Compare Business Banking in Australia

Live offers

24 live offers compared from 19 providers, from A$0 /month. Updated daily.

What is business banking in Australia?

Business banking covers the accounts and services companies and sole traders use to manage money, including transaction accounts, business savings, merchant payment facilities, overdrafts and business loans. Keeping business finances separate from personal ones is important for tax, GST reporting and clarity, so most Australian businesses open a dedicated business transaction account when they register an ABN. Good business banking also connects to accounting software and payroll to streamline day-to-day administration.

How the Australian market works

The major banks — CommBank, NAB, ANZ and Westpac — dominate business banking, with NAB in particular positioning itself around business and agribusiness customers. Digital and challenger banks such as Judo Bank focus on small and medium enterprises and relationship-based lending, while ING and Macquarie offer streamlined online options with fewer fees. Business accounts often carry monthly fees, and lending decisions weigh the business's cash flow, trading history and any security offered, such as property or equipment.

Benefits of a business account

Clean bookkeeping — Separating business transactions simplifies BAS and tax preparation and makes GST tracking and audits far more straightforward.

Access to credit — Business accounts open the door to overdrafts, business loans, invoice finance and equipment finance tailored to trading needs.

Payment tools — Merchant facilities, EFTPOS terminals and integration with accounting software such as Xero or MYOB make getting paid and reconciling faster.

How to choose an account

Weigh the monthly account fee against transaction inclusions and any minimum-balance waivers that remove the fee. Consider merchant and payment-processing rates if you take card payments, the quality of accounting-software integration, and access to relationship managers or business lending. For borrowing, compare rates and how each bank assesses business income and security, since lending appetite varies significantly between the majors and challenger banks.

Leading providers in Australia

The comparison features CommBank, NAB, ANZ, Westpac, Macquarie Bank, Judo Bank, ING and Bankwest. NAB and CommBank have large business franchises with branch and relationship support across the country, Judo specialises in SME lending with a relationship model, and ING and Macquarie appeal to digitally minded businesses wanting low fees. The right choice depends on whether you prioritise lending capacity, low fees, payment tools or in-person service.

What it costs

Many everyday business transaction accounts carry no or low monthly fees, which is why the range in this comparison sits at A$0. Costs more often arise from transaction fees, merchant-service rates, overdraft interest and loan pricing rather than a base account fee. Some banks waive the monthly fee if you maintain a minimum balance or meet transaction conditions, so read the full fee schedule and merchant rates closely. For businesses that take many card payments, the merchant-service rate can be a larger annual cost than the account fee itself, making it well worth negotiating as your turnover grows. Many banks also offer bundled packages that combine a transaction account, savings and lending at a discount, which can suit an established business banking with one provider.

Protections and regulation

Business deposits with APRA-authorised banks are covered by the Financial Claims Scheme up to A$250,000 per account holder per licensed institution, including certain business entities. Banks are regulated by APRA for stability and ASIC for conduct, and the Banking Code of Practice sets standards for small-business customers. Small businesses can take unresolved disputes to AFCA within its eligibility limits, giving free access to dispute resolution.

Common questions

Do I need a separate business account? — Companies legally must keep business funds separate; sole traders are not strictly required to but are strongly advised to for tax, GST and record-keeping.

Are business deposits guaranteed? — Yes, eligible business deposits are covered up to A$250,000 per account holder, per licensed bank, under the Financial Claims Scheme.

Business Banking in Australia — FAQ