Easiest Bank Accounts to Open Online in Australia

3 December, 2024 · 9 min read

Author

Nikita Filippov

Discover the easiest bank accounts to open online in Australia, featuring simple processes, low fees, and convenient access to your finances.

5 Easiest Bank Accounts to Open Online
Wrapping It Up

Imagine opening a bank account as effortlessly as ordering your morning coffee – no long queues, endless paperwork, or waiting for approval.

The easiest bank accounts to open online in Australia are designed with speed and simplicity in mind, allowing businesses to hit the ground running.

From fast account setup to powerful tools for managing cash flow and taxes, these accounts are a necessity for success. Why wait when banking can be this easy?

5 Easiest Bank Accounts to Open Online

1. ANNA One

ANNA One streamlines the process of starting and managing a business in Australia by combining:

Company registration,
Business banking,
Bookkeeping,
Invoicing,
GST, and
Tax management into one platform.

Designed to save time and reduce administrative burdens, ANNA provides essential tools for entrepreneurs and small businesses to ensure compliance and focus on growth.

Key Features

1. Seamless Company Registration

Free Registration: ANNA covers the full ASIC fee, allowing you to register your company without additional costs.
Complete Business Setup: Register for an Australian Company Number (ACN) and Australian Business Number (ABN) in a single streamlined process.
Business Name Registration: Coming soon, this feature will enable you to legally operate under your chosen trading name.

2. Integrated Business Banking

Credit Cards: Open a business account with access to ANNA credit cards for flexible spending. Virtual and physical cards are provided for secure online and in-store transactions.
Expense Cards for Employees: Assign expense cards to team members and manage limits centrally.
Centralised Financial Management: Connect all accounts to the ANNA platform for a comprehensive view of your business finances.

3. Tax and Compliance Automation

GST and Corporate Tax Management: ANNA automatically calculates GST and corporate income tax, helping you stay compliant.
Annual Tax Filing (BAS): Let ANNA prepare and lodge your company’s tax return for the first year of trading.
Personalised Tax Calendar: Stay on top of important deadlines with reminders tailored to your business needs.

4. Bookkeeping and Invoicing Tools

Invoice Automation: Create professional invoices in seconds and let ANNA follow up on unpaid ones. Most invoices are paid within a week.
Receipt Matching: Take photos of receipts to automatically match them to transactions, simplifying bookkeeping.
Bookkeeping Score: Get actionable tips to improve the accuracy of your financial records and optimise your tax savings.

5. Real-Time Financial Insights

Cash Flow Updates: Track transactions and cash flow in real-time for complete financial clarity.
Expense Categorisation: Automatically sort transactions for easier management and reporting.

6. Additional Business Services

Virtual Office Address: Use an Australian address for official correspondence and receive same-day mail scanning.
Confirmation Statement Filing: ANNA handles your annual filing with ASIC, ensuring compliance with government regulations.

How to Apply Online with ANNA One

Setting up your business with ANNA One is straightforward and quick. Here’s how:

Step 1: Prepare Your Information

Company Name: Use ANNA’s name checker to confirm availability for your chosen business name.
Registered Office Address: Provide an Australian address for official correspondence.
Director and Shareholder Details: Include the names, birth dates, and residential addresses of all directors and shareholders.

Step 2: Complete the Application

Choose the ANNA One plan that fits your needs.
Submit your company details and upload any necessary documents for verification.
Select your business preferences, such as tax and GST registration.

Step 3: Get Started

Once registered, you’ll receive confirmation of your ACN and ABN.
Access your ANNA account and tools, including credit cards and tax automation.
Start using ANNA for invoicing, bookkeeping, and financial management.

2. Heritage Bank Business Cheque Account

Heritage Bank provides a range of business accounts designed to support small and medium-sized businesses, not-for-profits, and body corporates.

The Business Cheque Account fits small to medium businesses, companies, and trusts, emphasising ease of use and reducing unnecessary fees.

Key Features

No Monthly Account Fee: Manage your account without incurring monthly account-keeping charges.
Fee-Free Withdrawals: Withdraw funds at Heritage ATMs and major Australian bank ATMs without additional fees.
Digital Security Options: Includes the ability to cancel or hold your card and block specific transaction types for added protection.
Convenient Payment Methods: Supports a range of smart devices for secure, contactless payments.
24/7 Banking Access: Offers mobile, internet, and phone banking with support available 24 hours a day, 7 days a week.
Recognised Service: Heritage Bank has been acknowledged as Bank of the Year for Customer Service and Customer-Owned Institution of the Year.

Interest Rates and Fees:

Interest Rate: 0.01% for balances of $1 or more, calculated daily and paid quarterly.
Fee Structure:
Direct credits, EFTPOS, Visa debit, BPAY®, and Heritage ATM transactions are free.
Overseas ATM withdrawals are subject to a $5 fee plus currency conversion charges.
Bank@Post transactions are free.

Optional Features:

Heritage Online Security Token: For businesses requiring additional security for batch payments, a security token is available at $50, valid for three years, including replacements.

How to Apply Online for a Heritage Bank Business Account

Applying online for a Heritage Bank Business Account is straightforward, following these steps:

1. Visit the Heritage Bank Website: Navigate to the Business Accounts section.

2. Complete the Enquiry Form:

Enter your full name and business name.
If applicable, provide your member number.
Indicate the type of account you’re enquiring about and your business type.
Include any additional details or questions you may have.

3. Provide Contact Information:

Enter your email and preferred phone number.
Specify the best time for Heritage Bank to contact you.

4. Submit the Form: Once completed, submit the enquiry form for further assistance.

A Heritage Bank representative will contact you to guide you through the application process and address any questions you may have.

3. Zeller Transaction Account

The Zeller Transaction Account is a flexible and feature-rich solution designed to meet the needs of modern businesses.

Unlike traditional business bank accounts, Zeller offers a streamlined online setup, real-time financial management tools, and cost-effective banking with no hidden fees.

Key Features

1. Instant Account Creation

Open a business transaction account quickly with minimal documentation. You’ll receive your BSB and account number within minutes.

2. Smart Expense Management

Zeller Debit Card: Create virtual or physical debit cards instantly. Use them for in-person or online purchases and add them to Apple or Google Wallets for contactless payments.
Corporate Cards: Issue additional cards for team members and track spending for better financial control.
Expense Tracking: Attach receipts, add notes, and categorise transactions to manage expenses efficiently.

3. High-Interest Savings Account

Earn More: Competitive interest rates higher than those offered by major banks.
Flexibility: Withdraw funds whenever needed with no restrictions or penalties.
Instant Activation: Open a savings account without filling out additional forms.

4. Real-Time Financial Insights

Comprehensive Reporting: Monitor all transactions, expenses, settlements, and payments in one platform.
Cash Flow Visibility: Track your business’s income and expenses with real-time cash flow reports.
Contact Directory: Manage relationships by creating profiles for customers and suppliers and assigning transactions to specific contacts.

5. Seamless Accounting Integrations

Zeller integrates with Xero, allowing you to automatically reconcile transactions and maintain accurate records. This ensures smoother bookkeeping and reduces manual entry errors.

6. Cost-Effective Banking

No Fees: Enjoy zero account setup fees, no monthly charges, and no minimum balance requirements.
Unlimited Accounts: Create and manage multiple business accounts with customisable nicknames and avatars to organise your funds.
No Lock-In Contracts: Flexible banking with no long-term commitments.

7. Multi-Platform Accessibility

Manage your account through the Zeller desktop platform or mobile app, ensuring you can access your finances anywhere. Support is also available via live phone assistance or the Zeller Support Centre.

How to Apply for a Zeller Transaction Account Online

Applying for a Zeller Transaction Account is simple and can be done entirely online:

1. Sign Up

Visit the Zeller website or download the app. Provide your business details and complete the verification process.

2. Set Up Your Account

Receive your unique BSB and account number upon registration. Add funds to establish your account balance.

3. Start Using Your Account

Create a Zeller Debit Card for online and in-person payments.
Activate the savings account feature to start earning interest.

4. Integrate and Customise

Connect with Xero for seamless bookkeeping.
Create and personalise additional accounts to suit your business needs.

4. ANZ Business Extra

The ANZ Business Extra account is a practical solution for business owners seeking a reliable transaction account with added flexibility.

It offers features like an optional linked overdraft, online and mobile banking, and compatibility with accounting software, all designed to help you manage your business finances efficiently.

Key Features

1. ANZ Business Visa Debit Card

No Additional Cost: The ANZ Business Visa Debit Card is included with your account.
Global Accessibility: Use it to pay for business expenses online, over the phone, or overseas, wherever Visa is accepted.
Modern Payment Options: Tap and pay with compatible smartphones or wearable devices for added convenience and security.

2. Flexible Account Access

24/7 Banking: Manage your account through ANZ Internet Banking for Business, offering secure access anytime.
Mobile and Online Banking: Perform transactions, check balances, and view details from anywhere using the ANZ app or website.
Branch and ATM Services: Access your account at ANZ branches and ATMs across Australia.

3. Cash Flow Support

Optional Overdraft: Link an ANZ Business Overdraft facility to cover short-term cash flow needs, subject to approval.

4. Integration with Accounting Software

Save time reconciling payments by linking your banking data with eligible accounting software, simplifying financial management.

5. Transparent Rates and Fees

Monthly Account Service Fee: $10 per month.
Included Transactions: 20 ANZ transactions per month are covered; other transaction types may incur fees.
Unlimited ANZ ATM and Electronic Transactions: No additional charges for these transaction types.
No Cost for Debit Card: The ANZ Business Visa Debit Card is free with the account.

How to Apply for ANZ Business Extra Online

Applying for the ANZ Business Extra account is a quick process:

What You’ll Need to Apply

Be at least 18 years old and the owner or director of the business.
The business must be registered in Australia.
Have two forms of ID and your Australian Company Number (ACN) for verification.

Steps to Apply Online

Enter Personal and Business Details: Provide your name, contact information, and business details through the online application form.
Verify Your Information: Upload your identification documents and ACN for verification.
Submit the Application: Review your details and submit your application.
Follow-Up Call: ANZ will contact you within 24 hours (or the next business day) to finalise the process.

Alternatively, you can apply using the ANZ App:

Download the ANZ App on your device.
Select the ANZ Business Extra account and follow the prompts to complete your application.
Verify your identity without visiting a branch and start transacting immediately.

5. Commonwealth Bank Business Transaction Account

The Business Transaction Account provides a flexible and cost-effective way to manage your business finances.

With options for $0 monthly account fees when banking online and robust business tools, this account caters to various business needs.

Key Features

1. Flexible Banking Options

$0 Monthly Account Fee (Online): Suitable for businesses that primarily bank online. Pay $5 per assisted transaction or $10 per QuickCash deposit if needed.
In-Branch Banking Option: For businesses banking in person, $10 monthly includes five assisted transactions. Additional transactions are $5 each or $10 for QuickCash deposits.
Switch Anytime: Move between online and in-branch banking plans as your needs change via NetBank or the CommBank app.

2. Free and Unlimited Electronic Transactions

No fees for online and card payments or withdrawals at any CommBank ATMs.

3. Business Visa Debit Card

Free with Account: A Business Visa Debit Card is provided at no extra cost.
Digital Wallets: Use Apple Pay, Google Pay, or Samsung Pay for tap-and-pay convenience.
Cardless Cash: Access your funds before your physical card arrives.
Lock Misplaced Cards: Temporarily lock your card through the CommBank app for added security.

4. Smarter Business Tools

Free Business Insights: Access tools to analyse your finances and improve operations.
Accounting Integration: Sync with eligible accounting software for seamless financial management.

5. Enhanced Security

Protection Against Unauthorised Transactions: Stay protected when following online safety measures.

6. Same-Day Settlements

Combine the Business Transaction Account with a Smart Mini Reader to accept payments on the go with same-day settlements.

7. Local and Accessible Support

In-App Messaging: Access customer support or a virtual assistant.
Phone Support: Australian-based support teams are available to assist.

8. Additional Business Offers

Discounts on nbn® and phone plans, Google Workspace subscriptions, and advertising credits through tailored business partnerships.

Fees and Rates

Monthly Account Fee: $0 for online banking or $10/month for in-branch banking with five included assisted transactions.
Electronic Transaction Fees: Free for online transactions and withdrawals at CommBank ATMs.
Assisted Transactions: $5 per transaction or $10 per QuickCash deposit beyond included limits.
Interest: The Business Transaction Account does not earn credit interest.

How to Apply for a Business Transaction Account Online

Setting up your account online is quick process:

1. Fill In Your Details

Enter your personal and business information.
Create a NetBank profile and verify your ID.

2. Verify Your Business or SMSF

Provide your ABN or ACN.

3. Confirmation

Once your account is ready, you’ll receive an email confirmation.

4. Start Banking

Access your account online immediately and begin using its features.

What You’ll Need

Australian Business Number (ABN): Ensure your ABN is linked to your business name.
Australian Company Number (ACN): Required for private companies.
Identification: Have an Australian driver’s licence, birth certificate, or passport for ID verification.

Who Can Apply Online?

Sole traders.
Australian private companies (Pty Ltd).
Self-managed super funds (SMSF).
Partnerships with up to four individuals.

Wrapping It Up

Managing business finances has never been simpler, thanks to bank accounts that can be opened entirely online in Australia. These modern solutions save time and provide powerful tools that meet the needs of businesses of all sizes.

Among them, ANNA One stands out, offering free company registration, automated tax management, and integrated financial tools – all in one place!