Business Savings Accounts

Need a savings accounts for your business? Mozo has you covered. Get a top interest rate by comparing below!

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Small business savings account comparisons on Mozo - last updated 8 December 2024

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  • Business+ Saver

    No Current Offer

    4.10% p.a.(for $0 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.

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  • Business Online Saver

    No Current Offer

    1.15% p.a.(for $5,000 and over)

    $0.00

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  • Business Access Saver

    1.15% p.a. (for $10,000 and over)

    1.15% p.a.(for $0 and over)

    $0.00

    Intro bonus rate for balances up to $10,000 for the first 5 months.

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  • 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

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  • Business Online Saver

    No Current Offer

    0.25% p.a.(for $0 to $50,000)

    $0.00

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  • Business Cash Maximiser

    No Current Offer

    1.15% p.a.(for $10,000 and over)

    $0.00

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  • Business Online Savings Account

    No Current Offer

    1.00% p.a.(for $0 and over)

    $0.00

    Manage your cash flow and pick up solid interest with a ME business savings account. No set up fees, no monthly fees – no fees at all

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  • Business Bonus Saver

    4.65% p.a. (for $1 to $2,000,000)

    0.50% p.a.(for $1 to $2,000,000)

    $10.00

    Minimum $1,000 monthly deposit and no withdrawals to earn bonus interest each month.

    Get a high-interest savings account for your business. At-call balances earn a high interest on balances up to $2 million as long as you deposit a minimum of $1,000 per month. Internet and mobile app banking access. Deposit $1k with no withdrawals to trigger bonus interest each month. PayID for easy account identification.

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Business savings account resources

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

When do you need a business savings account?

If you’re running a business in Australia, you might be wondering when it’s the right time to set up a business savings account. The short answer? Anytime you want to start managing your business finances more effectively. A dedicated savings account can be a game-changer, especially if you’re looking to put money away for future expenses, emergencies, or investments.

Typically, if you’re starting to earn a steady income, it may be a good idea to separate your business funds from personal ones. This not only can help with managing your cash flow but also makes accounting and tax time a whole lot easier. Plus, having a separate account can give you a clearer picture of your business's financial health and help you track savings goals.

Benefits of a business savings account

There are several perks that can benefit your bottom line.

  • Regular transaction accounts don’t typically earn any interest. Opening a business savings account can afford you this opportunity. Some accounts even offer tiered interest rates, where the more you save, the more you earn. It’s like your money working for you while you focus on running your business.

  • A dedicated account can assist in keeping your finances organised. When tax time rolls around, you’ll have all your business savings in one place. This can save you time, stress, and potentially money on accountant fees.

  • Having a buffer of savings can help you navigate unexpected expenses - think equipment repairs or seasonal downturns. It can provide peace of mind knowing you’ve got funds set aside for those rainy days.

Which savings account is right for my business?

Deciding on the best business savings account may seem a bit overwhelming, but it doesn’t have to be. Start by considering your business’s specific needs.

Look for accounts with no monthly fees, as this can eat into your savings over time. Check the interest rates offered; even a small difference can add up. If you plan on making regular deposits, consider an account that rewards consistent saving. Consider introductory and bonus rates where feasible.

Another factor to keep in mind is accessibility. If you need to access funds quickly, a high-interest account with limited withdrawal options might not be ideal. Conversely, if you’re looking to stash away cash for the long term, you might prioritise higher interest rates even if it means less frequent access.

Check if the account offers any additional features, like online banking, mobile apps, or integration with accounting software. These can make managing your business’ savings a lot easier.

Take the time to shop around, compare options, and pick an account that aligns with your goals and supports your business’ growth strategy.

Business savings account interest rates

Understanding interest rates is crucial. These rates can significantly impact how much your savings will grow over time, so it’s helpful to familiarise yourself with what’s available.

Introductory rates

Many banks offer introductory interest rates to attract new customers. These rates are typically higher than the standard rates and apply for a limited time, often between three to six months. It’s important to read the fine print, as these rates can revert to lower base rates after the introductory period ends. Make sure to calculate the long-term value of the account beyond the initial rate to see if it’s still beneficial for your business.

Ongoing bonus rates

Bonus saver rates are additional interest rates that banks may offer based on specific conditions, such as making regular deposits or maintaining a minimum balance. These rates can help you maximise your savings, but be aware of the requirements needed to qualify. Ensure you understand the terms, as failing to meet them could lead to a lower return.

Base rates

Base rates are the standard interest rates that apply after any promotional rates expire. These rates are typically lower than introductory or bonus rates but may still offer a reliable return on your savings. When comparing accounts, it’s essential to consider both the base rate and how it compares to other offerings in the market.

Rates, fees and features

When evaluating business savings accounts, it's not just the interest rates that matter; fees and additional features can also influence your overall savings experience.

Interest rate

The interest rate can be a critical factor in your decision-making process. Look for accounts that offer competitive rates, and consider how these rates will affect your savings over time. Even a slight difference in rates can lead to significant gains.

Deposit requirements

Some accounts may require a minimum initial deposit, while others may impose conditions on regular deposits - often pertaining to introductory and bonus rates. Understanding these requirements can help you choose an account that aligns with your business’ cash flow.

Account fees

Account fees can eat into your savings, so it’s ideal to find an account with minimal fees. Common fees can include monthly maintenance fees, withdrawal fees, and transaction fees. You may want to consider accounts that offer fee waivers based on certain conditions, like maintaining a minimum balance or making a set number of transactions.

Minimum or maximum balances

Some accounts require a minimum balance to avoid fees or to qualify for higher interest rates. Conversely, there may also be maximum balance limits that affect how much interest you can earn. Familiarise yourself with these limits to ensure you’re making the most of your account without incurring additional costs.

How to compare business savings accounts

Comparing business savings accounts can be daunting, but a structured approach can simplify the process. Start by identifying your business’s specific needs and priorities. Here are some steps you can follow:

  1. Begin by looking at and listing the varying interest rates offered by different banks and financial institutions. Don’t forget to take into account any introductory or bonus rates that may apply.

  2. Examine the fees associated with each account. Consider how often you’ll need to access your funds and whether those fees will impact your savings.

  3. Evaluate the deposit requirements and balance limits to ensure you can comfortably meet the terms without penalties.

  4. Consider additional features that could enhance your banking experience, such as online banking capabilities, mobile apps, or integration with accounting software.

By comparing these factors, you can find a business savings account that not only supports your financial goals but also helps streamline your business operations.

Picture of Peter Terlato
Peter Terlato
Senior Money Writer

Peter Terlato is a content writer with nearly 15 years journalism experience. He's written extensively about finance, politics, technology, travel and lifestyle. His work has appeared in a number of publications including RateCity, finder, Business Insider and ETB Travel News. At Mozo Peter publishes news, guides and product pages across an array of topics; from credit cards and the cash rate to car loans and capital gains.

Business Savings Account FAQs

Who can open a business savings account? Any business entity, including sole traders, partnerships, and companies, can open a business savings account. You’ll typically need to provide your Australian Business Number (ABN) and identification for all signatories.

What do you need to set up and access a business savings account? To set up an account, you'll need your ABN, business registration details, and identification. Accessing the account usually requires login credentials for online banking or in-person verification.

Can you use online banking for business savings accounts? Yes, most banks offer online banking for business savings accounts, allowing you to manage your funds, view transactions, and transfer money conveniently.

How do I keep on top of interest rates? Stay informed by regularly checking your bank’s website or subscribing to financial publications. You can check Mozo’s databases for up-to-date rates. You could also set personal reminders to review your account annually for competitive rates.

Are there high interest business savings accounts? Yes, many banks offer high interest business savings accounts. These accounts typically have higher rates but may come with specific conditions, such as minimum balances or limited withdrawals.

Are there business savings accounts with no fees? Some banks provide business savings accounts with no monthly fees. Be aware that some banks waive fees based on maintaining a minimum balance or other conditions.

How do you pay tax on a business savings account? Interest earned on a business savings account is taxable income. You should report this interest in your business tax return, so keep track of all interest earned.

Can employees access a business savings account? Access policies vary by account. Generally, only authorised signatories can access the account, but you can set up arrangements for employees to handle transactions with proper permissions.

How do you choose the best business savings account? There is no best savings account. Compare options from different banks to find the account that fits your business needs. It’s sensible to consider factors like interest rates, fees, deposit requirements, and accessibility.