What types of bank accounts a small company can open in Australia?
Small businesses have several options for opening bank accounts to manage their finances effectively. Here are the most common types of bank accounts that small companies can open:
- Business Transaction Account
- Business Savings Account
- Term Deposit Account
- Foreign Currency Account
- Trust Account
What is the best business account for small companies?
Selecting the best business account bank for small businesses in Australia depends on various factors, including the specific needs of your business, the level of service required, fees, accessibility, and additional features offered. Here are some banks in Australia known for providing excellent business account services tailored to small businesses: Commonwealth Bank of Australia (CBA), Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB), Westpac Bank, Bendigo and Adelaide Bank.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 2.85% | 570 |
| 20,000 | 2.90% | 580 |
| 20,000 | 2.95% | 590 |
| 50,000 | 3.00% | 1,500 |
| 50,000 | 3.05% | 1,525 |
| 50,000 | 3.10% | 1,550 |
| 100,000 | 3.15% | 3,150 |
| 100,000 | 3.20% | 3,200 |
| 100,000 | 3.25% | 3,250 |
| 200,000 | 3.30% | 6,600 |
| 200,000 | 3.35% | 6,700 |
| 200,000 | 3.40% | 6,800 |
You can also get more detailed calculations by using our financial calculators.
How do I compare banking accounts for small businesses?
Comparing banking accounts for small businesses in Australia involves evaluating various factors to find the most suitable option for your business's needs. Here's a step-by-step guide to help you compare business banking accounts effectively:
- Identify Your Business Needs - determine the specific banking services and features your business requires, such as transaction accounts, savings accounts, online banking, merchant services, business lending, and additional features like integrated accounting software or financial management tools.
- Consider Account Types - review the types of business banking accounts offered by different banks, including transaction accounts, savings accounts, term deposit accounts, and specialized accounts for specific business needs (e.g., foreign currency accounts or trust accounts).
- Compare Fees and Charges - evaluate the account fees and charges associated with each banking product, including monthly account fees, transaction fees (e.g., ATM withdrawals, electronic transfers, and cheque deposits), overdraft fees, foreign transaction fees, and any other applicable charges.
- Assess Interest Rates - if your business anticipates maintaining a balance in its accounts, compare the interest rates offered on savings accounts or term deposit accounts. Consider whether the interest rates are competitive and whether they meet your business's financial objectives.
- Review Account Access - consider the accessibility of the banking accounts, including the availability of branches, ATMs, and online banking platforms. Consider whether the bank offers mobile banking apps, online account management tools, and other digital banking features that align with your business's preferences and needs.
- Evaluate Customer Service - research the quality of customer service provided by each bank, including the availability of dedicated business banking support, responsiveness to inquiries, and assistance with account setup, troubleshooting, and other banking-related issues.
- Examine Additional Features and Benefits - consider any additional features, benefits, or value-added services offered by each bank, such as integrated accounting software, financial management tools, discounts on business services, rewards programs, or networking opportunities for small business owners.
- Check Eligibility Requirements - review the eligibility criteria for opening a business banking account with each bank, including any minimum deposit requirements, documentation requirements, and credit checks.
- Read Reviews and Recommendations - seek out reviews, testimonials, and recommendations from other small business owners or industry professionals who have experience with the banks and banking products you're considering. Online forums, business networking groups, and industry publications can be valuable sources of insights and feedback.
- Compare Overall Value - compare the overall value proposition of each banking account, taking into account the combination of features, fees, interest rates, accessibility, customer service, and additional benefits offered by each bank.
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?
Details of companies offering the financial services:
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 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
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
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
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
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