Business Bank Account Comparison

Having a business bank account can be beneficial on a few different fronts. Not only does it make expense management simpler by putting spending all in one place, tax deductions for your business can be identified and validated more simply, it’s less stressful in the case of an audit and it has the professionalism of a non-personal account. There are a huge range of options for business bank accounts, so, when choosing the right account for your business, keep in mind that you want to pack in all the transaction facilities you need for the lowest possible monthly fee. 

Each bank offer slightly facilities on their business bank accounts, so establish what is best for your business before you seal the deal. If you think you’ll need constant access to your stash, an account with a monthly fee for unlimited transactions is a useful option, but if you’re willing to let your funds sit for a little while, a high interest rate might suit you better, or alternatively a business savings account. Most business bank accounts offer facilities like internet and phone banking, Bpay, chequing, overdrafts, lockbox service and payroll processing.

While it may seem like an easy way to dodge the heavier monthly fees that come with business bank accounts, using your personal bank account for your business may turn out to be more complicated in the long run. Business bank accounts offer features like overdrafts, reporting and bigger daily spending limits, which may better suit your business needs than a personal account. Some small business owners use their personal accounts when their business is only starting up, but eventually separating business from personal may make it easier when it comes to accounting and tax time. 

Unlike for a personal account, banks usually charge a monthly fee on their business bank accounts in exchange for more features. Similarly, if you travel a lot for work make sure your account has low or no international ATM or foreign exchange fees, as some accounts will charge you. Check out our comparison table above, to weigh up the fees and charges between different business bank accounts.