Business bank accounts, compared on the facts.
Fees, who can open each account and whether the government deposit guarantee applies, taken from each provider's own pages on 30 October 2026. Listed alphabetically. We don't rank them, and we don't earn anything from any provider on this page.
| Account | Monthly fee | Everyday transactions | Branch, cheque and card notes | Who can open | Government deposit guarantee | Accounting feeds named |
|---|---|---|---|---|---|---|
| Airwallex Business Account (Explore plan) | $0 or $29; the $29 is waived if you deposit A$5,000 in the month or hold A$10,000 | Local transfers free; currency conversion 0.5% to 1% above interbank | Not stated (no branches) | ABN or ACN | No. Not a bank; holds an AFS licence | Xero, QuickBooks, NetSuite |
| ANZ Business Essentials | $0 | Unlimited ANZ ATM and electronic; "other transaction types attract fees" (amounts not listed on the page) | $4 per staff-assisted transaction, cheque or manual merchant deposit | ABN or ACN; owner or director | Yes | Bank feeds; Xero and MYOB offers named |
| CommBank Business Transaction Account | $0, or $10 with 5 assisted transactions included | Electronic free; overseas card purchases 3.5% | $5 per assisted transaction or cheque; $10 per Quick Deposit (from the first one on the $0 option) | Sole traders and Pty Ltd online; ABN required | Yes | Not stated |
| Macquarie Business Savings Account | $0 | Free; pays 4.90% p.a. variable up to $2m (as at 15 Oct 2026) | No debit card or EFTPOS | Sole traders and some Pty Ltds; active ABN | Yes, stated on the page | Xero |
| Macquarie Business Transaction Account | "Free" | "Free"; DEFT fees may apply | No debit card; opened by requesting a call | Not stated | Yes | Not named |
| NAB Business Everyday ($0 version) | $0 (a $10 version also exists) | Electronic and NAB ATM free | $3 per banker-assisted transaction, cheque or item; the page is unclear on whether any are included, so check with NAB | Sole traders, including without an ABN; others need an ABN or ACN | Yes | Xero offer named |
| Westpac Business One | $0, stated as permanent | Self-service electronic free; foreign-currency payments 3% (overseas merchants) or 2.2% (Australian merchants) | $3 per staff-assisted transaction or cheque | Sole traders and companies online | Yes | MYOB, Xero, QuickBooks |
| Wise Business | No monthly fee stated; one-time A$65 for account details | Domestic AUD in and out free; conversion fees not stated on the pages we checked | Not applicable (no branches) | Sole traders, partnerships, companies; ABN or ACN requested | No. Says it isn't a bank; holds an AFS licence | Xero, QuickBooks |
All amounts in Australian dollars. "Not stated" means the provider's page we checked didn't say. Fees and rates change: confirm on the provider's site before you apply. On a phone, scroll the table sideways.
Three facts that change the picture.
Banks and non-banks are protected differently
The Financial Claims Scheme guarantees deposits up to $250,000 per account holder at each authorised bank (APRA's list, updated 9 October 2026). ANZ, CommBank, Macquarie, NAB and Westpac are on that list. Airwallex and Wise are not banks and are not covered, though both hold Australian financial services licences.
A personal account may not be allowed for business
Some personal accounts exclude business use in their terms. For example, Up's key features say its accounts are "not available for use by a business or for business purposes" (Up key features). Check your own account's terms before you run business money through it.
"$0 a month" isn't the whole cost
Most $0 accounts charge for branch help, cheques and cash deposits, and some charge for foreign-currency spending. If you handle cash or cheques, or buy from overseas suppliers, the per-item fees above matter more than the monthly fee.
We read each provider's own product, fee and terms pages on 30 October 2026 and copied the facts without judging them. We list accounts alphabetically and don't call any of them best. There are no affiliate or referral links on this page. If that ever changes on a comparison, we'll say so at the top of the page.
This is general, factual information, not financial advice. It doesn't take your objectives, finances or needs into account. Read the provider's terms before you apply. Her Little Empire · ABN 38 813 430 864 · Australia