7 Best Small Business Bank Accounts in 2024

Opening a business bank account is one of the smartest moves a small business owner can make, and finding the best small business bank accounts can set you up for success right from the start. 

It's more than just keeping your finances in check, but also about simplifying your entire financial workflow. 

Separating your business and personal expenses gives you a clear understanding of where your money is going and instantly elevates your professional image with clients and vendors. 

Whether you're a freelancer, launching a new venture, or scaling an established business, the right business bank account helps you stay organized, track income, and easily manage taxes.

Top 7 Small Business Bank Accounts in Australia and Worldwide

1. ANNA One

Why Choose ANNA One?

ANNA One provides an all-in-one solution for small businesses, offering not just a business account but also tools for managing tax, invoicing, and bookkeeping. 

It's perfect for entrepreneurs who want to simplify business operations and enhance financial management.

Key Features:

Why It Stands Out:

ANNA One is more than just a bank account – it's a comprehensive financial platform that supports your business from registration to daily operations.

Its focus on automation and outstanding accounting possibilities makes it particularly appealing for small business owners who want to minimize administrative tasks and maximize efficiency.

2. St. George Bank

St. George Bank offers a variety of business accounts designed to cater to the needs of small business owners in Australia. These accounts provide flexibility for both electronic and in-branch banking, making them suitable for businesses that handle a mix of cash and digital transactions.

1. Freedom Business Account

The Freedom Business Account is best for modern businesses seeking efficient banking solutions focusing on digital management.

Key Features:

2. Business Cheque Account Plus

This account is designed for businesses that value both digital banking and frequent in-branch services.

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3. Business Access Saver

The Business Access Saver is ideal for businesses looking to maintain a savings cushion while earning interest.

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3. Commonwealth Bank Business Transaction Account

Commonwealth Bank is one of the "Big Four" banks in Australia.

Their Business Transaction Account is popular for small businesses due to its flexible fee structure and unlimited free electronic transactions.

Key Features:

Why It Stands Out:

The account stands out for its flexibility regarding fee options and the ability to customize it based on specific requirements.

However, while electronic transactions are free, assisted transactions (e.g., in-branch deposits and withdrawals) are limited based on the fee option chosen and may incur fees beyond the included amount.

4. Zeller Business Account

Zeller is a digital-first banking solution tailored for small businesses in Australia. It offers a fee-free banking experience and integrates seamlessly with accounting software like Xero.

This small business bank account is an excellent choice for companies that primarily conduct transactions online and prefer a streamlined banking process.

Key Features:

Why It Stands Out:

Zeller distinguishes itself with its modern, digital-first approach and commitment to providing a fee-free banking solution. 

The focus on real-time banking and integration with popular accounting software enhances convenience for small business owners.

While Zeller has gained traction, it is still a relatively new entrant compared to established banks, which may affect some business owners' perceptions of reliability.

5. Chase Business Complete Checking® (US)

Chase Business Complete Checking offers a robust banking solution for small businesses. It provides unlimited electronic deposits, ACH transfers, and mobile banking. 

The account is designed to cater to businesses that require both digital and in-person services and is supported by a large branch and ATM network.

Key Features:

Why It Stands Out:

Chase Business Complete Checking combines the convenience of digital banking with the accessibility of physical branches, making it a versatile option for U.S.-based businesses. 

The ability to waive the monthly fee through various methods adds to its appeal, while the sign-up bonus provides an additional incentive for new customers.

However, while electronic transactions are free, there may be fees for cash deposits, in-person deposits, and checks beyond the monthly limits (20 free teller transactions).

Additionally, international wire transfer fees can be high, which may not be suitable for businesses that frequently engage in international transactions.

6. LendingClub Tailored Checking® (US)

LendingClub offers a high-interest business checking account tailored for small businesses that want to earn interest on their balances while enjoying unlimited transactions and no ATM fees. This account is particularly appealing for businesses that primarily operate online.

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Why It Stands Out:

LendingClub's Tailored Checking account is notable for its high-interest earning potential combined with unlimited fee-free transactions. The integration of cash-back rewards and accounting tools makes it particularly attractive for online-focused businesses looking for a comprehensive banking solution.

Still, there are limits of $10,000 on both incoming and outgoing ACH transfers, which may be a consideration for businesses that frequently handle larger transactions.

7. KeyBank Business Checking (US)

KeyBank offers a business checking account called the KeyBank Business Rewards Checking account. This account includes a generous fee-free cash deposit limit of $25,000 per month, making it an attractive option for businesses with high cash flow.

Key Features:

Why It Stands Out:

KeyBank's Business Rewards Checking account stands out for its high fee-free cash deposit limit and the ability to earn rewards for everyday banking activities. The low monthly fee and ability to waive it by maintaining a relatively low balance make it accessible for many small businesses.

However, while the first $25,000 in monthly cash deposits are free, there is a fee for any amount over that limit, and the exact fee amount may vary.

Conclusion

As you explore your options regarding the best small business bank accounts, think about what matters most to you. Maybe it is low fees, easy online access, or tools that integrate seamlessly with your bookkeeping. 

Whatever your priorities, choosing the right bank account can set you up for success and help you focus more on growing your business than managing your finances.

If you're looking for a one-stop solution, ANNA One takes it even further by handling everything from banking to tax management, making your business journey less about paperwork and more about doing what you love.

Simplify Your Business Setup with ANNA One

If you're in the early stages of launching your business, ANNA One can help you hit the ground running. Here's how ANNA One makes setting up and managing your business easy:

Let ANNA One manage the details – registration, banking, and tax management – so you can focus on growing your business.

With everything you need in one platform, ANNA One simplifies the process and helps you stay organized and compliant. So, start your journey with ANNA One today!