Choosing a bank and account is as personal as deciding what to wear in the morning.
What is right for you and what makes you happy will be very different from what is right for someone else.
So how do you decide which one to choose?
- First, decide what is most important to you and your company
- Second, conduct research
- Fortunately, we’ve done some of the extra work for you
Let’s take a look at some of Australia’s best business bank accounts.
The Best Business Bank Accounts in Australia
1. National Australia Bank
This account is ideal for anyone looking for a Big 4 bank for their business. It is the only bank account offered by any of the Big Four that does not charge a monthly account fee and allows for unlimited electronic transactions. You’d still have access to 24/7 customer service, local ATMs, and online banking if those extra fees and requirements weren’t in place.
2. Commonwealth Bank
This account, which is also with a Big 4 bank, has no monthly account fee and comes with a Visa Debit Card. Your company receives unlimited electronic transactions, and you can set up customized balance notifications. You can upgrade to 20 free, supported transactions instead of just 10 if you pay $10 per month.
3. Heritage Bank
This account was designed for corporate organizations and has no account or ATM withdrawal fees.
- These are two different accounts.
- One type of account is a transaction account that pays interest.
- The other charges lower fees but do not pay interest.
- You can select which option is best for your company.
- It is important to note that Heritage Bank is customer-owned and offers customer service 24 hours a day, seven days a week.
4. Great Southern Bank
This account is designed to be the hub of your daily business spending.
Again, there are no fees associated with having this account.
You get unlimited electronic payments as well as mobile banking access.
An overdraft feature can also provide some extra funds if you need more money than what’s currently in your account.
5. Australia-New Zealand Bank
The ANZ Business Extra account does come with a monthly account fee of $22.
However, you gain access to ANZ Internet Banking for Business with that fee, which normally costs $15 per month.
This account allows for unlimited transactions and Big 4 service.
6. Alternative Business Accounts
There are numerous other options for meeting your business account needs, one of which is to use Neobanks’ virtual business accounts.
Neobanks are the newest trend in defying traditional banking, and many of these new companies are not even banks. They offer the same services and business accounts as banks, but because they focus on payment instructions rather than loans, they can offer corporate-level services that smaller businesses cannot get from a bank.
- At least until they become a significant player.
- Statrys and Airwallex are two of the best neobank options.
Why Australian Business Bank Accounts?
- Keeping track of your spending and income requires a separate account for your business.
- It also provides you with the most up-to-date picture of your taxes.
- The reason you should choose a business account over an individual account is that these accounts are designed with business in mind. They provide several advantages that individual accounts do not.
- One advantage of having a business account is that most of them will integrate with accounting software, reducing manual work.
- This also makes things simple when it comes to tax time.
- Another advantage of using a business account is that the transfer and transaction limits are higher.
- Some businesses require large purchases and do not want to be hampered by the bank with which they work.
- Finally, multiple users can be associated with a single account.
- That means both you and your business partner can have full access to the account at the same time.
So, what aspects should you consider when deciding on the best business account in Australia for you and your specific requirements?
- You should start by looking at the account’s fees.
- Are there any fees associated with the account’s existence?
- Is there a fee for international and foreign exchange transactions?
- It may not be a deal-breaker, but you want to know ahead of time because it will have to be factored into your cost of doing business.
- Another thing to consider is the branch network and their online portal.
- For some, having a local branch is unimportant. Others may wish to visit on a regular basis to conduct business in person.
- If you work with a lot of cash, you might want easy access to ATMs.
- You’ll also want to check out their online portal to ensure it’s user-friendly and robust enough for the transfers, transactions, and reporting you to require.
Other things to consider include:
- The policy on overdrafts
- Contactless payments
- Transactions that were aided
- Debit card that is linked
How many people can have access to the same account at the same time?
Each of the business accounts mentioned above is an excellent option for Australians. Conduct research to determine which option is the best fit for you and your company.
Are you looking for a new way to make business payments without the hassles that a traditional bank can bring? You will have a virtual business account in less than 48 hours if you open a Statrys account today. It’s time to stop using traditional banks and start paying more carefully.
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