Best Business Bank Accounts in Australia for 2025

What is necessary to open a business account? To open a business transaction account , you’ll need to provide: certified copies of identification documents, such as a passport or driver’s licence details of your business proof your business exists, such as a website and social media profiles Additional documents may be required if your business operates under a particular structure.  For example, if your business operates under a trust, documents identifying the beneficiaries of that trust may be required for account verification. Further, traditional banks often require you to visit a bank branch in person in order to set up a business account. Wondering how to set up a business account, or how to open a transaction account online? The easiest way is to sign up for Zeller. In just 5 minutes, most businesses can be up and running with a free Zeller Transaction Account . Once set up, you can create as many accounts as you like to separate business funds — and link each to a Zeller Debit Card for simple, trackable spending. Let’s dive deeper into the details, so that you can make an informed decision about the best account for your business. What is a business account? A business account is an account traditionally offered by incumbent banks. In recent years, digital banks and neobanks have introduced similar offerings. Business bank accounts offer a single place to accept deposits and make payments, while keeping your business and personal finances separate. A transaction account enables you to do the same. A business account itself is pretty straightforward. Different banks and alternative providers offer additional features and services, on top of the base offering, which usually come with extra costs. Fees including, but not limited to, monthly account fees and minimum deposit fees are important to keep in mind. Focus on finding an account that aligns with your specific needs in order to keep fees to a minimum. Why open a business account? There are a multitude of benefits that come with opening a separate account for business purposes. For one, setting up a business account can make bookkeeping less of a headache — especially at tax time. A business account also helps you stay in line with the relevant government rules and regulations. The Australian Taxation Office stipulates that ventures operating as a company, partnership or trust must have a business account for tax compliance. And, while sole traders don’t face the same requirement, a business account provides the same benefit of keeping personal and professional transactions separate. Once your business account is set up, you’ll have a clear path to sharing important information with your accountant or handling your tax obligations yourself. Business accounts also give you a clear view of your business finances. All of the relevant transactions are tracked in one place, making it straightforward to look at recent activity and identify any potential areas for concern. Opening a business account also helps your company appear more mature and professional. While customers won’t notice the difference at the point of sale, they will likely see it when reviewing their monthly statement. The legitimacy a business account offers can also encourage suppliers and vendors to form a relationship with you. When you hear the term “business bank account”, it’s usually in reference to a transaction account. This type of account is used to make and receive business payments on a daily basis. A business savings account is another type of business bank account, very similar to a personal savings account. These types of accounts serve as a place to deposit and hold money for longer periods of time. Who can open a business account? Banks and other providers of financial services have a number of rules and security measures in place to make sure anyone attempting to open a business account is doing so in good faith — and is eligible to receive one in the first place. The requirements for opening a business account are strictly defined but straightforward, at least as far as the highly regulated world of banking is concerned. You may be asked to provide a variety of documents and information to prove your business is legitimate and eligible for an account. This mostly involves things you likely have on hand right now or can quickly access, such as your company’s full name, Australian Business Number, and tax file number. The physical and registered address of a business are also commonly requested. You will also need to identify key parties, including both company directors and any employees who will access the account. You, your partners, and potentially your staff may need to produce passports or a certified copy of drivers licences. When should I open a business account? Opening a business bank account makes everything from tax time to accepting customer payments easier. As Australians increasingly move to using debit and credit cards for everyday purchases, this will only become more important. A business account is foundational for smoothly processing card and online payments and keeping track of your business’s finances. You should be looking to set up a business account as soon as you’ve set your business in motion. You’ll need to set aside some time to gather the needed documents and information, but accounts that offer online registration will save you precious hours (and, in some cases, days). You’ll also need to give some thought to the impact any fees will have on your budget. To save on fees, look for providers who are upfront about the costs of using their platform. How can I open a business account? Understanding how to open a business transaction account and set it up correctly is crucial. It streamlines day-to-day management of your finances and makes your business appear more professional. And, in many cases, a business account isn’t just a smart idea — it’s a requirement. You have plenty of choices when it comes to choosing a business account. There are traditional banks, of course, but their offerings don’t always align with the needs of modern business owners. High fees, excessive paperwork, and long application processes can sap your energy, turning what should be a basic task into a drawn-out process. These are just some of the reasons why Australian Businesses aren’t satisfied with the Big 4 banks — and why we built Zeller. We’re reimagining business banking for Australian merchants. With Zeller, you can sign up in minutes and begin taking payment. Discover how our fee-free Zeller Transaction Account , used in conjunction with Zeller Terminal and Zeller Debit Card , can help accelerate your cash flow and grow your business.

Zeller already helped you grow your business, now we’re helping you grow your account balance. Whether you’re an established business owner or are just about to launch your new venture, there’s never a bad time to reassess how your business finances are organised. By now you will most likely have  opened a business transaction account but have you considered a business savings account? With a better interest rate than the big-4 banks, a Zeller Savings Account can help you grow your business savings faster. You'll earn an amazing 4% p.a. interest rate with a Zeller Savings Account . Whether you’re looking to upgrade your coffee machine, give your shop a new fit out, or purchase a new delivery vehicle, a savings account will help get you there. Read on to discover five ways a business savings account can help bolster your business. 1. It can serve as an emergency fund If COVID-19 taught us anything, it’s that you never know what’s around the corner. If you want your business to be able to better survive unexpected events, it’s very important that your business has a cash reserve. By adding funds regularly to a savings account that earns interest, you are building a buffer that your business can use through unforeseen expenses, such as an important piece of equipment breaking down, a legal battle, a sudden increase in operational costs or an economic downturn, for example. 2. It can help manage poor cash flow According to The Invoice Market’s research , cash flow is the number one issue affecting small to medium businesses across Australia, with more than a third of them having to dip into their own personal savings to keep their business afloat. By moving funds into a savings account, you can contribute to building your businesses' resilience. Late payments, rising overheads, overstocked inventory or seasonal fluctuations are all common causes of poor cash flow; having some extra funds to see you through these leaner times will help give your business more stability. 3. It can help you avoid tax stress As a business owner, it is your responsibility to manage your tax obligations. If you do not have an organised approach to earmarking tax funds and declaring your turnover, you may end up with an unforecasted tax bill that could cripple your business. One great way of managing funds for not yet paid tax obligations is to put them into an interest-earning account before you need to pay the tax office. Not only will you have set aside cash to meet your tax obligations, but you will also have earned interest on it. 4. It can improve your position to borrow Even if you’re not currently planning on taking out a business loan, it might be something you choose to do in the future – so it’s important to consider your credit rating. When a lender is assessing whether or not to lend you money, they look at how much risk they are taking on. This ‘risk’ is what is known as your credit rating. In ascertaining your credit rating, they might assess your cash flow and your cash on hand. A savings account can therefore assist in providing this context to a lender. 5. It can help finance future investments Interest rates on savings accounts may not be very high, but they still offer a way to earn some passive income on idle funds. The extra cash that you earn from interest can be invested back into your business: whether you use it for purchasing new equipment, upgrading your technology, or helping to fund an advertising campaign, over time, these purchases can make a considerable difference to your business. While the day-to-day running of your business can be all consuming, making a contribution each week to a savings account can set you up for future expansion by earning you money in the background. How does a Zeller Savings Account compare to the big-4 banks? *Interest rates current at 1 August 2025. Terms apply . Don’t let your business savings sit in a big-4 bank account. With Zeller’s competitive interest business savings account , not only will you earn a better return on your savings without a minimum balance requirement, but you will also benefit from a whole ecosystem of financial services and business products. From securely holding your money to accepting payments, managing expenses and tracking your cash flow, Zeller’s suite of financial tools lets you tailor your solution to your business needs. With everything consolidated into one reliable platform, you can accept, settle, spend, and track your funds faster, leaving you more time to run your business. Disclaimer: The information provided on this site is for general informational purposes only and should not be considered as advice that takes into account your business needs and objectives. If you are unsure, seek the advice of a qualified accountant or financial service advisor before deciding whether a savings account is right for your business.

It pays to open a separate account for your business. When you run a business, keeping accurate financial records is essential. One of the easiest things you can do to simplify your life is to choose the right set-up for your accounts from the outset — especially if you have plans to grow your business in future. Depending on your business structure, you may be required to have a separate account to hold business funds. If your business has been set up as a partnership, company or a trust, you are legally obligated to have a separate account for tax purposes. Sole traders aren’t legally required by the ATO to have a separate account, but there are many reasons why keeping your personal finances distinct from business funds is a good idea. Read on to discover the top reasons for opening a business account, and how to choose the right small business account for your circumstances. 5 reasons why you should open a business account 1. Better visibility of the financial health of your business One of the biggest challenges for small businesses is the ability to manage cash flow. Accurate monitoring of spending is vital for cash planning, however managing this can become more difficult when business spending and personal spending are intertwined in the one account. As a sole trader, there’s no legal reason why you can’t use your personal bank account to receive and make payments for your business. Yet when it comes to reconciling your business transactions at the end of each month, you may find that trawling through your personal expenses is a tedious task. If you choose to store business and personal funds in one account, you will need to be extra careful in reconciling your financials. Getting it wrong could land your business in trouble, come tax time. By keeping your business transactions separate, sorting out your legitimate business expenses from your personal spending becomes far simpler. To streamline your bookkeeping even further, you can link your business account to your business accounting software and automate the process of inputting your expenses. The ATO requires you to maintain your business records for five years; having a dedicated business transaction account will make it much easier to manage in the event you are audited. 2. Separated funds ready for tax time Meeting your tax obligations is one of the less enjoyable, yet necessary, elements of running a business. Maintaining a separate business transaction account means that you can keep track of your business income, and better manage your obligations when tax time rolls around. A popular approach for ensuring that there are no surprises at the end of the financial year is to have three business accounts : one for everyday transactions, one for holding your GST and PAYG instalments, and one for storing profit. This way, you won’t be tempted to spend more money than you should, and you’ll have better control over your cash flow. With Zeller, you can open multiple Zeller Transaction Accounts – with different cards attached to each for simple, trackable expense management and you can open a Zeller Savings Account to earn interest on your profit. 3. Easier accounting When tax time rolls around, you’ll want to make sure you don’t miss any legitimate business deductions. Keeping your personal and business transactions separate will not only make this easier, but will also help to avoid mistakenly claiming a personal expense as a business expense. You’ll also likely minimise your accountant’s fee, as they won’t have to sift through your personal expenses in order to complete your tax return. Instead, you could ask them to spend time on meaningful tasks that will help to grow your business. The true value of an accountant is in helping you to identify longer-term savings and strategies to grow your business — not identifying which coffees were for a business meeting, and which were for brunch with friends. Haven’t got one? Read  How to Find an Accountant for Your Small Business . 4. Simpler and faster money management Most financial service businesses take the hassle out of making and receiving payments by offering 24-hour online access to accounts. However, by shopping around, you will be able to find smarter solutions that offer far more than round-the-clock access to your funds. Depending on which provider you choose, your business could also benefit from the ability to track things like: the total value of sales on any given day, or month business performance by location the amount of tax payable on your takings, at any point in time. Zeller Transaction Account offers real-time visibility of all of the above, and much more. Most businesses can sign up in under 5 minutes. Take the time to research the features and compare business bank accounts to discover which meet your needs — not only now, but as your business grows. 5. A more professional image If you want your business to be taken seriously, opening a business account is an important first step. Making and receiving payments into a business account helps to create a more professional, trustworthy perception. When you have a separate account for storing business funds, your business name will appear on any invoices and payment paperwork, rather than your personal name. This will help both suppliers and customers to become more familiar with your business' name. Choosing the best transaction account for small business Before opening a new business account, it’s important to take a moment to consider your needs. Your business' operating rhythm, as well as the time it takes to get set up, are two of the most important considerations. Thanks to decades of technological advancements, there are new alternatives to traditional big-4 banking which don’t require you to carve time out of your busy work day to visit a branch, and rely on outdated communications methods — such as fax. Aside from ease of setup, there are a number of other considerations. These include: transaction limits whether you require additional features, such as cheque books availability of merchant facilities, such as EFTPOS terminals fees, including account-keeping and transaction fees how quickly you need access to your funds. If you’re not sure which business account is right for you, consider seeking advice from your accountant or tax agent. They may be able to help you decide what will work best for your financial reporting requirements. The easiest way to set up a business transaction account Zeller has developed a fee-free option specifically for small and medium sized Australian businesses. Our all-in-one solution includes a free business transaction account , linked to your Zeller Terminal. There are no hidden fees, or lock-in contracts. Payments accepted via your Zeller EFTPOS machine are settled into your Zeller Transaction Account at the end of every day, and funds are available for spending via your Zeller Debit Card the next day — which means there’s no waiting for your money. You can pay staff, suppliers, and yourself immediately. However, if you prefer to store your funds elsewhere, your Zeller Terminal can be linked to any third party bank account. Funds will be transferred the very next business day. The Zeller system has been designed to streamline the entire payments side of your business, and provide visibility over your incomings and outgoings at a glance. Zeller Dashboard provides a real-time overview of the money flowing into your transaction account, earning interest in your savings account, and being spent via your business debit card, as well as how your current cash flow compares to previous periods. Still not sure which is the right option for your business? Read up on Best Business Bank Accounts in Australia .