What the listing covers

A business transaction account is the account a business runs through: customer payments arrive in it, and supplier invoices, wages, super and tax payments leave from it. The listing compares the everyday business accounts and regulated trust accounts Australian banks publish under the Consumer Data Right. The Account type filter separates the two, and accounts built for not-for-profit organisations can be shown on their own.

Business savings, tax holding and foreign currency accounts are not transaction accounts and are not listed here. Surplus cash is compared on Business Savings Accounts and Business Term Deposits.

These accounts are for businesses and other organisations. Personal savings are compared on Savings Accounts and Term Deposits instead.

How to read the fee and interest columns

Monthly fee. The account-keeping fee the bank publishes. "Can be waived" means the bank publishes a way to avoid it, and the account’s details set out how. "Not stated" means the bank’s data does not include a monthly fee, not that the account is free, and those accounts are listed after the ones that publish a fee.

Transaction fees. A summary of the per-transaction fees the bank publishes, such as cash deposits, cheques, over-the-counter withdrawals and international transfers. The account’s details list each of those transaction fees and any free transactions included; other fees the bank publishes, such as dishonour, replacement card and paper statement fees, are set out in its fee schedule. For a business that banks cash takings, these fees often matter more than the monthly fee.

Interest. Most business transaction accounts pay no interest or a low rate. "None" means the bank publishes no interest rate for the account, or publishes a rate of zero. On a trust account, interest on the balance is often paid to a statutory fund or belongs to the clients rather than the business, and where the bank does not say who is paid, the listing notes that the interest may be paid to a statutory fund.

Regulated trust accounts

Solicitors, real estate agents, conveyancers and some other businesses, such as building contractors under Queensland’s project trust rules, are required by state and territory law to hold client money in a trust account, separate from the business’s own money and subject to audit and record-keeping rules. General trust accounts can be held only with institutions approved for the purpose under the relevant law, and in some states the interest is paid to a statutory or public purpose fund. Banks often publish separate trust account products for each profession, because the rules differ between professions and between states.

An account held by the trustee of a family or trading trust is a different thing: it is an ordinary business account in the trustee’s name, and is listed with the transaction accounts.

The deposit guarantee

Deposits with an authorised deposit-taking institution, a bank, building society or credit union incorporated in Australia and authorised by APRA, are protected by the Financial Claims Scheme up to $250,000 per account holder, per institution. A company, a partnership and the trustee of a trust are each an account holder in their own right, separate from their owners. A sole trader is not separate from the person, so business and personal deposits at the same institution share one cap. Banks that trade under several brands on one banking licence count as one institution. A balance held with a purchased payment facility provider is not a protected deposit, even where APRA authorises the provider.

Where to go next

The guide to business transaction accounts explains the three fee models, which kind of business each suits, and the features that matter when more than one person handles payments. A linked overdraft is compared on Business Overdrafts, and the guide to how business banking differs from personal banking covers the rest of the business banking relationship.

This page is general information only, not financial advice. We do not compare every business account available in Australia, and each bank’s own fee schedule and terms set out the full costs and conditions.