Business bank accounts in Australia: compare your month of transactions

Choose around the transactions your business actually makes

A business that banks cash every day needs a different account from a consultant who receives transfers and pays a few suppliers. Start with a month of transactions. Count electronic payments, cash deposits, assisted transactions, international payments and the people who need access.

The account with the lowest monthly fee may still cost more if your usual activity attracts separate fees. Keep a transaction account comparison separate from an investment account, credit facility or foreign-currency payment service: each solves a different problem.

Three everyday account examples

These are examples from major banks, not a ranking of every Australian account. Published monthly fees were checked on 5 October 2026; other charges and eligibility conditions apply.

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How the three accounts differ in practice

NAB Business Everyday: compare its two fee options

The $0 version is a credible starting point for an electronically run business that rarely needs assisted banking. NAB's published comparison also lists a $10 monthly option that includes 15 eligible transactions. The $0 option includes no free transactions from that eligible assisted-service category. Standard electronic and NAB ATM transactions are a separate category.

Using the published $3 charge for an eligible banker-assisted deposit or withdrawal without cheque items, four such transactions cost $12 on the $0 option. That exceeds the $10 monthly fee before considering other activity. This is a narrow illustration: cheque items and different services can change the result. Ask NAB to classify your actual transactions rather than treating every deposit as equivalent.

CommBank Business Transaction Account: the deposit method matters

CommBank's fee schedule lists $0 and $10 monthly options. The $10 option includes five assisted transactions, cheques and Quick Deposits under its allocation rules. On the published schedule, assisted transactions cost $5 each and Quick Deposits cost $10 each outside the allowance.

For a business making three eligible assisted transactions and no other chargeable activity, the comparison is an illustrative $15 versus the $10 account fee. Different deposit methods change that calculation. The schedule also identifies separate CommBiz charges and exclusions from free electronic transactions. A business choosing more advanced online banking should price that service alongside the account.

ANZ Business Essentials: simple electronic banking, paid exceptions

ANZ Business Essentials lists no monthly account service fee, with unlimited ANZ ATM and electronic transactions, subject to its definitions. It lists $4 for staff-assisted transactions, cheque transactions and manual merchant deposits. Those exceptions matter more to a cash-taking shop than to a consultant paid by transfer.

We would assess it first against the business's electronic payment needs, then check the services that fall outside that category. Four qualifying $4 transactions would cost $16 before other charges. That figure alone does not choose the account: convenient deposits, authorised-user access and the availability of support can outweigh a small difference.

Access controls can be worth more than a fee saving

Write down who needs to view balances, prepare payments and approve them. Those are separate permissions. Ask the bank to demonstrate the proposed arrangement with two real roles, including the process when the usual approver is away. Avoid selecting a cheap account only to discover that the required business-banking service costs extra or does not support the structure.

Also check daily payment limits and the process for a large supplier transfer. A limit that works for routine bills may delay a stock order or settlement. Keep access recovery and employee departure in the demonstration: who can cancel access, replace a phone and regain control if the owner is unavailable?

For businesses dependent on card receipts, compare when funds become usable with when wages and suppliers are paid. A quoted settlement benefit has value only if it changes the cash shortfall. Ask about weekends and public holidays where they affect your trading cycle, and distinguish the bank account's terms from the merchant facility's terms.

Keep operating cash accessible during a switch

Run the new account alongside the old one for enough payment cycles to identify overlooked direct debits and customer receipts. Reconcile both accounts and verify the accounting feeds before closing anything. A test payment is useful, but it does not prove that payroll files, bulk payments and all recurring collections are configured correctly.

Consider the operational cost of relying on one login or one payment channel. Holding a contingency balance elsewhere may add administration, so assess it against the cost of interrupted trading. The aim is an account setup the business can operate reliably, with a documented owner for permissions, reconciliation and payment changes.

Compare a whole month, not one fee

Add the monthly account fee to the cost of your expected transactions. Include cash handling, international transfers and currency conversion where relevant. Check the latest fee schedule, including recently announced changes, rather than relying on an old comparison table.

Then check the practical work: can two people approve a payment, can staff have restricted access, and does the account feed transactions into your accounting software? A connection is only useful if it supports your software, entity and workflow.

Cash deposits, foreign payments and surplus funds

If you take cash, confirm the nearest deposit facility, its limits and the fees for your deposit size. For overseas suppliers, compare the exchange rate and all transfer charges on the same payment amount. A multi-currency service may supplement your bank account, but check the provider's legal structure and how funds are held before treating the services as interchangeable.

For money you do not need for daily payments, compare a separate savings or term-deposit account on its own terms. Do not assume a transaction account earns interest.

Compare a cash-taking shop with a service business

A shop depositing cash several times a week should price deposits and assisted services first. A consultant paid by bank transfer may care more about electronic payments and accounting feeds. Give both banks the same month of activity and ask for the total charges; the lowest advertised account fee need not win.

Opening or switching an account

Ask the bank which identification, business-registration and beneficial-ownership documents it requires for your structure. Before closing an old account, move direct debits, customer payment details, payroll and accounting feeds, and keep enough funds available for payments already in progress.

The useful choice is the account that handles your normal work at an acceptable total cost. Recheck it when the business adds employees, starts taking cash or begins paying overseas suppliers.