7 Best Business Bank Accounts in Australia To Consider in 2024

Opening the right business bank account is essential for effective financial management and smooth operations, regardless of your business's location.

In Australia, a range of banking institutions provide accounts specifically designed for businesses of all sizes, from startups to large corporations.

This article will highlight Australia's top 7 business bank accounts, detailing their features and how they cater to different business models.

Whether you need low fees, advanced digital tools, or exceptional customer support, our guide will help you choose the best solution to support your business's financial needs.

Let's dive in!

Understanding the Significance of a Business Bank Account

A business bank account is designed to meet the unique financial requirements of businesses, including sole proprietors, small businesses, and larger companies.

Unlike personal bank accounts, which are geared towards individual financial management, business bank accounts handle the complexities and demands of business operations, facilitating processes such as:

Business Bank Accounts vs. Personal Bank Accounts

Let's check what are the differences between a business bank account and a personal bank account:

Unlocking the Benefits: Why a Well-Structured Business Bank Account is a Game Changer

Here are the top 5 benefits of choosing the right business bank account for your financial needs:

1. Improved Financial Management: A business bank account helps organize finances, track expenses, and manage cash flow more effectively, enabling better budgeting and financial planning.

2. Professionalism: Having a business account enhances your company's professionalism, providing a dedicated channel for all business transactions, which is particularly important when dealing with clients and vendors.

3. Access to Business Services: Business bank accounts often come with access to additional services such as lines of credit, merchant services, and business loans, which can be crucial for growth and expansion.

4. Regulatory Compliance: Using a separate business account makes it easier to comply with tax and accounting regulations, as it simplifies the process of reporting income and expenses during tax time.

5. Risk Management: Keeping business and personal finances separate reduces personal liability and protects personal assets from business risks or debts.

Essential Characteristics of a Top Business Bank Account

And now, let’s check which features to look for when choosing a business bank account:

7 Best Business Accounts in Australia to Consider Today

1. ANNA

ANNA offers a streamlined solution for entrepreneurs looking to start their businesses effortlessly.

This platform integrates free company registration with a robust business account that handles essential financial operations such as:

By combining these services, ANNA allows business owners to focus on growth while minimizing the administrative burdens typically associated with starting and running a business.

What ANNA Offers?

👉 One-Stop Business Setup: ANNA facilitates a seamless transition from concept to operation by allowing you to register an Australian company and open a business bank account simultaneously.

This integrated approach significantly simplifies the startup process.

👉 Comprehensive Financial Tools: Subscribers to ANNA gain access to an array of financial tools enhancing the efficiency of financial transactions and expense management, including:

👉 Tax and Compliance Simplification: The service includes all necessary components for annual company tax return statements, ensuring adherence to Australian Tax Office (ATO) regulations from the outset, thereby simplifying tax compliance.

👉 Intelligent Financial Monitoring: ANNA's Business Score feature actively evaluates the organization of financial records, suggesting tasks to enhance tax efficiency and potentially lower tax liabilities.

👉 Automated Tax Reminders: The platform alleviates the burden of remembering tax deadlines by sending automated reminders, ensuring businesses remain prepared and compliant without the need for manual tracking.

👉 Zero Registration Cost: ANNA covers the registration fees with the Australian Securities and Investments Commission (ASIC), allowing new businesses to launch without initial financial hurdles.

👉 Support and Digital Storage: The platform also provides expert accounting support and digital storage solutions for essential documents like receipts and invoices, facilitating easy data management and transaction matching.

Streamlined Company Registration with ANNA One

ANNA offers a quick and straightforward path to officially registering a company with the Australian Securities and Investments Commission (ASIC) while also sorting out business banking and tax requirements.

The process is designed to be as efficient and user-friendly as possible, involving just a few simple steps:

2. ANZ

ANZ provides comprehensive business banking solutions tailored to meet the needs of diverse businesses, whether large or small, local or global.

Their dedicated team of business bankers offers personalized service, gaining an in-depth understanding of each client's unique requirements to propose smart, custom-fitted financial strategies and solutions.

Key Offerings of ANZ Business Accounts

👉 Tailored Financial Solutions: ANZ crafts customized banking solutions that cater specifically to the needs of each business.

👉 Integration and Convenience: Businesses can integrate their banking data with eligible accounting software through ANZ Internet Banking, and manage their finances on-the-go with the ANZ App, which includes features like payment notifications and spending categorization.

👉 Comprehensive Payment Options: The platform supports a variety of payment methods, including ANZ Business Visa Debit cards with Apple Pay and Google Pay, setup for regular bill payments, and high-limit transfers up to $1 million daily using ANZ Internet Banking for Business.

👉 Dedicated Support and Insights: Clients receive dedicated support from specialized business banking teams, who provide valuable industry insights and professional guidance tailored to each business sector.

3. CommBank

The Commonwealth Bank of Australia (CommBank) offers a comprehensive range of financial services tailored to both personal and business needs.

It is designed to meet the diverse requirements of businesses, particularly beneficial for sole traders or directors of private companies.

The CommBank offers a notable feature—the "Money Plan"— available in the CommBank app, which equips users with robust tools to manage their finances.

This includes controlling spending and facilitating savings directly through the app, enhancing convenience and financial oversight.

Key Features of CommBank's Business Transaction Account

👉 Smart Mini Offer: From 1 December 2023, CommBank waives the Smart Mini reader cost for eligible businesses.

👉 Cardless Cash: Enables withdrawals up to $500 per day without a card at CommBank ATMs using digital banking tools.

👉 Overdraw Feature: Offers the option to temporarily overdraw your account, enhancing cash flow flexibility.

👉 Transaction Ranking System: Ranks transactions monthly, applying fees to encourage efficient management.

👉 Credit Approval: All finance applications are subject to rigorous credit checks to ensure responsible lending.

👉 Daily IQ: Provides business insights to aid decision-making through data analysis and actionable intelligence.

4. NAB

The National Australia Bank (NAB) serves as a dependable partner for businesses, offering a comprehensive suite of banking solutions tailored to enhance financial management and accessibility.

NAB's range of business bank accounts is designed to cater to the diverse needs of companies, from startups to established enterprises, providing easy access to funds and seamless integration with financial operations.

Solutions Offered by NAB for Businesses

👉 Transaction Accounts: NAB Business Everyday Account with no monthly fee, providing free electronic and ATM transactions.

👉 Savings and Term Deposit Accounts: Offers competitive interest rates and secure investments for maximizing savings.

👉 Specialized Accounts: Customized accounts to meet specific business financial management needs.

👉 Easy Access to Funds: Ensures quick access to funds, supporting liquidity and operational flexibility.

👉 NAB App: Mobile app for managing business finances on-the-go, featuring tools for easy financial tracking and transactions.

👉 Integrated Accounting Software: Allows integration with popular accounting software to simplify administrative processes.

👉 Support for All Business Sizes: Provides extensive support through a network of banking specialists for businesses of all sizes.

5. Westpac

Westpac Banking Corporation offers a robust array of banking services catering to personal, business, and corporate clients.

For business customers, Westpac provides a variety of bank accounts and financial products designed to meet the diverse needs of different business types throughout Australia.

This includes everything from transaction accounts to savings options and specialized accounts tailored for specific operational needs.

Key Business Banking Solutions Offered by Westpac

👉 Business One Accounts: Everyday transaction accounts for businesses offering a $100 bonus to new customers who deposit $100 within 10 days and meet specific payment criteria.

👉 Foreign Currency Account: Designed for businesses managing transactions in foreign currencies, emphasizing non-speculative use for routine operations.

👉 Community Solutions Cheque Account: Tailored for not-for-profit organizations, providing essential banking services with the ability to change account types if activities become profit-oriented.

👉 Business Cash Reserve Account: Savings account with an introductory bonus rate for new customers without a prior Business Cash Reserve account, promoting financial growth and savings.

6. Volopay

Volopay's business account is designed as an advanced, multi-currency banking platform, ideal for companies that operate on both local and international scales.

It offers a comprehensive solution that combines all financial operations into a single, intuitive dashboard.

This platform is especially suited for a range of businesses, from nimble startups to well-established enterprises, and focuses on three key aspects:

Key Capabilities of Volopay Business Account

👉 Multi-Currency Wallets: Allows users to manage funds in various currencies, easing international payments and reducing costs associated with foreign transactions.

👉 Enhanced Payment Solutions: Offers fast domestic payments within Australia and facilitates simple international transfers to over 180 countries with competitive FX rates, along with real-time payment tracking.

👉 Corporate Cards for Expense Management: Issues corporate cards that can be loaded with selected currencies, streamlining expense management and minimizing FX charges.

👉 Efficient Payroll Management: Simplifies payroll for both local and international employees with features like automated payment dates and bulk payroll capabilities, ensuring timely and accurate salary distribution.

👉 Hassle-Free Reimbursements: Streamlines both local and international reimbursements, with automated compliance systems and easy bulk reimbursement management.

👉 Streamlined Accounting Integration: Enables seamless synchronization of transactions with existing accounting systems, ensuring consistent data and facilitating advanced expense mapping; automated syncing keeps financial records current, irrespective of the currency used.

7. Thriday 

Thriday is an innovative platform designed specifically for sole traders and small business owners, aiming to simplify and automate financial administration.

This all-in-one solution integrates various financial management tools into a single platform, allowing business owners to focus more on growth and less on the nuances of financial operations.

Key Features of Thriday's Financial Management for Businesses 

👉 Quoting and Invoicing: Enables users to generate quotes and invoices seamlessly, optimizing the sales and billing processes.

👉 Receipt Scanning and Bookkeeping: Streamlines data entry and financial organization, enhancing accuracy and reducing manual efforts.

👉 Integrated Accounting and Tax Compliance: Combines key accounting and tax compliance tools into a single system, ensuring efficient fulfillment of financial obligations.

👉 Visa Debit Card Access: Provides Visa Debit card accessibility for versatile financial transactions via ATMs, EFTPOS, payWave, and Bank@Post.

👉 Budgeting Tools: Supports the creation of up to 8 additional bank accounts at no extra cost, aiding in effective income and expense tracking.

👉 Transaction Management Enhancements: Enhances transaction management with capabilities to search, filter, attach documents, and enrich transaction data with detailed business information.

👉 Scheduled Payments: Facilitates scheduling of payments to automate recurring transactions and batch processing, saving time for business owners.

Wrapping Up

In exploring the 7 best business bank accounts in Australia, it's evident that each offers unique features tailored to diverse business needs.

However, for entrepreneurs who are just starting out and looking for a comprehensive solution that simplifies the complexities of business finance, ANNA emerges as a standout option.

Company Registration with ANNA

▶️ Eligibility: Suitable for proprietary companies limited by shares with a single director and shareholder. Note that these companies cannot act as trustees of a superannuation fund.

▶️ Required Information: Applicants need to prepare:

▶️ Director ID: From November 1, 2021, new directors must apply for a Director ID, a process that is quick, free, and takes only about 5 minutes.

Pricing Options

ANNA enables you to choose between 2 pricing packages:

Easy Company Package

👉 Price: $630 annually (includes a $576 ASIC fee).

👉 Features: Offers basic company registration. Essential business documents are organized and stored, making them easy to access and manage.

ANNA One Package

👉 Introductory Offer: $619 for one year.

👉 Comprehensive Services: Includes company registration and an all-in-one business management solution that covers bookkeeping, invoicing, GST, and company taxes.

👉 Financial Management Tools: Automatic tax calculations, a personalized tax calendar, and insights into your upcoming tax bills based on business expenses and income.

👉 Support: Access to expert accountants for guidance and to answer any queries.

With options tailored to varying needs—from basic registration to comprehensive financial management—ANNA One equips business owners with the tools necessary for effective oversight and growth. 

Ready to get started?

Register your company in Australia with ANNA for seamless financial management that meets regulatory compliance and streamlines your business operations from day one.