Best Business Bank Account Options for Small Businesses in Australia

Imagine a day when your business is bustling with customers, your products are flying off the shelves, and you’ve just landed a big contract. You’re on cloud nine! But the thing is, without a good business bank account, this euphoria can quickly turn into a nightmare.

Payments get delayed; fees pile up; and suddenly you’re bogged down in financial complications rather than celebrating your success.

So what business bank account should you get for your small business in Australia? It depends. Each option comes with its own perks, drawbacks, and customised offers. Only you can figure out which bank is best for you since you know your business best. Just keep in mind that you deserve a banking partner that is equally committed to your success.

Best Business Accounts in Australia

Navigating the world of small business banking can be intimidating and overwhelming. Let’s explore your different options, including their unique blend of fees, pros, and potential drawbacks:

1. Wise Business Account

Wise (formerly TransferWise) offers a modern, online-based business account that’s suitable for small businesses with international transactions. Its competitive fees and real exchange rates make it an ideal choice for business owners that regularly transact in multiple currencies, as well as with freelancers across the globe.

Fees	Features and Benefits	Cons
Low fees for international transactions	Multi-currency account Online platform Integration with accounting software	No physical branches Limited account features compared to traditional banks

2. Commonwealth Bank

Commonwealth Bank is one of the leading financial institutions in Australia. They provide a comprehensive range of account options and loan products, supporting businesses at every stage of growth, from startups to established corporations. They also have dedicated business specialists that can give expert advice for all your small business worries.

Fees	Features and Benefits	Cons
Monthly account fee, Tiered transaction fees	Wide range of services Access to physical branches Advanced payment solutions	Higher fees compared to some competitors

3. National Australia Bank (NAB)

National Australia Bank offers a range of business accounts, with their NAB Business Everyday Account being a popular choice for small businesses. It provides the essential features without any monthly account-keeping fees. One of NAB’s best features is its Business Marketplace, which connects business owners with valuable resources (e.g., industry experts, tools, software).

Fees	Features and Benefits	Cons
No monthly account fee, Pay-as-you-go transaction fees	No monthly account fees Access to physical branches Online and mobile banking	Limited advanced features, fees for excess

4. Heritage Bank

Heritage Bank, a customer-owned bank, offers the Business Cheque Account, designed for entrepreneurs and business owners. The bank is best known for its customer service. You can expect personalised product offerings, efficient financial management, and convenient access to in-person services.

Fees	Features and Benefits	Cons
No monthly account fee, Transaction fees apply	Customer-owned Personalised customer service Access to physical branches	Limited branch locations Fewer advanced features

5. Great Southern Bank

Great Southern Bank, formerly known as CUA, provides competitive interest rates and flexible business account options. Its digital banking platform allows you to access your accounts and manage transactions with ease. If you’re looking for a values-driven banking partner, look no further.

Fees	Features and Benefits	Cons
No monthly account fee, Unlimited fee-free transactions	Customer-owned No monthly fees or transaction fees Online and mobile banking	Limited physical branch access Fewer advanced features

6. Alternative Business Accounts

You don’t always have to join the bandwagon. You may want to consider other non-traditional banking options which offer lower fees, personalised customer service, and innovative features. These are also often integrated with popular bookkeeping software, further simplifying day-to-day business operations.

a. Airwallex

Airwallex is an innovative financial technology company designed to meet the needs of small businesses with international transactions. The platform offers competitive exchange rates, low fees, and a seamless experience for managing multiple currencies, making it one of the best choices for ventures operating across borders.

Fees	Features and Benefits	Cons
Competitive fees for international transactions	Multi-currency account Online platform Integration with accounting software	No physical branches Limited account features compared to traditional banks

b. Statrys

Statrys is a digital financial services platform designed to cater to the needs of small and medium-sized businesses and entrepreneurs. The user-friendly interface and mobile app integration makes it easy for you to manage finances on-the-go. Stratrys can also be used by accountants that offer virtual bookkeeping services in Australia.

Fees	Features and Benefits	Cons
Low fees for transactions	Online platform Multi-currency account Access to forex and payment services	No physical branches Limited account features compared to traditional banks

Why You Need a Good Bank Account for Your Small Business

Your business is like your child. So it’s only understandable that you want to give it every chance to thrive, grow, and succeed. Choosing a good business bank account means unlocking your child’s full potential. You’re not only making a wise financial decision, but you’re also investing in your business’s future.

Separate personal and business finances: Anyone who’s been in business long enough knows that you need to separate your personal life from your work life. This separation makes it easier to track expenses, calculate taxes, and maintain accurate financial records, ultimately saving you time and reducing potential headaches.
Professionalism: A business bank account allows you to accept payments under your business name, making your transactions appear more professional to customers, vendors, and other stakeholders.
Access to essential banking services: Your chosen bank should have the services your business needs, such as loans, overdrafts, and merchant services.
Simplified accounting and reporting: Many business bank accounts integrate with popular bookkeeping software, streamlining your financial management process and ensuring you stay compliant with taxation regulations in Australia.

Add Money Back to Your Bottom Line With The Bookkeeping Studio

You’re not just a business owner. You’re also a dreamer, a risk-taker, a go-getter – someone who tries to make the world a better place, one product or service at a time. With the right business bank account, you can maximise your business’ full potential.

Choosing the right business bank account is just one piece of the puzzle. For your business to operate at its full potential, you need a robust bookkeeping system in place. That’s where The Bookkeeping Studio comes in. We’re here to help you stay on top of your finances and make the most of your chosen business bank account. We’ll handle all the financial details, while you focus on what you do best – running your business. Reach out to us today.