Business Savings Accounts

Get the interest your money deserves. Mozo compares 49 different business savings accounts to deliver you with high-interest offers in seconds. Find out if you have a great savings rate for your business account today.

Read more

What should I look for in a business savings account?

Like any savings account, the interest rate is the name of the game. After all, what’s the point of squirrelling away your savings without a rewarding return? Before diving in, you’ll need to familiarise yourself with the type of interest rate on offer (e.g. introductory, ongoing bonus, or base rate) as well as any fees or features attached to the account.   

Mozo’s handy comparison table below makes that task simple by comparing rates, fees and features on a range of different business savings accounts all in one place.

Can I sign up for an account online via Mozo? 

Of course! If you find a business savings account offer that fits the bill in the table below then taking the next step and signing up is easy. Simply hit the blue ‘Go to site’ button next to your savings account of choice and, hey presto, you’ll be directed to an application page where you’ll be able to sign up!

Small business savings account comparisons on Mozo - page last updated August 9, 2020 Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

Search promoted business savings accounts below. Advertiser disclosure.

  • Business Premium Saver

    0.65% p.a. (for $5,000 and over)

    0.05% p.a.(for $5,000 and over)

    $0.00

    • Apply online before 10 August 2020 and earn up to 0.65% until 31 August 2020.

    • Cheque book, BPay, Phone banking, Internet banking

    • $0.00

    • Must be linked to ANZ deposit account.

    Read our Mozo Review to learn more about the Business Premium Saver

    Details Close

  • Business Online Savings Account

    No Current Offer

    0.75% 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

    • n/a

    • Internet banking

    • $0.00

    • Must link to a transaction account

    Read our Mozo Review to learn more about the Business Online Savings Account

    Details Close

  • Business Saver

    No Current Offer

    0.50% p.a.(for $0 and over)

    $0.00

    $0 monthly account keeping fees & Compatible with Self-Managed Super Funds

    • n/a

    • BPay, Branch access, Phone banking, Internet banking

    • $0.00

    Read our Mozo Review to learn more about the Business Saver

    Details Close

  • Business Online Saver

    0.40% p.a. (for $5,000 and over)

    0.05% p.a.(for $5,000 and over)

    $0.00

    • Apply online before 10 August 2020 and earn up to 0.40% until 31 August 2020.

    • BPay, Phone banking, Internet banking

    • $0.00

    • Must be linked to ANZ deposit account.

    Read our Mozo Review to learn more about the Business Online Saver

    Details Close

  • Business Access Saver

    No Current Offer

    0.05% p.a.(for $0 and over)

    $0.00

    • n/a

    • Branch access, Phone banking, Internet banking

    • $0.00

    • Must link to a transaction account

    Read our Mozo Review to learn more about the Business Access Saver

    Details Close

  • Business Optimiser

    1.25% p.a. (for $0 to $1,000,000)

    0.25% p.a.(for $0 and over)

    $0.00

    • Bonus rate for the first 6 months from account opening on balances up to $1,000,000

    • Phone banking, Internet banking

    • $0.00

    • Must link to a transaction account

    Read our Mozo Review to learn more about the Business Optimiser

    Details Close

  • Business Online Saver

    No Current Offer

    0% p.a.(for $0 to $10,000)

    $0.00

    • n/a

    • Phone banking, Internet banking

    • $0.00

    • Must link to a Commonwealth Bank business cheque account in the same name

    Read our Mozo Review to learn more about the Business Online Saver

    Details Close

  • Business Saver Account

    1.00% p.a. (for $0 to $1,000,000)

    0.70% p.a.(for $0 and over)

    $0.00

    Winner of a Mozo Experts Choice Award 2019 as the Small Business Savings Bank of The Year^.

    • Bonus rate for 6 months, starting the first day of the month following account opening.

    • Phone banking, Internet banking

    • $0.00

    Read our Mozo Review to learn more about the Business Saver Account

    Details Close

  • Business Cash Maximiser

    No Current Offer

    0% p.a.(for $0 to $10,000)

    $0.00

    • n/a

    • Phone banking, Internet banking

    • $0.00

    • Must link to a transaction account from this provider

    Read our Mozo Review to learn more about the Business Cash Maximiser

    Details Close

  • Business WebSavings Account

    0% p.a. (for $0 to $10,000)

    0% p.a.(for $0 to $10,000)

    $0.00

    • Bonus rate for the first 4 months from account opening

    • BPay, Branch access, Internet banking

    • $1.00

    Read our Mozo Review to learn more about the Business WebSavings Account

    Details Close

^See information about the Mozo Experts Choice Small Business Savings Accounts Awards

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 savings account resources

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

Benefits of a business savings account

Like a personal savings account, a business savings account is simply a place where business owners can stash their money for future use and earn interest on it! You don’t have to consistently deposit large amounts, meaning your savings can gradually grow as your business does over time, and if you need them, you’ll be able to access those funds whenever you need to. That could make a savings account the perfect option for business owners who are saving up for a future renovation or company expansion, but don’t want to lock their savings into a business term deposit

To explore some of the savings accounts available, take a look at our comparison table above, or read on for more information about the ins and outs of business savings accounts including some of the most frequently asked questions (FAQs) about them. 

How do I keep on top of interest rates?

Just like personal savings accounts, business savings accounts move in line with the cash rate. That means if the RBA decides to cut official interest rates, you could see lower returns on your balance. To make sure you’re always in the know when it comes to the world of savings accounts, be sure to check in with our savings account interest rates page.

Benefits of a business savings account

While it’s not essential to open a savings account in addition to having a day to day business bank account, there are some major benefits to opting for a dedicated savings account for your business. 

1. Prepare for future expenses

First of all, by regularly contributing to a business savings account you are creating a liquid asset that can be used for any financial curveballs that could be thrown your way, and let’s be real, unpredicted business costs are almost unavoidable. That could be the cost of shelling out for an essential piece of equipment that your business requires, or even saving for expansion plans in the future. 

Building up a savings stash throughout the year can also provide a handy pile of cash to dip into around tax time. After all, running a business is time consuming, and having the security to pay taxes at the end of the financial year, stress-free, will be a bonus!

2. Demonstrate responsibility for future credit 

Chances are that as you grow as a business, you’ll reach a point where you may need additional funding in the way of a business loan or another form of credit. And one factor that many lenders take into consideration when assessing your creditworthiness as a borrower is a demonstrated ability to save. That means a pattern of regular deposits into your business savings account could not only help you get a loan in the future, but potentially a loan with a lower rate as well!

3. Earn interest 

Another major benefit of a savings account is (surprise, surprise), interest! While business savings accounts tend to have lower interest rates than their personal savings account counterparts, they can generally provide a much more rewarding place to grow savings than a business bank account, and a more flexible option than a business term deposit. 

Which account is right for my business?

Is there a top or best business savings account? It’s a common question, but ultimately there are different types of accounts, with varying interest rates, that may be better for the individual goals of each business. Here’s a quick run through of the different types of rates available:

  • Introductory rates: An introductory interest rate, often called a special or bonus rate, only applies for a short amount of time (usually between 3-6 months) once you’ve opened an account. These rates are often appealing high, but make sure you weigh them up against the base rate you'll receive once the introductory period is over which can be much lower. 
  • Ongoing bonus rates: Savings accounts often come with an ongoing bonus rate instead of an introductory rate. These rates tend to be quite competitive and while they are ongoing, they’re generally conditional on you meeting certain requirements such as a minimum monthly deposit, or zero withdrawals. If you fail to meet the requirements you’ll only receive the base rate.
  • Base rates: The base interest rate on your account is the ‘no strings attached’ rate you’ll receive on your savings balance. Some accounts only offer a base rate, while the base rate on other accounts will only kick in once the introductory rate period is over or if any ongoing bonus rate conditions aren’t met.  

One great place to start comparing some of the best business savings accounts in Australia is with the Mozo Experts Choice Small Business Account Awards. In 2019, Mozo’s expert judges analysed 42 different business savings accounts, with the very best named award winners in two different categories: best Small Business Kick Start Savings or best Small Business No Strings Savings. 

Business savings account rates, fees and features 

Now you’ve got an idea of what a great account can be used for, but when it comes to comparing options, what should you be looking for in the way business saving account features and fees? 

  • Interest rate: As we mentioned above, the interest rate is almost definitely going to be your number one priority in order to ensure that your money is getting a competitive rate of return. Just make sure you differentiate between the different rates on offer and any restrictions or requirements involved.  
  • Deposit requirements: Speaking of which, keeping an eye out for any requirements attached to your savings account could save you from ending up on a lower rate. Common requirements include a minimum monthly deposit (e.g. $1,000), a minimum number of transactions made with a linked debit card (e.g five card taps) or zero withdrawals during the month.      
  • Account fee: The last thing you’ll want is a monthly account fee eating into the interest you make. Luckily it’s not a trade off you have to make, as the vast majority of business savings accounts in the Mozo database don’t come with any monthly account fee. 
  • Minimum or maximum balances: It’s not uncommon for business savings accounts to either have a minimum or maximum balance requirement that you’ll need to adhere to in order to get the maximum interest rate possible.

Picture of Kelly Emmerton
Tom Watson
Finance journalist

Tom Watson is a financial journalist at Mozo, specialising in fintech, property and business banking. Whether it’s reporting on banking trends or uncovering the latest product innovations, Tom’s mission is to keep our readers up to date with breaking Australian financial news. His work is often sourced in the media and across social media channels. Tom has a degree in Journalism from the University of Technology, Sydney.

More FAQs about business savings accounts

Can I include a savings account as part of a business banking package?

Yes, you can include a savings account in a business banking package. A package could be a convenient way to keep all your accounts in one place and help develop your relationship with a particular bank. Not only can it just be easier to have all your accounts together (and you may even snag a discount on fees with multiple accounts), it means that if you need a business loan down the track you have already built trust with your current institution.

The flip side is that it may be unrealistic to expect that one bank will offer a great interest rate, low fees and outstanding features across all business banking products. That’s why you’ll want to weigh up the convenience of a package against any added cost.   

Is a business savings account or term deposit better? 

That will come down to your businesses savings goals and needs. If you’re looking for a way to earn interest on your savings while still maintaining the flexibility of being able to withdraw those funds quickly, then a business savings account may be your best bet. Alternatively, if you prefer the idea of getting a guaranteed rate of return over a period of months or years, and you’re happy not to touch those savings during that time, then a business term deposit might be a better solution.   

Do banks charge for business savings accounts?

It depends. The majority of the business savings accounts in the Mozo database don’t come with any monthly account fee, but some do charge a monthly fee of around $5-$10. Take a look for yourself by comparing account fees in our comparison table further up the page, or hit the green ‘Search now’ button just below the table to look browse through even more accounts. 

Which banks offer business savings accounts?

A mixture of major banks, online banks, mutual banks and credit unions all offer business savings accounts. At Mozo we compare 49 different business savings accounts from a number of institutions, but it doesn’t stop there. You’ll also be able to compare more than 200 personal savings accounts from 60 banks over at our savings account comparison hub.    

How do I apply for a business savings account?

Applying for a business savings account takes a few simple steps online, but keep in mind you must have all the information handy for the application. You are required to provide your personal details, along with your ABN (Australian Business Number), ACN (Australian Credit Number) and tax file number. Then, you will have to verify your identity using your passport, drivers licence, birth certificate or medicare card, and once the bank is sure you are who you say you are, your account will be opened!