Business current accounts

What is a business transaction account?

It is a type of bank account specifically designed for managing the day-to-day financial transactions of a business. It serves as a central hub for depositing funds, making payments, and managing cash flow related to business operations.

Business transaction accounts offer various features and services tailored to the needs of businesses, including:

1. Deposit Functionality. Business transaction accounts allow businesses to deposit funds into the account through various channels, such as cash deposits, electronic transfers, cheque deposits, and direct debit arrangements.
2. Payment Functionality. Businesses can use transaction accounts to make outgoing payments, such as payments to suppliers, employees, utilities, and other business expenses. Payment options may include electronic transfers (e.g., bank transfers, PayID), cheque payments, BPAY, and debit card transactions.
3. Access Methods. Business transaction accounts provide multiple access methods for managing account funds and conducting transactions, including online banking platforms, mobile banking apps, ATMs, branch networks, and telephone banking services.
4. Account Management Tools. Many business transaction accounts offer account management tools and features to help businesses monitor and control their finances effectively. This may include real-time balance inquiries, transaction history reports, account alerts, and budgeting tools.
5. Overdraft Facilities. Some business transaction accounts may offer overdraft facilities, allowing businesses to access additional funds beyond their account balance to cover short-term cash flow gaps or unexpected expenses. Overdraft facilities are typically subject to approval and may incur fees or interest charges.
6. Fee Structure. Business transaction accounts may have a fee structure that includes monthly account keeping fees, transaction fees, overdraft fees, and other charges. However, some banks offer fee-free business banking options or waive certain fees based on account balance or transaction volume.
7. Integration with Business Systems. Business transaction accounts may integrate seamlessly with other business systems and financial management software, such as accounting software, payroll systems, and point-of-sale (POS) systems, to streamline recordkeeping and reconciliation processes.

What is the best business bank account in Australia?

It can vary depending on the specific needs, preferences, and circumstances of each business. Several factors should be considered when evaluating business bank accounts, including fees, features, account management tools, accessibility, customer service, and integration capabilities. Additionally, what may be considered the best business bank account for one business may not necessarily be the best for another.

However, here are some popular business bank accounts in Australia that are well-regarded: NAB Business Everyday Account, Commonwealth Bank Business Transaction Account, Westpac Business One High Plan Account, ANZ Business Advantage Account, Bank of Queensland (BOQ) Business Everyday Account, ING Business Optimiser Account, Macquarie Business Transaction Account.

You can also place free funds on a savings account.

Calculate your future income on a savings account (example): 

You can also get more detailed calculations by using our financial calculators.

How do I compare business bank accounts?

Comparing business bank accounts involves evaluating various factors to determine which account best meets the specific needs of your business. Here's a step-by-step guide on how to compare business bank accounts effectively:

1. Identify Your Business Needs. Consider the financial requirements of your business, such as the frequency of transactions, average account balance, need for lending or overdraft facilities, and preferences for online banking or branch access.

2. List Key Features. Make a list of features and services that are essential for your business, including:

• Transaction fees and account keeping fees
• Interest rates on deposits (if applicable)
• Availability of overdraft facilities and business loans
• Online banking and mobile app functionality
• Accessibility and convenience of branch network or ATMs
• Additional services like merchant facilities, foreign currency accounts, or payroll solutions

3. Compare Fees and Charges. Review the fee structures of different business bank accounts, including:

• Monthly account keeping fees
• Transaction fees for electronic transfers, withdrawals, and deposits
• Overdraft fees and interest rates
• Fees for additional services like foreign transactions or cheque processing

4. Evaluate Interest Rates. If your business maintains a significant balance in its accounts, compare the interest rates offered on business savings or term deposit accounts. Consider whether the interest rates are competitive and suitable for your business's cash flow requirements.

5. Assess Account Limits and Conditions. Check for any limitations or conditions associated with the business bank account, such as:

• Minimum balance requirements
• Transaction limits or caps
• Eligibility criteria for fee waivers or bonus interest rates
• Restrictions on account access or transactions

6. Review Online and Mobile Banking Features. Assess the functionality and user-friendliness of the online banking platform and mobile banking app offered by each bank. Look for features like:

• Account management tools and reporting capabilities
• Ability to make payments, transfers, and manage payroll
• Security features like two-factor authentication and fraud protection

7. Consider Customer Service and Support. Evaluate the level of customer service and support provided by each bank, including:

• Accessibility and responsiveness of customer support channels (phone, email, live chat)
• Availability of dedicated business banking specialists or relationship managers
• Reputation for resolving issues and addressing customer concerns

8. Read Reviews and Compare Feedback. Research customer reviews, testimonials, and ratings for each bank and its business banking services. Consider feedback from other business owners to gain insights into the overall satisfaction levels and experiences with each bank.

By carefully comparing these factors, you can identify the business bank account that best aligns with your business's requirements and helps you effectively manage your finances.

How do I open a business account in Australia?

To open a business account, you will need to follow these general steps:

1. Choose a Bank. The first step is to choose a bank that suits your business needs. In Australia, there are several major banks like Commonwealth Bank, ANZ, Westpac, and NAB, as well as smaller banks and credit unions.
2. Gather Required Documents. You will typically need the following documents to open a business account: 

• Identification documents for all account signatories
• Business registration documents (e.g., Australian Business Number - ABN)
• Proof of business address
• Business structure details (e.g., partnership agreement, trust deed)
• Tax file number (TFN) or exemption details 

3. Visit the Bank. Schedule an appointment with the chosen bank and visit the branch with all the required documents. Some banks may also allow you to start the process online.
4. Complete Application Form. Fill out the business account application form provided by the bank. Make sure all information is accurate and up-to-date.
5. Comply with Anti-Money Laundering (AML) Regulations. As part of the application process, you may need to comply with AML regulations by providing information on the nature of your business activities and expected transaction volumes.
6. Initial Deposit. Some banks may require an initial deposit to activate the account. The amount varies depending on the bank and type of account.
7. Wait for Approval. Once you have submitted the application and all required documents, the bank will review your application. Approval times can vary depending on the bank and complexity of your business structure.
8. Activate Your Account. Upon approval, you will receive account details and can start using your business account for transactions.
9. Manage Your Account. Regularly monitor your account activity, keep track of transactions, and ensure compliance with banking regulations. 

See the similar FAQ about Australian banks:

• EFTPOS error codes for Commonwealth Bank terminals
• EFTPOS machines from Bendigo Bank
• Hotpoints from Westpac bank in New Zealand
• How a company can to sign up for direct debit?
• How can a client order EFTPOS rolls Westpac?
• Bendigo Bank BPAY options
• Bendigo Bank merchant services
• CBA BPOINT offer
• CBA business banking
• CommBank virtual credit card

Details of companies offering the financial services:

AMP Bank

Head office’s address: 2-12 Macquarie St

Contact center: 131-267

Phone: 61-2-8048-8249

Mail address: AMP Bank Reply Paid 79702 Parramatta NSW 2124

Web-site: https://www.amp.com.au/

Swift code: AMPBAU2SRET.

Stock code: AMP

BSB: 939-200

ANZ Bank

Head office’s address: 833 Collins Street

Contact center: 13-13-14

Phone: 61-3-9683-9999

Mail address: 833 Collins Street Docklands, Melbourne

Web-site: http://www.anz.com

Swift code: ANZBAU3M

Financial institution code: ANZ

Stock code: ANZ

ABN: 11 005 357 522

BSB: 015-891

Australian Mutual Bank

Head office’s address: 59 Buckingham Street

Contact center: 13 61 91

Phone: +61 2 9678 2111

Mail address: PO Box 881 Haymarket NSW 1240

Web-site: https://australianmutual.bank/

Swift code: CUSCAU2S

ABN: 93 087 650 726

BSB: 611 100

Bank Australia

Head office’s address: 222 High Street

Contact center: 61-132888

Phone: 61-3-9854-4666

Mail address: Bank Australia Locked Bag 2035, Collingwood VIC 3066 Australia

Web-site: https://bankaust.com.au/personal

ABN: 21 087 651 607

BSB: 313 140

Bank of Melbourne

Head office’s address: 525 Collins Street

Contact center: 61-132266

Phone: 61-3-9982-4186

Mail address: 525 Collins Street Melbourne

Web-site: https://www.bankofmelbourne.com.au/

Swift code: SGBLAU2S

ABN: 33 007 457 141

BSB: 193-879

Bank of Queensland

Head office’s address: 100 Skyring Ter

Contact center: 61-1300-557-272

Mail address: 100 Skyring Ter L 6, Newstead, Queensland, 4006

Web-site: http://www.boq.com.au/

Stock code: BOQ

ABN: 32 009 656 740

BSB: 124-001

Bank SA

Head office’s address: 97 King William Street

Contact center: 13-13-76

Phone: 61-2 9155-7850

Mail address: 97 King William Street, Adelaide, SA

Web-site: http://www.banksa.com.au/

Swift code: SGBLAU2S

ABN: 33 007 457 141

Bendigo and Adelaide Bank

Head office’s address: The Bendigo Centre

Contact center: 1-300-361-911

Phone: 61-2-8023-5417

Mail address: The Bendigo Centre PO Box 480 Bendigo Vic 3552

Web-site: http://www.bendigobank.com.au/

Swift code: BENDAU3B

Stock code: BEN

ABN: 11 068 049 178

BSB: 633-300

Beyond Bank Australia

Head office’s address: 100 Waymouth St

Contact center: 13-25-85

Phone: 61-8-8205-8888

Mail address: GPO Box 1430 Adelaide SA 5001

Web-site: http://www.beyondbank.com.au

Swift code: CUSCAU2S

ABN: 15 087 651 143

BSB: 805022

CommBank

Head office’s address: 201 Sussex Street

Contact center: 13-22-21

Phone: 61-2-8055-4001

Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street

Web-site: https://www.commbank.com.au/

Swift code: CTBAAU2S

Stock code: CBA

ABN: 48 123 123 124

Greater Bank

Head office’s address: 103 Tudor Street

Contact center: 13 13 86

Phone: +612 4921 9111

Mail address: Greater Bank PO Box 173, Hamilton NSW 2303

Web-site: https://www.greater.com.au/

Swift code: ASLLAU2CGBS

ABN: 88 087 651 956

BSB: 637 000

Heritage Bank

Head office’s address: 400 Ruthven St

Contact center: 13-14-22

Phone: 61-7-4694-9000

Mail address: PO Box 190 TOOWOOMBA QLD 4350

Web-site: https://www.heritage.com.au

Swift code: HBSLAU4T

ABN: 32 087 652 024

BSB: 638-603

Hume Bank

Head office’s address: 492 Olive St

Contact center: 1-300-004-863

Mail address: PO Box 343 Albury NSW 2640

Web-site: https://www.humebank.com.au

Financial institution code: HUM

ABN: 85 051 868 556

BSB: 640-000

IMB Banking

Head office’s address: 47 Burelli St

Contact center: 61-133-462

Mail address: 47 Burelli St, Wollongong, NSW, 2500

Web-site: https://www.imb.com.au

Swift code: IMTIAU21

BSB: 641-800

MyState Bank

Head office’s address: 137 Harrington St

Contact center: 13-80-01

Phone: 61-3-6233-0679

Mail address: 137 Harrington St L 2, Hobart, Tasmania, 7000, Australia

Web-site: http://mystate.com.au/

Stock code: MYS

ABN: 89 067 729 195

BSB: 655-001

NAB

Head office’s address: 800 Bourke Street

Contact center: 13-22-65

Phone: 61-3-8566-7023

Mail address: Level 4, 800 Bourke Street, Docklands, VIC

Web-site: http://www.nab.com.au/

Swift code: NATAAU3303M

Financial institution code: NAB

Stock code: NAB

BSB: 086-027

Queensland Country Bank Limited

Head office’s address: 333 Ross River Road

Contact center: 1800 075 078

Phone: +61 7 4412 3526

Mail address: PO Box 679 Aitkenvale QLD 4814

Web-site: https://www.queenslandcountry.bank/

Swift code: QCCNAU41XXX

ABN: 77 087 651 027

BSB: 654 000

St. George Bank

Head office’s address: 275 Kent Street

Contact center: 13-33-30

Phone: 61-2-9553-5333

Mail address: St.George Bank Locked Bag 1 Kogarah NSW 1485

Web-site: http://www.stgeorge.com.au/

Swift code: SGBLAU2S

Financial institution code: STG

Stock code: SGB

ABN: 33 007 457 141

BSB: 112-908

Suncorp Bank

Head office’s address: 80 Ann Street

Contact center: 13-11-55

Phone: 61-7-3362-2222

Mail address: PO Box A50 Sydney South NSW 1235

Web-site: http://www.suncorpbank.com.au/

Swift code: METWAU4B

ABN: 66 010 831 722

BSB: 484-799

Westpac Bank

Head office’s address: 275 Kent Street

Contact center: 13-20-32

Phone: 61-2-9155-7700

Mail address: 275 Kent Street, Sydney, NSW

Web-site: https://www.westpac.com.au/

Swift code: WPACAU2S

Financial institution code: WBC

Stock code: WBC

ABN: 33 007 457 141

BSB: 032-063