Fee-free transaction accounts

Which Australian banks have no business account fee?

Some Australian banks may offer business bank accounts with no monthly account keeping fees or transaction fees, especially for small businesses or startups. Here are a few banks that have been known to offer fee-free business banking options:

1. NAB has been known to offer fee-free business banking for small businesses with their NAB Business Everyday Account. They may waive monthly account keeping fees and offer a certain number of fee-free transactions per month.
2. ING may offer fee-free business banking with their ING Business Optimiser Account. However, it's important to note that this account is primarily an online savings account rather than a transaction account, so it may not suit all business banking needs.
3. Bankwest has been known to offer fee-free business banking options for small businesses with their Bankwest Business Zero Transaction Account. This account may come with no monthly account fees and no transaction fees for a certain number of transactions per month.
4. Up Bank is a digital bank that offers fee-free business banking with their Up for Business Account. This account may have no monthly account fees and no transaction fees for electronic transactions.
5. Macquarie Bank offers Macquarie Business Transaction Account, which may come with no monthly account fees and no transaction fees for electronic transactions.

It's important to thoroughly research and compare the features, terms, and conditions of business accounts offered by different banks to find the best fit for your business needs. Additionally, keep in mind that while some banks may advertise no monthly account fees, there may still be other fees or charges associated with specific transactions or services, so be sure to review the fee schedule carefully before opening an 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 can I avoid business bank account fees?

Avoiding business bank account fees requires careful consideration of your banking needs and the fee structures offered by different banks. Here are some strategies to help you minimize or avoid business bank account fees:

1. Choose the Right Account. Research and compare business bank accounts offered by different banks to find one with a fee structure that aligns with your business needs. Look for accounts that have no monthly account keeping fees or offer fee waivers based on certain conditions.
2. Meet Minimum Balance Requirements. Some banks may waive monthly account fees if you maintain a minimum balance in your business account. Evaluate whether you can consistently maintain the required balance to qualify for fee waivers.
3. Use Electronic Transactions. Opt for electronic transactions such as online transfers, direct debits, and electronic payments whenever possible. Many banks offer fee-free electronic transactions, while manual transactions such as branch deposits or cheque processing may incur fees.
4. Negotiate with Your Bank. Contact your bank to discuss fee waivers or reductions based on your business relationship and banking activity. Banks may be willing to waive certain fees or offer discounts for loyal customers or businesses with significant deposits or transactions.
5. Limit Transactions. Monitor and streamline your banking activity to minimize the number of transactions that incur fees. Consolidate deposits, withdrawals, and transfers to reduce transaction volumes and associated fees.
6. Bundle Services. Consider bundling multiple banking services, such as business loans, credit cards, merchant services, and insurance, with the same bank. Some banks offer fee discounts or package deals for businesses that use multiple banking products.
7. Explore Fee-Free Alternatives. Look for alternative banking solutions or fintech providers that offer fee-free or low-cost business banking options. Digital banks and online financial platforms may have competitive fee structures and innovative features tailored to small businesses and startups.
8. Monitor Account Activity. Regularly review your account statements and banking activity to identify any unnecessary fees or unauthorized charges. Address any discrepancies or issues with your bank promptly to avoid incurring additional fees.
9. Opt Out of Optional Services. Be mindful of optional banking services or features that may incur additional fees, such as overdraft protection, paper statements, or premium account features. Evaluate whether these services are essential for your business and consider opting out to reduce costs.
10. Review Terms and Conditions. Research the terms and conditions of your business account, including fee schedules, fee waivers, and penalty charges. Stay informed about any changes to fees or account policies and proactively manage your banking relationship accordingly.

Do business free banking accounts earn interest?

It depends on the specific terms and conditions offered by the bank or financial institution providing the account. In general, no-fee business accounts, are designed to waive certain fees such as monthly account keeping fees or transaction fees, but they may not always offer interest on deposited funds.

See the similar FAQ about Australian banks:

• Commbank forex services for business clients
• Commonwealth Bank & Trust company
• Commonwealth Bank EFTPOS card
• Commonwealth Bank EFTPOS machines
• Commonwealth Bank trust account

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

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 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

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