transaction when scrolling through the debits and credits in your own personal bank account, let alone when there are business transactions flowing in and out too. That’s why many business owners choose to separate their finances by opening a dedicated business bank account.
  • Easier for accounting and tax: Speaking of which, separating your personal and business finances could make things a lot easier for your accountant, especially when it comes to tax time. That way there’ll be no confusion as to what’s personal and what’s business. 
  • More professional: Instead of sending customers your personal bank account details with your own name, a business bank account will display your business name. Plus with the creation of the New Payments Platform and PayID, businesses can forgo a BSB and account number altogether and instead use an ABN, ACN, mobile number or email addresses as their PayID to receive payments. 

Finding a business bank account match 

A bank account’s just a place to store and withdraw cash right, so why would I need to compare options? Well depending on your business needs, there are plenty of associated costs and features that you may want to weigh up first before signing up for any old business bank account. Here’s a quick breakdown of the costs and features to keep in mind when comparing accounts. 

Account fees

From ATM charges to over the counter withdrawal costs, there are a host of potential fees associated with business bank accounts, chief among them monthly account fees. Monthly account fees generally range from $5 all the way up to $20, which can easily start to add up over time. The good news is that there are a small number of accounts that don’t charge monthly fees at all, so these may be worth considering during your search.  

Transaction limits

Make a lot of transactions each month? Unlike a personal account, the number and type of free transactions you’re entitled to each month with a business bank account may be a crucial feature for your business. While the cost involved with making different types of transactions varies from bank to bank (many offer free transactions), the typical transactions you’ll need to consider include: via an ATM, EFTPOS, BPAY, direct debit, phone banking, internet banking, mobile app, cheque, and over the counter deposits. 

Payment options

While you’ll likely be issued with either a mastercard or visa debit card linked to your business bank account depending on the bank you go with, you may also want to consider any other payment options which are available including digital wallets like Apple Pay, Google Pay, and Samsung Pay. 

Banking app 

Speaking of digital options, one of the considerations you may want to make is the quality of the banking app or online banking platform your business bank account is linked to. While you’ll likely be able to use the app and online platform available for personal users, many banks also have dedicated apps and platforms for business customers. For example, the NAB allows businesses to check their balances, make fast payments via PayID and authorise batch payments (e.g. staff salary payments) all from the NAB Connect app.     

Overseas costs

Frequently travel abroad for business? If you’re likely to use your business debit card to pay then you may want to consider any overseas ATM withdrawal fees or foreign exchange commission attached to your card and account.

Picture of Niko Iliakis
Niko Iliakis
Money writer

Niko Iliakis is a finance journalist at Mozo specialising in home loans, property and interest rate movements. With an eye for facts and figures, Niko deep-dives into topics to help readers understand key info and make more informed financial decisions. He is ASIC RG146 (Tier 2) certified for general advice.

Frequently asked questions (FAQs) about business bank accounts

What is the best small business bank account in Australia?

Because of the different fees and features available with each account it’s hard to pin down a single ‘best’ small business bank account. After all, different accounts will suit the needs of different businesses. Some will be looking to pay as little in the way of fees as possible, while others may be looking for a wide variety of free transaction methods or a linked card they can use abroad. 

The Mozo Experts Choice Small Business Account Awards can help though! In 2019, Mozo’s experts compared 65 different business bank accounts in order to determine some of the best value products in Australia, with a small number of accounts named as winners in the best Small Business Exceptional Everyday Account category. 

Should I just use my personal bank account for my business? 

Yes, you certainly can. And if you’re looking to make the switch, Mozo has a dedicated bank account comparison hub with 90 different personal bank accounts for you to compare.     

However, as we mentioned further above, you may find it advantageous to open a dedicated business bank account for a number of reasons, including to separate your business and personal finances make life easier for yourself (or your accountant) come tax time.

Should I look for a business bank account with an interest rate? 

The majority of business bank accounts don’t come with an interest rate, and those that do tend to offer rates that aren’t going to blow your socks off. So rather than searching high and low for a bank account with an interest rate above 0%, you’ll likely be better off looking for a business savings account. 

At Mozo we make that process simple, as you’ll be able to start your search for a richer interest rate by comparing over 40 different accounts using the Mozo business savings account comparison table.  

How do I open a business bank account? 

You’ve found a bank account fit for your business, but what’s next? Applying! And while you could pop into your local branch, one of the easiest ways to apply is online, so if you’re ready you’ll need a few bits of information including: 

  • Your Australian Business Number (ABN) or Australian Company Number (ACN) and your registered trading name 
  • Personal identification such as your passport, driver’s licence or birth certificate

Still want to compare your options? Head back up to our handy comparison table at the top of the page to start browsing, or hit the green ‘Search now’ button for even more business bank account offers.