• Banking

The Best Business Bank Accounts in Australia

10 min. read27.06.2025
By Team Zeller

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 transaction 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.

Zeller Transaction Account
Online OptionIn-Branch Option
Business Accounts
Monthly Account Fee

$0

$0

$10

$0

$10

Electronic Transactions

Unlimited, free online transfers

Unlimited

Unlimited

In-Person Transactions

None

20

None

30

In-Person Fees

$3

$2.50 + $0.60 per cheque/item

Sub-Account Creation

Yes
Infinite sub-accounts can be created online in seconds

Yes

No

Transaction Notes

Yes
Append notes to individual transaction records

No

No

Business Banking App

Yes
Download the free Zeller App on iOS or Android

Yes

Yes

Debit Cards
Included Card

Unlimited, free Zeller Debit Cards

CBA Business Visa Debit Card

NAB Business Visa Debit Card

Additional Cardholders

Unlimited
Add additional cardholders with a click from Zeller App or your Zeller Account

Unlimited
Each cardholder must be an account signatory

Unlimited
Each cardholder must be an account signatory

Mobile Wallet

Yes

Yes

Yes

Upload Receipts

Yes
Upload and save receipts to individual transaction records

No

No

Cash Withdrawal Limit

$2,000

$2,000

Transaction Limit

$150,000

Up to $250,000

No transaction limit

Network ATM

$0

$0

Out-of-Network ATM

$0

$0

International Transaction Fee

No international transaction fees

3%

3%

International ATM Fee

$5

$4

Extras
BPAY®

Yes

Yes

Yes

Built-In CRM

Yes
Using Zeller Contact Directory, you can assign contacts to payments, invoices and transactions from your Zeller Account

No

No

Invoicing System

Yes
Send free online invoices with built-in invoicing functionality

Yes

No

Interest Rate

No interest is paid on this account.

Earn 2% p.a with a Zeller Business Savings Account.

No interest is paid on this account

No interest is paid on this account

Cheque Availability

No

Yes

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

NAB business transaction account holders can benefit from a list of partnership offers

Overdraft
Overdraft Facility

No

Yes

Yes

Informal Overdraft

$15

Debit interest charged on the overdrawn amount

Dishonour Fee

$5

$5

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.

  • Approx. 800 branches nationally

  • In-app messaging or virtual assistant

  • Australian based phone support

  • Online customer assistance directory + support articles

  • Approx. 500 branches nationally

  • Online messaging service

  • Online customer assistance directory

  • Support articles + video guides

How to apply
Online

Everyone
Sign up free online in under 6 minutes

  • Sole traders

  • Australian private companies (Pty Ltd)

  • Self-managed super funds (SMSF)

  • Partnerships (up to 4 individuals as partners)

  • Sole traders

  • Partnership

  • Directors of an Australian private company

  • Trustee of a trust

In-Branch

Anyone who doesn't fit into the above categories

Anyone who doesn't fit into the above categories

Application time

Create an account online for free in minutes

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

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:

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.

Loan documentation

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

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.

Sign up for a free Transaction Account.

Your fee-free merchant account is ready to use in minutes — no lengthy paperwork required.

Sign up online now

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.

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.

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

*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.

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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.

Sign up for a free Transaction Account.

Your fee-free merchant account is ready to use in minutes — no lengthy paperwork required.

Sign up online now

Replace your Outdated Business Bank with Zeller

Everything you'd expect from a business account — and more. As a business owner, you want to focus on growing your business. Whether your goal is to scale up, increase your profits, or explore new opportunities — our growing range of financial services products enable you to take that next step. We have expanded our product suite to include three new, powerful products that will help more Australian businesses — like yours — to grow. Zeller Debit Card New and improved Zeller Transaction Account Zeller App As with all Zeller products, these new offerings work just as well together as they do with your existing solutions. When used in conjunction with Zeller Terminal, they give you a complete view of your incomings and outgoings — enabling you to get a better handle of your business cash flow. Yet, as part of the exciting evolution of Zeller, you can also opt to use each of these products as a standalone replacement for your current business bank account . Zeller is a new and powerful replacement for your business accounts and cards, enabling you to store, save and spend your money better. Keep reading to learn more about how Zeller is reimagining business banking by developing innovative products to help you run your business better — with no lock-in contracts, monthly fees or need to visit a bank. Reimagining business banking for Australian businesses In 2021, over 3 in 5 Australian business owners reported that they would prefer to manage their business finances through a non-big 4 bank. Tired of the lengthy set-up processes and paperwork, slow settlement, hidden account fees and fine print, it was clear that business owners desired a powerful new alternative. Zeller launched that same year to offer a smarter alternative to outdated business banking solutions serving Australia’s thriving business ecosystem — supporting merchants to grow their cash flow and profitability as they emerged from the pandemic with products that enable them to access their funds faster, gain valuable business insights, manage expenses more efficiently, and sell to their customers in more locations. Now we’ve expanded Zeller’s suite of products to offer a complete financial services solution that’s everything you'd expect from a business bank, but better. The release of these new products marks an important milestone for Zeller in becoming a financial services provider that meets all of your business financial needs — from accepting payments to managing your finances, paying employees and bills, tracking your expenses, reporting on business growth, streamlining bookkeeping and more. With Zeller, you can say goodbye to your outdated business bank. No matter what your financial services needs are, we are developing the solutions to power them — with no monthly fees, no paperwork, no need to visit a branch, and no lock-in contracts. Meet Zeller’s suite of new, powerful financial products Use them all or pick one to plug into your existing tech stack, Zeller offers a suite of financial services products to power up your business — including EFTPOS payments and invoices, accounts and cards, with new solutions for expense management coming soon. Zeller Transaction Account When you sign up for your Zeller Account, you get a free, powerful Zeller Transaction Account that you can use to replace your traditional business bank. Or, simply sign up for your free Zeller Transaction Account and use it without any other Zeller products. It’s the most powerful business Transaction Account for any business stage or type — complete with your own BSB and Account Number. Once set up, you can create as many additional accounts as you like. Zeller Transaction Account comes with features to see a full overview of all of your payments, transactions, expenses, spending and invoices across your top suppliers and customers, and manage expenses in real-time with ease. You can transfer funds to and from your Zeller Transaction Account instantly, then rack all your incomings and outgoings with up-to-the-minute Xero Bank Feeds, to streamline reconciliation. Using your Zeller Transaction Account in conjunction with Zeller Termina l gives you the fastest possible access to your funds, so you can put your money to use. Funds accepted via Zeller Terminal are settled to Zeller Transaction Account nightly, 365 days a year. Zeller Debit Card As you grow your business, you’ll need to purchase stock; pay bills, suppliers and employees; and keep track of it all so your budget is under control. Zeller Debit Card , which replaces Zeller Mastercard, is linked to your free Zeller Transaction Account so you can spend funds as soon as they settle to your account. With Zeller, you can create unlimited, free virtual cards and assign cards to employees in seconds so they can make business purchases in-store and online. Then, add notes and upload receipts so you know where your money is going. If your card ever goes missing, it’s simple to lock or cancel the card in an instant via Zeller Dashboard or Zeller App. Whether it’s a round of coffee for staff, or your business’ electricity, you can pay for it with Zeller Debit Card — plus, you’ll get access to exclusive cardholder benefits and rewards with every dollar you spend. Purchases made in Australia are always fee-free, and there are no annual card fees. Zeller App The Zeller App is the only app you need to manage your accounts and cards, EFTPOS and payments, invoicing and expense management, and more. Whether you operate a startup or a scale-up, you can run all of your business finances from your mobile phone, no matter where you are in the world. With Zeller App , you can: transfer funds fast between accounts order and issue, activate and cancel Zeller Debit Cards for you and your team view sales reports view your entire transaction list and details for all your Zeller Transaction Accounts, Zeller Debit Cards and funds settled from Zeller Terminal add notes to your transactions and more. Zeller App is available and free to download from Apple’s App Store  and Google Play . Zeller Terminal Whether you’re accepting payments in-store, on the go or over the phone, Zeller Terminal ensures customers are able to pay for your goods or services quickly and securely. When you’re just starting out, having an EFTPOS machine helps establish legitimacy with customers and affords incredible efficiencies; you don’t want to be sending customers to an ATM or requesting bank transfers. When you’re operating a busy business, an EFTPOS machine that processes customer payments in seconds helps to cut down queues and increase customer satisfaction — ensuring their final touchpoint with your business is a positive one. Make use of intelligent functionality such as: integrations with 600+ point-of-sale systems to streamline payments custom surcharging to pass on your cost of acceptance in full tipping prompts to grow your tips by 30% customisable receipts for additional business branding and much more. With 99.999% uptime and the option to add a Zeller SIM Card so you can process payments when Wi-Fi or personal hotspot isn’t available, Zeller Terminal ensures you’re always ready to sell. In-person payments cost just 1.4% per tapped, dipped or swiped transaction, while over-the-phone payments cost 1.7% to reflect the additional security measures required to keep your business safe. If your business processes over $250K in card payments per year, you may be eligible for a custom rate. Funds accepted via Zeller Terminal are settled to your Zeller Transaction Account overnight, 365 days a year, and available to spend using your Zeller Debit Card the very next day. Zeller Terminal comes in black and white, and is available from Zeller Shop , with free express shipping and same-day dispatch. There are no lock-in contracts, terminal rental fees or hidden charges. Zeller Dashboard Having the ability to see, track and report on your incomings and outgoings is key to running a successful business. Zeller Dashboard provides one convenient location to see your incomings and outgoing in real-time, manage your EFTPOS terminal settings, create reports, keep track of business performance and more — from wherever you are. Understanding where your money is coming from, and then being spent, is key to healthy cash flow. It also makes tax time easier and enables you to find opportunities to cut spending to support business growth. For example, using Zeller Dashboard you can instantly identify which times and days of the week your business is the quietest. With this information in hand, you can make informed decisions about whether to change your opening times, close on public holidays, reduce your staff, and much more. Zeller Contact Directory works hand in hand with Zeller Dashboard, allowing you to better understand the customers who shop with you and get valuable insights about the businesses you spend with. This powerful functionality gives you one place to see every EFTPOS payment, transaction and account transfer processed with an individual or another business — and it’s included free. Make the switch today Whether your business is big or small, Zeller products can help you run more efficiently and meet your next growth milestone. Plus, all Zeller merchants get free access to live support in under five minutes. Our team of experts is on hand to help you with any queries you may have, and are available via phone call or text, email, and social media. Sign up for your free Zeller Account today in under five minutes to get started, or speak to Zeller Sales about a custom package designed to suit your business needs.

How To Open Your First Business Transaction Account

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.

5 Reasons a Savings Account Might Be Good for 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 2% 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? COMPARE BUSINESS SAVINGS ACCOUNTS *Interest rates current at 10 June 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.

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