Business Bank Accounts Compared: Fees and Features 2026

A business bank account in Australia can cost nothing a month. CommBank, Westpac, NAB and ANZ each offer a $0 tier and a $10 tier with some branch transactions included (as at 17 October 2026). The costs that differ are counter cash deposits, international transfers and accounting feeds. Before you choose, check whether the provider is an ADI covered by the Financial Claims Scheme.

This page compares 16 accounts from banks and payment platforms, with every fee taken from the provider's own pages or fee guide on 17 October 2026. It is general information, not financial product advice, and it doesn't consider your circumstances. Read each provider's terms, PDS and target market determination (TMD) before you apply, and consider getting advice.

If you haven't opened an account before, start with how to open a business bank account, which covers the documents each business structure needs. This page is the comparison.

What matters most when comparing business accounts

Business bank accounts compared: fees

All amounts are per month unless stated, as at 17 October 2026. "Counter cash deposit" means a staff-assisted deposit in a branch or at Australia Post. "Not stated" means the provider's product page and fee guide didn't publish it.

Business bank accounts compared: protection, payments and feeds

"Feeds" lists the accounting software each provider names on its own pages. A provider may work with other software through a third-party connector.

Four other names come up in searches but have no business transaction account as at 17 October 2026:

What "free" costs a cash business: a worked example

This illustrative example assumes a shop makes 12 staff-assisted cash deposits a month on each major bank's no-monthly-fee tier, using the published per-deposit fee. It ignores cheques, other assisted transactions and coin handling.

Fees as at 17 October 2026. On these assumptions, the dearest no-fee account costs $720 a year more than an account with free branch deposits. That is more than five years of a $10 monthly fee. Two cheaper habits help: deposit through your bank's own deposit-taking ATM where it's free, and compare the $10 tiers, which include some assisted transactions (five at CommBank, Westpac and ANZ, 15 eligible transactions at NAB). Our cash drawer reconciliation guide helps you bank the right amount each time.

International payments: compare the amount that arrives

The big four charge nothing to send an online transfer in the foreign currency, but none publishes its exchange rate margin. Platforms publish theirs: Airwallex charges 0.5% above interbank rates for major currencies, Wise's conversion fee starts from 0.19%, and Revolut's Basic plan charges 0.6% on exchange above A$2,000 a month plus $10 per international transfer (as at 17 October 2026).

To compare them, use one formula for every provider:

Cost of a payment = transfer fee + (amount × margin above the mid-market rate)

On an illustrative A$10,000 payment in a major currency:

Get the bank's rate at the moment you send and compare it with the mid-market rate at the same moment. SWIFT payments can also lose intermediary bank fees on the way. Our guides to international payments for business and timing overseas supplier payments go further. Keep the AUD conversion trail for GST: see foreign-currency invoices.

One more point for exporters: the Financial Claims Scheme doesn't cover foreign currency balances, even at an ADI.

Is my money protected? The Financial Claims Scheme explained

The Financial Claims Scheme (FCS) protects deposits with ADIs incorporated in Australia up to $250,000 for each account holder at each ADI. APRA says a company, trust or self-managed super fund can be an account holder in its own right. Three rules catch businesses out:

• Brands share a licence. St.George, Bank of Melbourne and BankSA are Westpac trading names, and Bankwest is a CommBank trading name. Deposits across one licence share one $250,000 cap.
• Sole traders share a cap with themselves. A sole trader's business account is held in your own name, so it adds to your personal deposits at the same ADI. A company or trust account has its own cap.
• Platforms are not banks. Airwallex and Zeller are not ADIs. Wise is supervised by APRA as a purchased payment facility provider but is not on the FCS list. Zeller's terms say funds are held on trust and are not covered.

That doesn't make a platform unsafe or a bank risk-free. It means you should decide where large balances sit. Many businesses run day-to-day payments through a platform and hold tax money and reserves at an ADI. You can check any provider on APRA's register of ADIs. Where to hold reserves is covered in business savings accounts and term deposits.

Shortlists by need

These lists filter the tables above by published features. They are not recommendations, and no account is ranked.

Cash-heavy businesses (cafes, market stalls, trades paid in cash). Look for free counter or ATM deposits and Bank@Post access. Bendigo charges nothing for branch cash deposits and BOQ charges nothing for branch or BOQ ATM deposits. CommBank, NAB, ANZ and Westpac don't charge for deposits at their own ATMs. Avoid relying on Airwallex, Wise or Revolut for takings, because none accepts cash.

Mostly online businesses. The $0 tiers at CommBank, Westpac, NAB and ANZ, Great Southern Bank Business+, AMP Bank GO and Zeller all have no monthly fee. Confirm the feed for your accounting software and whether you can send fast payments. Macquarie's account receives real-time payments but can't send them.

Importers and businesses paying overseas. Compare published FX margins (Airwallex, Wise, Revolut) against a live bank quote. Check multi-currency balances, SWIFT fees and whether you need MYOB, because Airwallex doesn't mention a MYOB feed.

Sole traders wanting $0 fees. CommBank's online option, Westpac Business One, NAB's $0 option, ANZ Business Essentials, Great Southern Bank Business+ and Zeller all charge no monthly fee and accept sole traders or owners. Airwallex Explore is $0 only if you meet its deposit or balance condition. Revolut's product data says businesses must be incorporated, and Up doesn't allow business use.

Businesses that may need credit. Most payment platforms don't lend, while banks may weigh your account history when you apply. If an overdraft is likely, read business overdraft vs line of credit and the business loans guide before you choose.

How to choose a business bank account in six steps

1. Count a normal month. List cash deposits, cheques, staff-assisted transactions, international payments and the number of people who need cards or logins.
2. Price that month at two or three providers. Use the fee guide, not the headline fee. The worked example above shows how quickly per-item fees add up.
3. Check the feed. Connect to your software on day one. Our guide to accounting software bank feeds explains direct feeds, connectors and what to do when a feed drops out.
4. Check deposit protection. Look the provider up on APRA's register and decide where balances above $250,000 will sit.
5. Check who can open and how. Trusts, partnerships and associations often need a branch visit. Companies need their ACN and director details ready.
6. Plan the second account. Most businesses also need a savings account for GST, PAYG withholding and tax. Opening it at the same time saves a second application.

Documents you need to open a business account

Every provider runs identity checks before opening an account, and lists vary by bank. Our step-by-step account opening guide has the detail, and director ID explains the number companies need. If you haven't chosen a structure yet, compare sole trader vs company first, because the account must match the structure.

Keep business and personal money apart

business.gov.au says sole traders don't have to have a business bank account, but it's a good idea. If you use one account for both, you must clearly identify personal payments. In practice a separate account:

• gives you a bank feed where every line is a business transaction
• makes your BAS and income tax figures easier to support
• shows drawings clearly, rather than burying them in groceries

When something personal slips through anyway, record it properly with our guide to personal purchases through the business account. For the reverse, use the owner reimbursement record. Moving money between your own business accounts isn't income or an expense: see recording transfers between business accounts.

Company owners need more care. Money in a company account belongs to the company. Taking it out casually can create a loan that falls under Division 7A, so read paying yourself as a sole trader or company and the Division 7A review guide.

Partnership and trust accounts: the extra rules

Partnerships. business.gov.au says partnerships must have a separate account for tax purposes. The account sits in the partnership name or the partners' names, and each signatory partner is identified. Decide in writing who can operate it. "Any one to sign" is convenient but lets one partner spend alone, while "all to sign" slows every payment. Put the rule in your partnership agreement, and reconcile drawings to each partner with our partner account guide.

Trusts. The trustee opens the account as trustee for the trust, and the bank reads the deed to confirm who can act. Keep trust money in the trust's own account, never in the trustee's personal account. If the trustee is a company, the bank will also want the company's documents. Several banks only open trust accounts in a branch or for existing customers. See our family trust guide for how trust structures work.

Companies. The account must be in the company's full legal name. Register the company first, then open the account. Our guide to registering a company covers the order of steps.

Switching business banks: a checklist

1. Open the new account first. Don't close anything until the new account has received and sent a payment.
2. Connect the accounting feed and note the opening balance date. Our guide to checking opening balances applies to a bank change too.
3. Update your invoice template, email signature and eInvoicing details. Tell customers in writing, from a known address, and expect them to verify. Change-of-bank-details emails are a common fraud, so read scams targeting small business and ask your customers to call you to confirm.
4. Move PayID. A single PayID can't be linked to more than one account, so set it to transfer or close it at the old bank before registering it at the new one. NAB's PayID FAQ shows how the transfer step works.
5. Move incoming payments: merchant settlement, marketplace payouts, payment platforms and any government payments.
6. Move outgoing payments: direct debits, BPAY billers, payroll, supplier batch files and super. Make sure super payments keep meeting the payday super deadline during the change.
7. Update the ATO refund account in online services and any ATO payment arrangement.
8. Run both accounts for at least one full billing cycle. Watch for stray direct debits and late customer payments.
9. Download statements before closing. The ATO requires business records to be kept for five years. See record keeping requirements.
10. Close the old account in writing once it has been quiet for a cycle, and check for a final fee or interest posting.

If your feed creates duplicates or gaps during the changeover, our guides to duplicate bank feed lines and missing bank feed transactions will help.

What changed in 2026

• Revolut became a bank. APRA's register lists Revolut Payments Australia Pty Ltd (trading as Revolut Bank Australia) as a foreign subsidiary bank, with its ADI instrument dated 21 July 2026.
• ANZ cut Business Extra's inclusions. From 30 September 2026 the $10 account includes 5 staff-assisted or cheque transactions, down from 20.
• Suncorp Bank's business account paused. Its Business Premium Account page showed "Currently unavailable" on 17 October 2026. Suncorp Bank has been owned by ANZ since 31 July 2024.
• Card surcharges ended. From 1 October 2026 you can't surcharge eftpos, Mastercard, Visa, American Express or UnionPay card payments, and PayPal's no-surcharge rule started on 5 October. If you take cards, work through our card surcharge checklist and compare EFTPOS machines.

Key takeaways

• All four major banks offer a $0 monthly fee business account and a $10 tier with some assisted transactions included (as at 17 October 2026).
• Counter cash deposits cost $3 to $5 each at the major banks on the no-fee tier, so cash-heavy businesses should compare deposit fees before monthly fees.
• Only deposits with an ADI are covered by the Financial Claims Scheme, up to $250,000 per account holder per ADI. Airwallex, Wise and Zeller are not covered.
• Banks do not publish their foreign exchange margins. Compare the total amount received overseas, not the transfer fee.
• Partnerships, companies and trusts must keep a separate business account. Sole traders don't have to, but should.
• Open the new account before closing the old one, and run both until every customer, direct debit and ATO record points to the new details.

Where to get help

• business.gov.au: set up your business bank account, or call 13 28 46.
• APRA: the register of ADIs and the list of ADIs covered by the Financial Claims Scheme.
• Australian Financial Complaints Authority (AFCA): free, independent dispute resolution if you can't resolve a complaint with your bank or payment provider, at afca.org.au.
• Australian Small Business and Family Enterprise Ombudsman (ASBFEO): help for small businesses in disputes with banks and other providers, at asbfeo.gov.au.
• Your accountant or BAS agent: how to set up accounts for GST, PAYG and tax, and how owners should draw money from a company or trust.

Related tasks

Browse every guide on business banking and loans.