7 Best Small Business Bank Accounts in 2024
Discover the best small business bank accounts in Australia to manage transactions and simplify your finances efficiently.
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:
- Free Company Registration: ANNA covers the costs associated with registering your Australian company with ASIC, making it easier for startups to get started.
- Automated Tax Management and Bookkeeping: The platform automatically calculates GST and other taxes, providing a personalized tax calendar to help you meet your obligations without hassle.
- Integrated Invoicing and Receipt Matching: You can create and send invoices directly through the app, which automatically matches receipts to expenses and streamlines financial tracking.
- Real-Time Financial Insights: ANNA gives real-time insights into your financial status, helping you make informed business decisions.
- Business Debit and Virtual Cards: You can receive a business debit card and create virtual cards for online transactions, enhancing security and control over spending.
- 24/7 Customer Support: ANNA offers round-the-clock support via chat, ensuring assistance whenever needed.
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:
- $0 Monthly Account-Keeping Fee for the First Year: After the first 12 months, the fee reverts to $10.
- Unlimited Electronic Transactions: Covers online and mobile transfers, direct debits, and credits.
- 30 In-Branch Transactions Monthly: Allows for physical banking needs without additional fees.
- Business Visa Debit Card: Provides a clear separation between personal and business expenses.
- 24/7 Online Access: Manage your account anytime from anywhere.
- Osko Payments: Instant payments with enhanced security features, including real-time alerts.
- MYOB Bonus Offer: Pay for one month of MYOB Business and receive an additional 12 months free, facilitating easier invoicing and payment tracking.
2. Business Cheque Account Plus
This account is designed for businesses that value both digital banking and frequent in-branch services.
Key Features:
- $20 Monthly Fee: Provides unlimited electronic and 70 in-branch transactions monthly.
- Business Visa Debit Card: Ensures separation of personal and business finances.
- 24/7 Online Access: Similar to the Freedom Business Account, enabling easy management of finances.
- Osko Payments: Instant payments with added security measures.
- MYOB Bonus Offer: Same as the Freedom Business Account, promoting efficient financial management.
3. Business Access Saver
The Business Access Saver is ideal for businesses looking to maintain a savings cushion while earning interest.
Key Features:
- $0 Monthly Fee: No account-keeping fees while earning interest on savings.
- 24/7 Online Access: Manage savings through a linked St. George transaction account.
- No Minimum Monthly Deposits or Balances: Offers flexibility in managing funds.
- Unlimited Electronic Transfers: Free transfers to and from the linked transaction account.
- Enhanced Security: Protection against internet fraud and unauthorized access.
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:
- Unlimited Free Electronic Transactions: The account offers unlimited free electronic transactions, including online transfers, BPAY, and direct debits.
- Integration with Apple Pay and Google Pay: Customers can use their Business Visa Debit Card with these mobile payment platforms for added convenience.
- Flexible Fee Options:
- $0 Monthly Fee: This option includes 5 free monthly assisted transactions (usually $5 each).
- $10 Monthly Fee: This option includes 20 free monthly assisted transactions.
- Business Visa Debit Card: Customers receive a Business Visa Debit Card for in-person and online purchases.
- Online and In-Branch Banking: Commonwealth Bank offers both online and in-branch banking services, providing flexibility for businesses with varying needs.
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:
- No Monthly Fees: Zeller does not charge any monthly account fees, making it a cost-effective choice for small businesses.
- Real-Time Transactions: The platform allows businesses to view transactions in real-time, providing immediate insights into cash flow and spending.
- Comprehensive Financial Tools: Zeller offers additional features such as invoicing, EFTPOS payment solutions, and expense management tools, all accessible through its app.
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:
- No Minimum Balance Requirement: No minimum balance is required to open or maintain the account.
- Unlimited Electronic Transactions: The account allows unlimited electronic deposits and ACH transfers without incurring fees.
- Access to a Large Branch and ATM Network: Chase operates over 4,700 branches and more than 15,000 ATMs nationwide, providing extensive access for in-person banking needs.
- Monthly Service Fee: The account has a monthly fee of $15, which can be waived by meeting certain criteria, such as maintaining a minimum daily balance of $2,000 or making qualifying purchases with a Chase Ink® Business Card.
- Sign-Up Bonus: New customers can receive a bonus of $300 for completing qualifying activities when opening the account.
- Integrated Payment Solutions: The account allows businesses to accept credit and debit card payments without needing a separate merchant services account through Chase QuickAccept.
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.
Key Features:
- 1.50% APY on Balances Up to $100,000: The account offers a competitive annual percentage yield (APY) of 1.50% on balances up to $100,000. Balances exceeding this amount earn interest at a lower rate of 0.10%.
- Unlimited ATM Fee Rebates: LendingClub reimburses all ATM fees incurred at any US ATM, with no limits on the number or dollar value of the fees. Note that international ATM fees may apply.
- No Monthly Maintenance Fees: A $10 monthly maintenance fee can be waived by maintaining an average balance of $500 or more throughout the month.
- Unlimited Transactions: The account allows for unlimited transactions, including deposits, transfers, and withdrawals, without incurring additional fees.
- Cash Back on Eligible Purchases: Account holders earn unlimited 1% cash back on eligible purchases made with the debit card, provided the average monthly balance is maintained at $500 or more.
- Autobooks Integration: LendingClub includes Autobooks, a built-in invoicing and accounting tool that allows businesses to create and send invoices, accept payments, and manage expenses seamlessly.
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:
- $25,000 Fee-Free Monthly Cash Deposit Limit: The account allows you to deposit up to $25,000 in cash per month without incurring any fees.
- Low Monthly Fees: The account has a monthly maintenance fee of $20, which can be waived by maintaining an average balance of $7,500 or more during the statement period.
- KeyBank Rewards Program: The account includes the KeyBank Rewards program, which allows you to earn points for account activities like debit card purchases, bill payments, and more. The points can be redeemed for cash back, gift cards, travel, and other rewards.
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:
- Free Company Registration: ANNA One handles the legal registration of your business, including securing an Australian Business Number (ABN).
- Integrated Banking and Tax Tools: ANNA One automates tax calculations, invoice management, and receipt matching, helping you stay on top of your finances without the hassle.
- Expert Support: Do you need financial or legal advice? ANNA One's award-winning support team is ready to help.
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!