10 Best Business Bank Accounts in Australia [2026 Edition]

This guide is designed to help beginners make sense of business banking in Australia — without the confusion.

When you first start a business, choosing a bank account can feel overwhelming. Big banks, online banks, low fees, hidden charges, apps, branches — it’s a lot to take in, especially if you’ve never dealt with business banking before.

This guide is written specifically for beginners, including:

• Sole traders
• Freelancers
• Startups
• Small business owners
• Online sellers and side hustlers

Everything is explained in plain Australian English, with no complicated financial jargon or hard-to-understand banking terms.

What You’ll Learn in This Guide

By the end of this article, you’ll clearly understand:

• What a business bank account is – Learn the basics of how it works and why you need one.
• Why it matters for your business – Discover how the right account can save time, reduce stress, and help your business grow.
• How it’s different from a personal bank account – Understand why mixing personal and business finances can cause problems.
• How to choose the right business bank account – Step-by-step tips for picking the account that fits your needs.
• The best business bank accounts in Australia for different business types – A detailed look at options for startups, freelancers, sole traders, online sellers, and more.

Whether you’re just starting out or thinking about switching accounts, this guide will help you choose a business bank account that actually suits the way you work — without unnecessary fees or confusion.

What Is a Business Bank Account? (Simple Explanation)

A business bank account is an account used only for business money.

It’s where your business income goes and where business expenses are paid from.

You use it to:

• Receive customer payments
• Pay suppliers and contractors
• Pay staff wages
• Set aside GST and tax
• Track profit and expenses

Whether you’re a sole trader or a company, having a separate account for your business makes managing money far easier and far less stressful.

Do You Legally Need a Business Bank Account in Australia?

This depends on how your business is structured.

Companies and trusts

If your business is registered as a company or trust, you must have a separate business bank account.

Sole traders

If you’re a sole trader, it’s not legally required, but it is strongly recommended.

The ATO expects clear records. Mixing personal and business money makes tax, bookkeeping, and compliance much harder than it needs to be.

Why Using a Personal Bank Account for Business Is a Bad Idea

Many beginners start by using their personal account for business. This usually causes problems later.

Common issues include:

• Confusing personal spending with business expenses
• Missing tax deductions
• Stress during BAS and tax time
• Higher accounting fees due to messy records
• Difficulty understanding true business performance

Opening a business bank account creates a clear boundary between your money and your business money. This alone improves clarity, confidence, and decision-making.

Types of Business Bank Accounts in Australia

Understanding the different account types helps you choose the right setup.

1. Business Transaction Account

This is the main everyday account for your business.

Used for:

• Receiving payments
• Paying bills
• Day-to-day expenses

Most businesses need at least one transaction account.

2. Business Savings Account

Used to:

• Save for GST
• Set aside tax
• Build emergency funds

Many business owners keep GST and tax money separate to avoid accidentally spending it.

3. Online-Only Business Accounts

These are digital accounts with no physical branches.

They often offer:

• Lower fees
• Faster setup
• Modern apps

However, they may not suit businesses that deal with cash regularly.

Why Choosing the Right Business Bank Account Matters

The right business bank account:

• Saves time every week
• Makes bookkeeping easier
• Reduces stress at tax time
• Helps your business look professional
• Supports long-term growth

The wrong one can quietly cost you money through fees, slow processes, and admin headaches.

Small differences add up over time.

Understanding Business Bank Account Fees 

Fees are one of the most misunderstood parts of business banking.

Here are the most common ones beginners should know.

Monthly Account Fees

A fixed amount is charged each month for having the account. Some banks waive this if conditions are met.

Transaction Fees

Charged for transfers, payments, or deposits. These can add up quickly if you process many transactions.

Cash Handling Fees

If your business deals with cash, banks may charge for:

• Cash deposits
• Coin handling
• Cash counting

International Fees

Apply when:

• Receiving overseas payments
• Paying international suppliers
• Converting currencies

👉 Beginner tip: Digital businesses usually benefit from low transaction fees, while cash businesses should focus on cash handling costs.

Cash Flow Management Starts With the Right Bank Account

Cash flow is one of the biggest challenges for new businesses.

A good business bank account helps you:

• Clearly track incoming payments
• Schedule outgoing payments
• Separate spending money from tax money

Many experienced business owners use:

• One account for daily operations
• One savings account for GST and tax

This simple system prevents accidental overspending and last-minute stress.

Security and Fraud Protection

Business bank accounts usually offer stronger security than personal accounts.

Look for features like:

• Two-factor authentication
• Transaction alerts
• User access controls
• Payment approval limits

If staff or a bookkeeper need access, these controls are especially important.

Online Banks vs Traditional Banks

Both options have pros and cons.

Online Banks

✔ Lower fees
✔ Faster setup
✔ Modern apps

✘ No branches
✘ Limited cash support

Traditional Banks

✔ Branch access
✔ Relationship managers
✔ Better for cash businesses

✘ Higher fees
✘ Slower processes

Rule of thumb:

• Online business → online bank
• Cash or retail business → traditional bank

How Business Bank Accounts Support Growth

As your business grows, your banking needs change.

You may later need:

• Multiple accounts
• Staff access
• Higher payment limits
• Better reporting

Choosing a bank that can grow with you saves time and hassle later.

10 Best Business Bank Accounts in Australia (Detailed Guide)

Below are 10 popular business bank accounts commonly chosen by Australian small businesses.

1. Commonwealth Bank Business Transaction Account

Best for: Businesses wanting a full-service major bank

Why beginners choose it

• Trusted brand
• Physical branches
• Strong digital tools

Pros

✔ Reliable
✔ Scales well
✔ Strong support

Cons

✘ Fees apply
✘ Not the cheapest

2. NAB Business Everyday Account

Best for: Small businesses wanting reliability

Pros

✔ Easy setup
✔ Strong systems
✔ Popular with SMEs

Cons

✘ Fees apply
✘ Average pricing

3. ANZ Business Transaction Account

Best for: Growing businesses

Pros

✔ Good digital tools
✔ Flexible options
✔ Trusted institution

Cons

✘ Fees
✘ Less beginner-focused

4. Westpac Business Transaction Account

Best for: Established small businesses

Pros

✔ Secure
✔ Full banking services
✔ Branch access

Cons

✘ Higher fees
✘ More complex

5. UBank Business Account

Best for: Sole traders and freelancers

Pros

✔ Low cost
✔ Simple app
✔ Easy setup

Cons

✘ No branches
✘ Limited advanced features

6. Wise Business Account

Best for: International payments

Pros

✔ Multi-currency support
✔ Transparent pricing
✔ Easy to use

Cons

✘ Not a traditional bank
✘ Limited cash support

7. Airwallex Business Account

Best for: E-commerce and online businesses

Pros

✔ Excellent FX rates
✔ Strong integrations
✔ Modern platform

Cons

✘ Online only
✘ Not suitable for cash

8. Bendigo Bank Business Account

Best for: Local and regional businesses

Pros

✔ Community focus
✔ Personal service
✔ Australian-owned

Cons

✘ Smaller digital tools
✘ Fees apply

9. Suncorp Business Everyday Account

Best for: Queensland-based businesses

Pros

✔ Local support
✔ Reliable systems
✔ SME-friendly

Cons

✘ Limited nationwide presence
✘ Fees apply

10. Bankwest Business Transaction Account

Best for: Cost-conscious beginners

Pros

✔ Low fees
✔ Simple structure
✔ Easy to manage

Cons

✘ Fewer branches
✘ Basic features

Business Bank Account Quick Comparison Table

Business Bank Account Fee Comparison (Accurate Overview – Australia 2026)

Explanation of Fee Terms 

✔ Monthly Fee: A fixed amount charged every month just for having the account. Some banks let you choose a free option and pay per assisted transaction, or a paid plan where some assisted transactions are included.

✔ Electronic Transaction Fees: Online transfers, BPAY, Osko/NPP or ATM withdrawals done electronically — these are usually free with most business accounts.

✔ Assisted / Branch Transaction Fees: When you deal with a staff member in a branch (for deposits, withdrawals or cheques), banks charge a fee unless it’s included in your paid plan.

✔ International Fees: If you receive or send money overseas in AUD or other currencies, additional charges may apply for conversion or international transfers — these differ greatly between traditional banks and digital providers.

Note on Data Accuracy (January 2026)

All business bank account information and fees in this guide are current as of January 2026. The fee schedules and account features were checked using the latest available details on each bank’s official website and publicly disclosed fee guides.

Because banks can change fees or features at any time, it’s a good idea to double‑check the latest information directly on the bank’s website before you open an account. This ensures you have the most up‑to‑date fees and conditions that apply to your business circumstances.

The Best Business Bank Accounts in Australia for Different Business Types

Choosing the right business bank account depends on the type of business you run. Here’s a detailed look at what works best for startups, freelancers, sole traders, online sellers, and more.

1. Startups

What they need: Flexibility, low fees, and the ability to scale as the business grows.

Recommended accounts:

• Commonwealth Bank Business Transaction Account – Full-service support and strong digital tools. Good if you plan to grow quickly and may need multiple users.
• NAB Business Everyday Account – Easy setup, reliable systems, and suitable for handling moderate transactions without high fees.

Why it works: Startups often need accounts that can handle growth and offer features like multiple user access, online banking, and clear reporting to track cash flow efficiently.

2. Freelancers

What they need: Simple, low-cost accounts with easy digital access.

Recommended accounts:

• UBank Business Account – Low fees, simple app interface, and easy online setup.
• Bankwest Business Transaction Account – Affordable and straightforward for small-scale operations.

Why it works: Freelancers usually have fewer transactions but need easy access to funds and tools to separate business income from personal finances.

3. Sole Traders

What they need: Clear separation of personal and business money, low fees, and simplicity.

Recommended accounts:

• Westpac Business One – Offers a free plan with the option for paid plans as your business grows.
• NAB Business Everyday Account – Provides flexibility and reliable support for sole traders just starting out.

Why it works: Sole traders don’t have employees initially, so a straightforward account with online banking is usually enough. Keeping personal and business finances separate is the most important factor.

4. Online Sellers / E-commerce Businesses

What they need: Fast digital banking, multi-currency support, and low international fees.

Recommended accounts:

• Wise Business Account – Excellent for international payments, transparent fees, and multi-currency accounts.
• Airwallex Business Account – Modern platform for e-commerce, integrates easily with online payment systems, and supports global transactions.

Why it works: E-commerce businesses often deal with international customers or suppliers. Digital-first accounts with low conversion fees make it easier to manage payments across currencies.

5. Small to Medium Enterprises (SMEs) with Employees

What they need: Advanced banking features, multiple accounts, staff access, and payroll support.

Recommended accounts:

• ANZ Business Account – Flexible features for growing SMEs, including payroll integrations.
• Commonwealth Bank Business Transaction Account – Suitable for companies that require multiple users and comprehensive support.

Why it works: SMEs need robust systems to handle salaries, supplier payments, and high transaction volumes. Choosing a bank with growth-friendly features saves time and avoids switching accounts later.

Quick Summary Table

Should You Have More Than One Business Bank Account?

Often, yes.

A common setup:

• Account 1: Daily operations
• Account 2: GST and tax

This improves discipline and clarity.

Final Thoughts

There is no single “best” business bank account for everyone.

The best choice depends on:

• Your business size
• How you get paid
• Whether you handle cash
• Whether you deal internationally

Simple guidance:

• Freelancers → UBank or Bankwest
• Online/global businesses → Wise or Airwallex
• Traditional SMEs → NAB, ANZ, or Commonwealth

Start simple. You can always change later as your business grows.