Business Bank Account Comparison in Australia (The Top 5)

When comparing business bank accounts in Australia, you’ll likely face a few challenges:

• Some banks don’t display their fees clearly on their website
• It can take days (or weeks) to open an account
• It’s not always easy to speak with someone or test features upfront

To help you find the right fit, we’ve compared five well-known business bank accounts available to sole traders. In this guide, we’ll cover:

• Why sole traders need a business bank account
• Key features to consider
• Business bank account comparison

1. Why sole traders need a business bank account

A dedicated business account helps you:

• Keep personal and business finances separate
  
• Track income and expenses more easily
• Make tax time simpler with better records
• Look more professional to clients and suppliers

While it’s not legally required, it’s highly recommended especially for sole traders issuing invoices and accepting payments regularly.

2. Key features to consider

When choosing a business bank account, consider the following:

• Monthly fees
• Electronic transaction limits
• Integration with accounting software (e.g. Xero, MYOB, QuickBooks)
• Invoicing tools or expense tracking features
• Fees for overseas transactions or cash deposits
• Mobile and desktop access

3. Business bank account comparison

Here’s a breakdown of popular business bank accounts for sole traders in Australia in 2025:

AMP Everyday Business Account

Features

• No monthly account fee
• Unlimited free electronic transactions
• No cheque transactions
• Business debit bank card
• Instant payments
• Mobile only app
• 0% international transaction fees
• No business expense categorisation
• ATM cash withdrawals

Good for: Businesses that rarely do in-branch business that like mobile apps rather than desktop

Westpac Business One Account

Features

• $0 monthly account fee
• Unlimited free electronic transactions
• $3 staff-assisted and cheque transactions
• Business debit bank card
• Instant payments
• Desktop and app 
• Integration with Quickbooks, Xero, and MYOB
• 3% international transaction fees
• No business expense categorisation
• ATM cash withdrawals
• Can apply for business credit card
• Can apply for overdraft

Good for: Businesses that rarely do international transactions or in-branch business that already use accounting software like MYOB.

NAB Business Everyday Account

Features

• $0 monthly fee
• Unlimited free electronic transactions
• Business Visa debit card
• Business savings account included
• Connect with Reckon, Xero, and MYOB
• Desktop and mobile app
• 3% foreign exchange fees
• Staff-assisted and cheque transactions have fees
• Invoicing available but for additional cost
• Business expense management available but for additional cost
• ATM cash withdrawals
• Can apply for business credit card
• Can apply for overdraft

Good for: An entrepreneur or business owner doing mainly online transactions with Australian businesses and rarely using local branch services.

Commonwealth Bank Business Transaction Account

Features

• $0 account fee
• Business debit card
• Unlimited free electronic transactions
• Integrates with accounting programs like MYOB and Xero
• Set up bank account notifications
• Add a saving account at no cost
• Desktop and app
• Assisted transactions for $5
• 3.5% overseas transaction fees
• No invoicing tool
• No expense categorisation
• ATM cash withdrawals
• Can apply for business credit card
• Can apply for overdraft

Good for: Sole traders and businesses who don’t need in-person banking services, do business primarily with online banking, are already using accounting programs like Xero, and have few international customers.

Revolut Business Account (Grow)

Features

• $21 monthly account-keeping fee
• Free bank transfers up to 100 transactions then 0.20c per transaction
• Free debit card (1 included, additional cost for more)
• Fair international exchange rates and low fees (<1% markup)
• Desktop and app
• Connects with accounting programs
• Your deposits aren’t protected under the financial claims scheme
• No invoicing
• Expense categorisation available at an extra cost
• ATM cash withdrawals for a fee

Good for: Businesses working primarily online, with low volume international customers that already use accounting tools.

Ready to open a business bank account?

The best bank account for your business depends on how you operate and what you need. Some sole traders benefit from fee-free plans, while others prioritise integration with accounting tools or low-cost international transfers.

Before choosing, review:

• Your transaction volume
• Whether you use accounting software
• If you need to manage international payments

If you’re still getting set up and need an ABN first, Register My ABN can help you apply in under 5 minutes for only $45 incl. GST (fully tax-deductible).