Best Small Business Bank Accounts in Australia

Selecting the right bank account for your business can simplify your finances and save you money. But with so many choices out there, which is the best one in Australia in 2025? In this guide, we’ll walk through exactly what to look for in a business bank account while also comparing some of the best options & alternatives for small business.

Table of contents
Finding the best bank for small business: Factors Comparing business bank accounts for small businesses in AU Wise Business Multi-Currency Account CommBank - Business Transaction Account NAB - Business Everyday Account Westpac - Business One Account Suncorp - Business Premium Account Choosing the right fit for you!

Finding the best bank for small business: What matters most?

Small businesses in Australia face unique financial challenges. Unlike larger corporates, they typically deal with:

• Lower transaction volumes (but still plenty of transactions)
• Tighter cash flow
• Smaller balances
• Potential for frequent payments overseas
• Need for affordable fees and simple tools

From these unique characteristics of managing finances, you can start to get a feel for what’s best in a small business bank account. Factors to consider and trade off when choosing include:

1. Digital or in-branch

Most banks offer two account types. One for digital banking, and a second with the option for sorting finances on location, in a physical branch. You need to decide whether cashing cheques, etc. and having staff on-hand to assist with transactions is valuable to your business. Lots of startups tend to rely on just mobile and online banking.

2. Fees and limits

Monthly fees and transaction costs are now quite consistent across banks and account types. You’ll find most digital accounts waive the monthly fee. But take note of all the transaction fees (if there are any) and read the fine print and PDF guides so you’re fully aware of all the costs and obligations involved.

Pay close attention to any account limits, too. These vary by provider:

• Monthly transaction limits - How many ‘free’ electronic transactions per month are included?
• Daily payment or transfer limits - How much can you transfer in a single transaction or over a 24-hour period?
• Cash deposit limits - Are there any caps on how much cash you can deposit at ATMs or branches without paying extra fees?

3. Global payments and multi-currency support

Not all bank accounts are built for overseas payments. There is a typical charge of around +3% of the transaction amount for cross-border transactions. This might not sound like much, but it’s easy to rack up significant costs if you’re paying suppliers or receiving payments from overseas regularly. Most accounts don’t let you switch between currencies on the fly, either.

4. Debit cards and payment tools

Most accounts include a business debit card. But features and limits can vary. Look for daily withdrawal limits that suit your needs, and confirm if it’s possible to get multiple cards for your team (and the cost involved). Also, think about whether you’ll need payment terminals (EFTPOS).

5. Ease of use

If you’re switching from a personal account for the first time, you’ll want something that feels familiar, that fits into a busy day, with advanced features on top. Look for:

• Mobile app usability
• Internet banking features
• User access and permissions
• Real-time notifications
• Account management tools
• Customer support quality

6. Software integrations

Most banks offer some sort of integration with accounting software and other tools. If you’re using QuickBooks, for example, make sure you can sync your bank account with it before applying. This allows the bank to directly feed transaction data for automated reconciliation which can be efficient for bookkeeping and maintaining accurate financial records.

7. Credit and lending options

Do you need access to overdrafts or credit facilities? Bigger banks usually offer these as an option with business bank accounts. Having flexible credit is a safety net for startups, providing much-needed support to deal with cash flow gaps or emergency expenses.

Comparing business bank accounts for small businesses in Australia

Most banks now offer great entry-level account options that don’t scrimp on features while giving small businesses the room to grow and scale. Most bank accounts, for example, don’t have a minimum monthly balance limit.

We’ll look at five banks here, covering things like fees, account features, and why they’re suitable for managing business finances. Here’s a quick overview.

Bank/Account Type	Monthly Fee	Multi-currency
CommBank Business Transaction	Up to $10	Limited
NAB Everyday Business	Up to $10	Limited
Westpac Business One	Up to $10	Limited
Suncorp Business Premium	$0	Limited
Wise Business (Alternative)	$0	Yes (40+ currencies)

Wise Business account - Alternative solution

Wise Business is an alternative solution to traditional business bank accounts with powerful tools for managing finances, both domestically and overseas. It’s free to register. And to keep things simple for new customers, there’s only one Business account tier with no monthly subscriptions, limits or caps.

Avoiding unseen expenses is crucial for startups. US-based startups lose $153bn a year to hidden fees. Many of these are buried in poor exchange rates and shock charges for international payments. Wise sidesteps these costs by offering cross border business transactions at the real, mid-market rates with low and transparent fees.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

CommBank - Business Transaction Account

CommBank¹ is Australia’s largest bank. The Business Transaction Account is marketed as a “simple and secure” banking account for everyday business. There are two account types: Online with a $0 monthly account fee, and In Branch for a $10 monthly account fee.

CommBank’s main strength lies in its full business banking ecosystem, which is a great support network for startups and SMEs. It’ll handle all your transactions with ease. But also give you options for lending (loans, overdrafts), merchant services (card payment processing) and business support with financial advice.

It’s very affordable, too.

Fees

• $5 for each staff-assisted transaction, $10 for each QuickCash deposit
• 5 staff-assisted transactions included with $10 monthly fee account
• Unlimited free electronic transactions

Features

• Integration with accounting software (QuickBooks, Xero, MYOB)
• Cash flow management and business insight tools for “smarter” banking
• Local support from a customer service team based in Australia
• Free Business Visa Debit Card
• Apply for a SMART Mini EFTPOS reader for payments on the go
• Partner offers and discounts for software and mobile plans

NAB - Business Everyday Account

NAB Business Everyday² is another account geared to the demands of small business banking. Like CommBank, there are two options. The $0 monthly fee account is mainly for online banking, though you still get free ATM transactions. Meanwhile, the $10 monthly fee account might be better if you get through lots of cash and cheque transactions.

The bank’s reputation and well-rounded ecosystem make it another solid choice for small businesses. NAB has case studies on its homepage showcasing its work in supporting “young, fast growth businesses”.

Fees

• $3 for each staff-assisted transaction
• 15 free transactions per month with $10 monthly fee account
• Unlimited free electronic and ATM transactions

Features

• Integration with accounting software (QuickBooks, Xero, MYOB)
• Sole Trader Resource Centre with educational content to help grow your business and manage income and tax.
• Free NAB Business Visa Debit Card
• NAB Easy Tap turns Android smartphones into contactless payment terminals
• Partner offers and discounts for software

To open an account with NAB, you’ll need two pieces of ID, such as an Australian passport and driver’s licence. You can then apply for a business account with an active ABN or ANC, and by providing relevant business documents. NAB says the application process should take around 15 minutes.

Westpac - Business One Account

Westpac’s Business One³ has two account types. There’s a standard account with a $0 monthly fee, and Plus with a $10 monthly fee.

Westpac combines value with practical features and an extensive support and ATM network, making it a solid choice for small businesses in Australia.

Fees

• Unlimited free electronic transactions
• $3 for each staff-assisted transaction
• 25 free staff-assisted transactions with Plus
• $0 international transfers

Features

• Business Debit Mastercard
• Integration with accounting software (Xero, MYOB etc.)
• Use the EFTPOS Air app to take in-person payments with a mobile app
• Partner offers and discounts for software for running a business
• Westpac’s Business Money Tools can track cashflow and categorise spending
• Online banking security guarantee with Westpac Protect
• Optional overdraft facility

It’s easy to get started as a sole trader with Westpac. You’ll just need one piece of ID and some business documents to apply online or in-branch. Companies require a bit more to get set up, including an ACN and ASIC certification.

Suncorp - Business Premium Account

Suncorp also received Canstar’s seal of approval for value. The Business Premium Account⁴ waives monthly fees and promises no fees for account upkeep during the “life of your account”.

Suncorp has another ace up its sleeve: unlimited staff-assisted transactions. That’s quite the perk and will appeal to those that want more flexibility in how they complete payments. Customers can bank online and in-branch. There’s also the option of earning interest on savings with flexiRates.

The focus is more on everyday value than additional partner offers or benefits. But it all adds up to a compelling package for small businesses.

Fees

• Unlimited electronic and staff-assisted transactions
• Free unlimited withdrawals every month

Features

• Bank online via the Suncorp Bank App
• Free Suncorp Bank Business Visa Debit Card
• Integration with accounting software (Xero and MYOB)
• Maximise savings with flexiRates over different periods, 3 to 12 months
• Use balance to pay less interest on a small business loan
• Support to set up EFTPOS machines and other payment systems

If you’re a sole trader, a Pty Ltd, or Ltd company, you can apply online for a Business Premium Account. There’s also the option to download and complete the application form and submit it at a local branch.

Choosing the right business account that suits your small business needs!

Everyone has unique needs. It’s important to take the time to review all the options to find which account (and tier) is the best for your small business. Use the factors outlined earlier to work through a list of priorities and trade-offs before shortlisting the ones that work for you. It’s then a case of checking eligibility criteria and applying for an account.

The major banks now all offer competitive accounts. But don’t overlook alternatives like Wise, especially if cross-border payments are part of your daily work routine. It also offers transparent pricing (with no hidden fees) and lots of digital tools to take the hassle out of managing business finances.

Sign up for the Wise Business account! 🚀

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Sources:

1. CommBank - Business transaction account
2. NAB - Business transaction accounts
3. Westpac - Business transaction accounts
4. Suncorp - Business premium account