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Comparing the Best Business Bank Accounts in Australia for 2024

By

14.02.2024

Comparing the Best Business Bank Accounts in Australia for 2024

Learn how Zeller Transaction Account compares to traditional business banks in Australia.

Keeping accurate financial records is essential to running a business, and it all starts with a business bank account. However, navigating the muddy waters of bank jargon and fee structures is no easy task. To help make the decision easier for small business owners, we’ve compared the best business banking accounts in Australia, and weighed them up against Zeller, a smarter and more affordable non-bank alternative to your traditional business bank.

Read on to discover why you need to open a business bank account, what factors you need to consider, and why an alternative financial services solution like Zeller could be the better choice for your small business. 

Bank accounts for Australian small businesses

Every bank and financial services provider has its own approach to offering business bank accounts and structuring the fees that come with them. 

Some have a wide range of add-on services that can be very valuable to the right business, but come at an additional cost. Others require fees simply for continued access and use, without any added benefits. Identifying what’s relevant and useful to your particular business will not only keep costs low, but ensure you are getting the maximum value from the service.

Business bank account comparison table

To help you find your way through the weeds, we’ve aggregated the fee structures and features of business bank accounts from six major Australian banks — Westpac, CommBank, NAB, ANZ, Suncorp and Bendigo Bank — and compared them to the Zeller Transaction Account in one simple comparison table. Simply select the two banks you would like to compare from the drop-down menu, and scroll down to compare all the different criteria you should consider when choosing a business bank account.

 

Business Accounts
Monthly Account Fee
Electronic Transactions

Number of free electronic transactions included per month.

In-Person Transactions

Number of free staff-assisted transactions included per month. These refer to transactions that are facilitated by bank staff rather than being self-service transactions and include depositing or withdrawing funds or cashing cheques.

In-Person Fees

Fees per staff-assisted transaction. These are charged if no free staff-assisted transactions are included or when the number of free transactions per month is exceeded.

Sub-Account Creation

Being able to open different 'sub-accounts' can be helpful for business owners to seperate their operating funds, tax savings, profits and more.

Transaction Notes

Adding a custom note can give important context to certain transactions: from the reason for a refund to customer contact details, order reference number or product collection date.

Business Banking App

A mobile app that enables you to access your business accounts, debit cards, and transaction information from a mobile application, anytime and from anywhere.

Debit Cards
Included Card
Additional Cardholders

The number of cardholders available for one account.

Mobile Wallet

Add your business Debit Card to mobile wallets such as Apple Pay or Google Pay.

Upload Receipts

The ability to upload a photo or PDF of a receipt from a business purchase makes it easier to identify and manage business expenses.

Cash Withdrawal Limit

The maximum daily cash withdrawal limit (for debit card).

Transaction Limit

The maximum daily transaction limit (for debit card).

Network ATM

The ATM transaction fee that is charged when you withdraw money from an ATM affiliated with your bank. This charge will be applied per transaction when the number of free transactions per month is exceeded.

Out-of-Network ATM

The ATM transaction fee that is charged when you withdraw money from an ATM that is not affiliated with your bank. Please note that this is not inclusive of the fee charged by the ATM provider.

International Transaction Fee

The fee that is charged when you make a purchase using your business debit card outside of Australia.

International ATM Fee

The fee that is charged when you withdraw cash from an ATM outside of Australia.

Extras
BPAY®
Built-In CRM

CRM stands for Customer Relationship Management. It is a tool that lets you store and manage contact and customer information, and in the case of a business bank account, track and organise payments you make to or receive from your customers.

Invoicing System

An online invoicing system enables businesses to create, send, manage, and track invoices electronically, directly from their business account.

Interest Rate
Cheque Availability
Incentives
Overdraft
Overdraft Facility

Some banks may offer an overdraft facility (subject to approval).

Informal Overdraft

The informal overdraft fee applies when your account is overdrawn or exceeds its credit limit without prior arrangement.

Dishonour Fee

A dishonour fee may be charged when a payment or transaction is returned or declined due to insufficient funds.

Support
Customer Support
How to apply

Depending on what kind of business you are running and whether or not you are already a business customer will determine whether you can open an account online or whether you’ll need to go into a branch.

Online
In-Branch
Application time

How long does it take for you to apply and receive access to your Account?

Business Accounts
Monthly Account Fee
$0
Electronic Transactions
Unlimited, free online transfers
In-Person Transactions
In-Person Fees
Sub-Account Creation
Yes
Infinite sub-accounts can be created online in seconds
Transaction Notes
Yes
Append notes to individual transaction records
Business Banking App
Yes
Download the free Zeller App on iOS or Android
Debit Cards
Included Card
Unlimited, free Zeller Debit Cards
Additional Cardholders
Unlimited
Add additional cardholders with a click from Zeller App or your Zeller Account
Mobile Wallet
Yes
Upload Receipts
Yes
Upload and save receipts to individual transaction records
Cash Withdrawal Limit
Transaction Limit
$150,000
Network ATM
Out-of-Network ATM
International Transaction Fee
No international transaction fees
International ATM Fee
Extras
BPAY®
Yes
Built-In CRM
Yes
Using Zeller Contact Directory, you can assign contacts to payments, invoices and transactions from your Zeller Account
Invoicing System
Yes
Send free online invoices with built-in invoicing functionality.
Interest Rate
No interest is paid on this account
Earn 2.6% p.a with a Zeller Business Savings Account
Cheque Availability
No
Incentives
  • Reporting and business analytics
  • Funds accepted via Zeller Terminal settled nightly, 365 days a year
  • Xero Bank Feeds integration
  • Xero Invoices integration
  • regular cash back offers and rewards
Overdraft
Overdraft Facility
No
Informal Overdraft
Dishonour Fee
Support
Customer Support
  • Phone, email and SMS support available 9AM - 1PM AEST, 7 days a week
  • < 60 second wait times for human support
  • Zeller Support Centre with detailed user guides.
  • Zeller Business Blog with small business news and advice.
How to apply
Online
Everyone
Sign up free online in under 6 minutes
In-Branch
Application time
Create an account online for free in minutes
$0
$10
$22

Number of free electronic transactions included per month.

20 monthly ATM/e-transactions included, once exceeded $0.60 each
Unlimited

Number of free staff-assisted transactions included per month. These refer to transactions that are facilitated by bank staff rather than being self-service transactions and include depositing or withdrawing funds or cashing cheques.

None
Unlimited

Fees per staff-assisted transaction. These are charged if no free staff-assisted transactions are included or when the number of free transactions per month is exceeded.

$1.60
$0
$0

Being able to open different 'sub-accounts' can be helpful for business owners to seperate their operating funds, tax savings, profits and more.

No

Adding a custom note can give important context to certain transactions: from the reason for a refund to customer contact details, order reference number or product collection date.

No

A mobile app that enables you to access your business accounts, debit cards, and transaction information from a mobile application, anytime and from anywhere.

No business-specific banking app
ANZ Business Visa Debit Card

The number of cardholders available for one account.

Unlimited
Each cardholder must be an account signatory

Add your business Debit Card to mobile wallets such as Apple Pay or Google Pay.

Yes

The ability to upload a photo or PDF of a receipt from a business purchase makes it easier to identify and manage business expenses.

No

The maximum daily cash withdrawal limit (for debit card).

$1,000 (can be increased on demand)

The maximum daily transaction limit (for debit card).

No transaction limit

The ATM transaction fee that is charged when you withdraw money from an ATM affiliated with your bank. This charge will be applied per transaction when the number of free transactions per month is exceeded.

$0.60
$0
$0

The ATM transaction fee that is charged when you withdraw money from an ATM that is not affiliated with your bank. Please note that this is not inclusive of the fee charged by the ATM provider.

$0.60
$0
$0

The fee that is charged when you make a purchase using your business debit card outside of Australia.

3%

The fee that is charged when you withdraw cash from an ATM outside of Australia.

$5
Yes

CRM stands for Customer Relationship Management. It is a tool that lets you store and manage contact and customer information, and in the case of a business bank account, track and organise payments you make to or receive from your customers.

No

An online invoicing system enables businesses to create, send, manage, and track invoices electronically, directly from their business account.

No
0.00% p.a. for $0 - $4,999
0.01% p.a. for $5,000 and over
Yes
Free access to ANZ Internet Banking for Business

Some banks may offer an overdraft facility (subject to approval).

No
Yes

The informal overdraft fee applies when your account is overdrawn or exceeds its credit limit without prior arrangement.

Debit interest charged on the overdrawn amount

A dishonour fee may be charged when a payment or transaction is returned or declined due to insufficient funds.

$35
  • 500+ branches nationally
  • ANZ App messaging service
  • Phone support available
  • Online customer assistance directory + support articles

Depending on what kind of business you are running and whether or not you are already a business customer will determine whether you can open an account online or whether you’ll need to go into a branch.

  • Sole traders
  • Single director companies
  • Sole traders
Anyone who doesn't fit into the above categories
Everyone

How long does it take for you to apply and receive access to your Account?

Submit an application in-branch or online and wait for approval
$15
$0

Number of free electronic transactions included per month.

Unlimited
No free electronic transactions.
$0.40 each

Number of free staff-assisted transactions included per month. These refer to transactions that are facilitated by bank staff rather than being self-service transactions and include depositing or withdrawing funds or cashing cheques.

Unlimited
None

Fees per staff-assisted transaction. These are charged if no free staff-assisted transactions are included or when the number of free transactions per month is exceeded.

$0
$1.75

Being able to open different 'sub-accounts' can be helpful for business owners to seperate their operating funds, tax savings, profits and more.

No

Adding a custom note can give important context to certain transactions: from the reason for a refund to customer contact details, order reference number or product collection date.

No

A mobile app that enables you to access your business accounts, debit cards, and transaction information from a mobile application, anytime and from anywhere.

No business-specific banking app
Bendigo Bank Business Debit Mastercard

The number of cardholders available for one account.

Unlimited

Add your business Debit Card to mobile wallets such as Apple Pay or Google Pay.

Yes

The ability to upload a photo or PDF of a receipt from a business purchase makes it easier to identify and manage business expenses.

No

The maximum daily cash withdrawal limit (for debit card).

$1000 (can be increased on demand)

The maximum daily transaction limit (for debit card).

Up to $50,000

The ATM transaction fee that is charged when you withdraw money from an ATM affiliated with your bank. This charge will be applied per transaction when the number of free transactions per month is exceeded.

$0

The ATM transaction fee that is charged when you withdraw money from an ATM that is not affiliated with your bank. Please note that this is not inclusive of the fee charged by the ATM provider.

$0

The fee that is charged when you make a purchase using your business debit card outside of Australia.

3%

The fee that is charged when you withdraw cash from an ATM outside of Australia.

Yes

CRM stands for Customer Relationship Management. It is a tool that lets you store and manage contact and customer information, and in the case of a business bank account, track and organise payments you make to or receive from your customers.

No

An online invoicing system enables businesses to create, send, manage, and track invoices electronically, directly from their business account.

No
No interest is paid on this account
Yes

Some banks may offer an overdraft facility (subject to approval).

Yes
No

The informal overdraft fee applies when your account is overdrawn or exceeds its credit limit without prior arrangement.

$10

A dishonour fee may be charged when a payment or transaction is returned or declined due to insufficient funds.

$10
  • 500+ branches nationally
  • Web messaging service
  • Phone support available

Depending on what kind of business you are running and whether or not you are already a business customer will determine whether you can open an account online or whether you’ll need to go into a branch.

Online application not available.
Everyone

How long does it take for you to apply and receive access to your Account?

Submit an application in-branch or online and wait for approval
$0
$10

Number of free electronic transactions included per month.

Unlimited

Number of free staff-assisted transactions included per month. These refer to transactions that are facilitated by bank staff rather than being self-service transactions and include depositing or withdrawing funds or cashing cheques.

None
20

Fees per staff-assisted transaction. These are charged if no free staff-assisted transactions are included or when the number of free transactions per month is exceeded.

$3

Being able to open different 'sub-accounts' can be helpful for business owners to seperate their operating funds, tax savings, profits and more.

Yes

Adding a custom note can give important context to certain transactions: from the reason for a refund to customer contact details, order reference number or product collection date.

No

A mobile app that enables you to access your business accounts, debit cards, and transaction information from a mobile application, anytime and from anywhere.

Yes
CBA Business Visa Debit Card

The number of cardholders available for one account.

Unlimited
Each cardholder must be an account signatory

Add your business Debit Card to mobile wallets such as Apple Pay or Google Pay.

Yes

The ability to upload a photo or PDF of a receipt from a business purchase makes it easier to identify and manage business expenses.

No

The maximum daily cash withdrawal limit (for debit card).

$2,000

The maximum daily transaction limit (for debit card).

Up to $250,000

The ATM transaction fee that is charged when you withdraw money from an ATM affiliated with your bank. This charge will be applied per transaction when the number of free transactions per month is exceeded.

$0

The ATM transaction fee that is charged when you withdraw money from an ATM that is not affiliated with your bank. Please note that this is not inclusive of the fee charged by the ATM provider.

$0

The fee that is charged when you make a purchase using your business debit card outside of Australia.

3%

The fee that is charged when you withdraw cash from an ATM outside of Australia.

$5
Yes

CRM stands for Customer Relationship Management. It is a tool that lets you store and manage contact and customer information, and in the case of a business bank account, track and organise payments you make to or receive from your customers.

No

An online invoicing system enables businesses to create, send, manage, and track invoices electronically, directly from their business account.

Yes
No interest is paid on this account
Yes

Some banks may offer an overdraft facility (subject to approval).

Yes

The informal overdraft fee applies when your account is overdrawn or exceeds its credit limit without prior arrangement.

$15

A dishonour fee may be charged when a payment or transaction is returned or declined due to insufficient funds.

$5
  • Approx. 800 branches nationally
  • In-app messaging or virtual assistant
  • Australian based phone support
  • Online customer assistance directory + support articles

Depending on what kind of business you are running and whether or not you are already a business customer will determine whether you can open an account online or whether you’ll need to go into a branch.

  • Sole traders
  • Australian private companies (Pty Ltd)
  • Self-managed super funds (SMSF)
  • Partnerships (up to 4 individuals as partners)
Anyone who doesn't fit into the above categories

How long does it take for you to apply and receive access to your Account?

Submit an application in-branch or online and wait for approval
$0
$10

Number of free electronic transactions included per month.

Unlimited

Number of free staff-assisted transactions included per month. These refer to transactions that are facilitated by bank staff rather than being self-service transactions and include depositing or withdrawing funds or cashing cheques.

None
30

Fees per staff-assisted transaction. These are charged if no free staff-assisted transactions are included or when the number of free transactions per month is exceeded.

$2.50 + $0.60 per cheque/item

Being able to open different 'sub-accounts' can be helpful for business owners to seperate their operating funds, tax savings, profits and more.

No

Adding a custom note can give important context to certain transactions: from the reason for a refund to customer contact details, order reference number or product collection date.

No

A mobile app that enables you to access your business accounts, debit cards, and transaction information from a mobile application, anytime and from anywhere.

Yes
NAB Business Visa Debit Card

The number of cardholders available for one account.

Unlimited
Each cardholder must be an account signatory

Add your business Debit Card to mobile wallets such as Apple Pay or Google Pay.

Yes

The ability to upload a photo or PDF of a receipt from a business purchase makes it easier to identify and manage business expenses.

No

The maximum daily cash withdrawal limit (for debit card).

$2,000

The maximum daily transaction limit (for debit card).

No transaction limit

The ATM transaction fee that is charged when you withdraw money from an ATM affiliated with your bank. This charge will be applied per transaction when the number of free transactions per month is exceeded.

$0

The ATM transaction fee that is charged when you withdraw money from an ATM that is not affiliated with your bank. Please note that this is not inclusive of the fee charged by the ATM provider.

$0

The fee that is charged when you make a purchase using your business debit card outside of Australia.

3%

The fee that is charged when you withdraw cash from an ATM outside of Australia.

$4
Yes

CRM stands for Customer Relationship Management. It is a tool that lets you store and manage contact and customer information, and in the case of a business bank account, track and organise payments you make to or receive from your customers.

No

An online invoicing system enables businesses to create, send, manage, and track invoices electronically, directly from their business account.

No
No interest is paid on this account
No
NAB business transaction account holders can benefit from a list of partnership offers

Some banks may offer an overdraft facility (subject to approval).

Yes

The informal overdraft fee applies when your account is overdrawn or exceeds its credit limit without prior arrangement.

Debit interest charged on the overdrawn amount

A dishonour fee may be charged when a payment or transaction is returned or declined due to insufficient funds.

$5
  • Approx. 500 branches nationally
  • Online messaging service
  • Online customer assistance directory
  • Support articles + video guides

Depending on what kind of business you are running and whether or not you are already a business customer will determine whether you can open an account online or whether you’ll need to go into a branch.

  • Sole traders
  • Partnership
  • Directors of an Australian private company
  • Trustee of a trust
Anyone who doesn't fit into the above categories

How long does it take for you to apply and receive access to your Account?

Submit an application in-branch or online and wait for approval
$0

Number of free electronic transactions included per month.

Unlimited

Number of free staff-assisted transactions included per month. These refer to transactions that are facilitated by bank staff rather than being self-service transactions and include depositing or withdrawing funds or cashing cheques.

Unlimited

Fees per staff-assisted transaction. These are charged if no free staff-assisted transactions are included or when the number of free transactions per month is exceeded.

$0

Being able to open different 'sub-accounts' can be helpful for business owners to seperate their operating funds, tax savings, profits and more.

No

Adding a custom note can give important context to certain transactions: from the reason for a refund to customer contact details, order reference number or product collection date.

No

A mobile app that enables you to access your business accounts, debit cards, and transaction information from a mobile application, anytime and from anywhere.

No business-specific banking app
Suncorp Bank Business Visa Debit card

The number of cardholders available for one account.

Unlimited

Add your business Debit Card to mobile wallets such as Apple Pay or Google Pay.

Yes

The ability to upload a photo or PDF of a receipt from a business purchase makes it easier to identify and manage business expenses.

No

The maximum daily cash withdrawal limit (for debit card).

$1,000 (can be increased to $2,000)

The maximum daily transaction limit (for debit card).

No transaction limit

The ATM transaction fee that is charged when you withdraw money from an ATM affiliated with your bank. This charge will be applied per transaction when the number of free transactions per month is exceeded.

$0

The ATM transaction fee that is charged when you withdraw money from an ATM that is not affiliated with your bank. Please note that this is not inclusive of the fee charged by the ATM provider.

$0

The fee that is charged when you make a purchase using your business debit card outside of Australia.

3%

The fee that is charged when you withdraw cash from an ATM outside of Australia.

$5
Yes

CRM stands for Customer Relationship Management. It is a tool that lets you store and manage contact and customer information, and in the case of a business bank account, track and organise payments you make to or receive from your customers.

No

An online invoicing system enables businesses to create, send, manage, and track invoices electronically, directly from their business account.

No
0.01% p.a.
No
flexiRates lets you set aside savings at a higher fixed interest rate

Some banks may offer an overdraft facility (subject to approval).

Yes

The informal overdraft fee applies when your account is overdrawn or exceeds its credit limit without prior arrangement.

Debit interest charged on the overdrawn amount

A dishonour fee may be charged when a payment or transaction is returned or declined due to insufficient funds.

No
  • Less than 100 branches nationally (most in Queensland)
  • Limited online resources
  • Phone support available

Depending on what kind of business you are running and whether or not you are already a business customer will determine whether you can open an account online or whether you’ll need to go into a branch.

  • Sole traders
  • Joint account holders
  • Companies (Ltd or Pty Ltd)
Anyone who doesn't fit into the above categories

How long does it take for you to apply and receive access to your Account?

Submit an application in-branch or online and wait for approval
$0
$10

Number of free electronic transactions included per month.

Unlimited

Number of free staff-assisted transactions included per month. These refer to transactions that are facilitated by bank staff rather than being self-service transactions and include depositing or withdrawing funds or cashing cheques.

None
25

Fees per staff-assisted transaction. These are charged if no free staff-assisted transactions are included or when the number of free transactions per month is exceeded.

$3

Being able to open different 'sub-accounts' can be helpful for business owners to seperate their operating funds, tax savings, profits and more.

Yes

Adding a custom note can give important context to certain transactions: from the reason for a refund to customer contact details, order reference number or product collection date.

No

A mobile app that enables you to access your business accounts, debit cards, and transaction information from a mobile application, anytime and from anywhere.

No business-specific banking app
Westpac Business Debit Mastercard®

The number of cardholders available for one account.

Unlimited
Each cardholder must be an account signatory

Add your business Debit Card to mobile wallets such as Apple Pay or Google Pay.

Yes

The ability to upload a photo or PDF of a receipt from a business purchase makes it easier to identify and manage business expenses.

No

The maximum daily cash withdrawal limit (for debit card).

$1,000 (can be increased to $2,000)

The maximum daily transaction limit (for debit card).

No transaction limit

The ATM transaction fee that is charged when you withdraw money from an ATM affiliated with your bank. This charge will be applied per transaction when the number of free transactions per month is exceeded.

$0

The ATM transaction fee that is charged when you withdraw money from an ATM that is not affiliated with your bank. Please note that this is not inclusive of the fee charged by the ATM provider.

$0

The fee that is charged when you make a purchase using your business debit card outside of Australia.

3%

The fee that is charged when you withdraw cash from an ATM outside of Australia.

$5
Yes

CRM stands for Customer Relationship Management. It is a tool that lets you store and manage contact and customer information, and in the case of a business bank account, track and organise payments you make to or receive from your customers.

No

An online invoicing system enables businesses to create, send, manage, and track invoices electronically, directly from their business account.

No
No interest is paid on this account
Yes
Pay for 1 month of MYOB Business with the Westpac Business Debit Card and get 12 bonus months (offer valid until 5 June 2023)

Some banks may offer an overdraft facility (subject to approval).

Yes

The informal overdraft fee applies when your account is overdrawn or exceeds its credit limit without prior arrangement.

$15

A dishonour fee may be charged when a payment or transaction is returned or declined due to insufficient funds.

$0
  • Approx. 800 branches nationally
  • Online and in-app messaging service
  • 8am - 8pm AEST phone support
  • Online customer assistance directory

Depending on what kind of business you are running and whether or not you are already a business customer will determine whether you can open an account online or whether you’ll need to go into a branch.

  • Sole traders
  • Westpac business customers
  • Sole traders
  • Single director companies
  • Westpac business customers
Anyone who doesn't fit into the above categories

How long does it take for you to apply and receive access to your Account?

Submit an application in-branch or online and wait for approval

What is a business bank account?

A business bank account is a specialised bank account designed specifically for the needs of businesses. It is used to manage the financial transactions of a company, such as paying bills, receiving payments from customers, and managing payroll.

Business bank accounts can be opened at most banks and financial institutions, and are typically offered in a variety of account types to suit the different needs of both large and small businesses.

Why do you need a business bank account?

Whether you’re planning a medium-sized enterprise or starting out as a sole trader, any business venture requires separating your personal and business finances. 

  • For businesses structured as a partnership, company or a trust, having a business bank account is a legal requirement for tax purposes; 
  • For sole traders, a business bank account is not required under Australian law, but is strongly recommended. 

Separating business from pleasure in your bank accounts makes reconciliation for bookkeeping and tax considerably easier, professional and legitimate. Additional benefits include:

Icon - 40sq - Flexible Deposits

Clear cash flow

Centralising business revenue and expenses with one institution gives you a clear view of your cash flow, to ensue the financial health of your business.

Icon - 40sq - Invoice - circle

Loan documentation

Lenders often require documentation that proves the business is operational, and a business bank account statement can help provide that proof.

Icon - 40sq - Megaphone - circle

Brand perception

Your business name will appear on invoices and payment paperwork, helping to create a more professional, trustworthy perception with your customers.

Is there an alternative to a traditional bank?

Yes, business owners nowadays can access a wide range of non-bank financial services solutions, as an alternative to their traditional business bank. 

Additionally, you should also re-consider the value you can get from an alternative to the traditional business bank — rather than just an account to store money in, many new providers offer an array of powerful business banking features. When comparing business banks, look for solutions that include features such as instant sub-account creation, the ability to issue virtual and physical business debit cards in a click, real-time fund transfers, a dedicated business banking mobile app, transaction tagging and reporting, integrations with your accounting software, customer-level tagging and relationship management reports,  and more.  

If you’re considering a non-bank alternative to your traditional provider, sign up for a free Zeller Transaction Account to review all of the features and functionality included that you may never get from a regular business bank. 

Zeller's financial solution

Zeller is a popular Australian alternative to the traditional, outdated business bank, that offers business owners a complete financial services solution with free Transaction Accounts, Business Debit Cards, an EFTPOS Machine, invoicing software, and more, all available from one convenient and free account. 

If you require a way to store, manage and spend your business funds, and accept electronic payments, but have no need to visit a bank branch, a non-bank such as Zeller is a very compelling choice. With Zeller:

  • Whether you’re paid by card or funds transfer, access to your funds is generally quicker than traditional banks, which often use legacy technology and complex internal processes.
  • You can create multiple accounts and debit cards at the click of a button. Fund transfers are made in real-time.
  • A powerful web portal and leading edge mobile app allow you to send and receive funds transfers, and work with your transaction accounts, debit cards, and real-time card sales. 
  • Contacts can be assigned to transactions, and you can add notes and images to transactions, to simplify reconciliation.
  • Everything is consolidated in one, easy-to-use platform: from your EFTPOS payments to transfers, settlements and expenses. You can even write, send and track invoices in your Zeller account.
  • Your Transaction Account can be synced with Xero’s Bank Feeds Integration, for seamless bookkeeping reconciliation

A fee-free small business account with no paperwork, no need to visit a branch, and the ability to open sub-accounts and issue debit cards with a click: Zeller is the smarter non-bank alternative to your traditional business bank.

How do you open a business bank account?

With the major banks, opening a business bank account will depend largely on what kind of business you are running and whether or not you are already a business customer. Depending on what camp you sit in will determine whether you can open an account online or whether you’ll need to go into a branch. 

As Zeller is an entirely online financial services provider, all customers — no matter the business structure — can open an account online in a matter of minutes.

Whichever institution you choose, opening an account will require you to provide:

  • A business name
  • A primary business address
  • An Australian Business Number (if applicable)
  • An industry type
  • Certified identification documents (such as passport or driver’s licence) for all owners or partners
  • Additional documents may be required if your business operates under a particular structure such as a trust, cooperative or association 

To see specific requirements of each bank, check the comparison table and scroll down to “How to Apply” or visit the bank’s website. Or, if you're looking for a smarter, faster non-bank alternative, follow the prompts to sign up to Zeller for free here.

Five things to consider when finding the best business bank account for your small business.

1. Fees, Transaction Limits & Staff-Assisted Transactions

Depending on the option you choose, you could be spending as little as $0 or as much as $264 a year on business bank account fees. 

Beyond the account fee, be sure you understand all the fees associated with using your account – some of which can be hidden in the fine print. Certain accounts from ANZ and Bendigo Bank, for example, only offer a limited number of free electronic transactions per month, while staff-assisted transactions are capped at 20 to 30 per month for nearly all the major banks’ no fee business bank accounts. 

If you’re not careful, seemingly inexpensive plans can actually end up costing you more to use. To help you decide what you need, let’s break down some terminology:

  • Electronic transactions are any type of transaction that is conducted with your computer, smartphone or other digital device. This could include transferring money between accounts, paying bills, shopping online, or using a debit card or mobile payment app, such as Apple Pay. 
  • Staff-assisted transactions are those that require you to go into a bank branch and speak with a teller; to deposit cash or collect change, for example. 

If you’re going to be making several electronic transactions each day, it’s worth doing the maths: two transactions per day at $0.40 per transaction (as is the case with Bendigo Bank’s no fee business bank account) will end up costing you $24 a month. 

Staff-assisted transactions can be as much as $3 each, when not included in your plan. If you need to collect change once a week, at a rate of $3 per transaction you’ll be paying $12 a month — more than the monthly fee for most accounts that offer this service for free.

business bank account reporting tool on laptop by Zeller

2. Debit Cards

All the best business accounts will include a debit card as part of their offer. This is the bare minimum requirement when opening a business account, and all of the options we compare in the table above do indeed provide one. Each will have slightly different features associated with it. 

While all banks will have maximum daily transaction and cash withdrawal limits for security purposes, most will allow you to increase these limits if you need to. If you’re likely to be withdrawing cash frequently from ATMs or making significant purchases, it’s important to note how much you can increase these limits by. 

Similarly, if you’re planning on using your business account to manage staff expenses, check the requirements for ordering additional debit cards.

The big four banks — Westpac, Commbank, NAB and ANZ — all require that each additional cardholder is an account signatory. This is a potential deal breaker for any small business owner who just wants to give their staff members a card to purchase everyday items, without also giving them the authority to access and manage the whole bank account.

Flexibility provided by Zeller Debit Card

This is where Zeller has a much more flexible alternative to the traditional business banks. Within your Zeller Account, you can create as many Debit Cards as you like — one for each staff member, for example, which can each draw from a different Zeller Transaction Account. 

With Zeller’s no fee small business account, Debit Cards are free to create and can be virtual and instant, with the option of plastic cards.

3. Mobile Business Banking Apps

How you use and interact with your business bank account will either be a seamless experience or an endless source of frustration. Rather than finding out the hard way, do a little research upfront to make sure the banking app and online platform are going to work for you. A great place to start is by looking at the reviews on the Apple App Store, at the time of writing*, the Zeller App on the App Store was rated the highest with 4.8 stars, while the CommBank Small Business app was the lowest with 2.1 stars.

Banking App App Store Rating
Zeller
4.8
ANZ Australia (not business-specific)
4.7
Westpac (not business-specific)
4.4
Suncorp (not business-specific)
4.3
Bendigo Bank (not business-specific)
2.5
NAB Connect Mobile
2.4
CommBank Small Business
2.1

Most banks use the same app for both business and personal banking. Zeller, on the other hand, is a financial services provider solely for business, therefore the app is entirely tailored to what small business owners need.

From the Zeller App you can create and manage accounts, issue new cards, build and review payment reports and transaction insights, and manage expenses — all with real-time business data. 

*Customer ratings on the Apple App Store as of 17 May 2023.

business bank account app by Zeller

4. Reporting & Analytics Tools

One of the most important ways of measuring the financial health of your business is to track your cash flow. When considering what business bank account to choose for your operation, you need to look into what tools and reporting the bank will offer you, because ultimately, these will inform important business decisions, such as:

  • Committing to capital purchases such as a new coffee machine or vehicle
  • When and at what level to roster staff on, and when to take a break
  • If recent marketing has brought in more sales

For owner-operators who are short on time, being able to gain these financial insights at a glance is essential. In this domain, the Zeller Business Transaction Account is second to none. From the dashboard on desktop or from the Zeller App, business owners can:

  • Visualise their cash flow with real-time reports in a user-friendly interface
  • Break down incoming and outgoing transfers
  • Categorise and filter transactions by type, contact, date, amount and spend category
  • Assign contacts and attach receipts or notes to transactions to know exactly where the money’s going and why.

 

5. Customer Support & Service 

A final and very important consideration when choosing a business bank account is the customer experience. Whether this is over the phone, on a mobile app, or in person at a physical branch, it’s important to choose a provider that is suited to your needs.

If you’re leaning towards a bank and need the option of speaking to someone face-to-face, then make sure to look up where your closest branches are before signing up. If you prefer to manage all your finances online, make sure you like the user experience provided on the website or mobile app of your chosen provider. 

For day-to-day support, have a look at how robust their customer service platforms are including contact channels, customer assistance directories, and support articles — some will be much more comprehensive and easier to navigate than others.

Where Zeller offers a considerable advantage over traditional business banking counterparts is its phone, SMS or email customer support (available 9AM to 1AM AET, 7 days a week) as well as 24 / 7 debit cardholder support.

So, what’s the best business bank account?

There’s no one-size-fits-all solution: every business is structured differently and every owner will prioritise different features. However, if you’re embracing the inevitable shift towards cashless transactions, Zeller’s financial ecosystem is very hard to beat on cost and functionality.

Zeller is a non-bank alternative that has been designed for businesses, therefore every feature is tailored to the needs of business owners.

To come to a final decision, weigh up all the considerations outlined in this article, consult the comparison table above, do your own research, contact the banks if you require even more detail, and sign up for your free Zeller Account today to give it a try.