Best Business Bank Accounts in Australia for 2024

February 20, 2024
5
minutes to read
by
Ben Mensah
Contents

The best business bank accounts of 2024 should improve the efficiency of your business. They should make your life easier as a business owner. They will integrate key features like invoicing, accounting, expense tracking and cash flow management. They will automate tedious tasks like bill payments, reconciliation, budgeting and tax forecasting. This is one of the most important decisions you will make for your business this year.

Understanding Business Bank Accounts

What is a Business Bank Account?

A business bank account is a dedicated financial account designed specifically for businesses, whether they are sole traders, small businesses, or companies.

Unlike personal bank accounts, which are intended for individual use, business bank accounts cater to the unique financial needs and complexities of running a business.

At Thriday, we listened to the unique banking needs of our sole traders and small business users and built the ultimate all-in-one financial management platform for both banking and accounting in Australia.

Our Thriday business transaction accounts offer instant invoicing services, automated bookkeeping, financial report generation and lodgment services all in one place; built-in banking* means you can tirelessly transact and never have to worry about financial admin again. It's the built-in bank accounts* that power the automation Thriday provides and it's the differentiator between Thriday and all of the other accounting platforms.

Business Bank Accounts vs. Personal Bank Accounts

At first glance, business and personal bank accounts might seem similar. However, there are distinct differences between the two:

  • Purpose: While personal accounts are designed for individual financial needs, Thriday business accounts are tailored to cater to business operations, including invoicing, quoting, tax reporting and cash flow management.
  • Features: Thriday business bank accounts* often come with specialised features like instant invoicing, automated bookkeeping and financial statement generation that aren't typically available with personal accounts.
  • Fees and Limits: Business accounts might have different fee structures and transaction limits compared to personal accounts. Thriday’s $0 Access Fee banking gives you access to up to 9 business transaction accounts and access to the platform for free on sign-up. Learn more about Thridays $0 Access Fee banking here.

Benefits of a Good Business Bank Account

Clear Financial Separation

Blurring the lines between personal and business finances can spell chaos in the entrepreneurial realm. Using specialised Thriday business transaction accounts ensures that your accounts remain organised, tax compliance is spot-on, and every financial decision is rooted in clarity.

Enhanced Credibility with Clients and Vendors

A business bank account can boost your business's professional image when dealing with clients, suppliers, and other stakeholders.

Thriday’s business bank accounts come with a suite of features to help you deal more professionally with your partners. Quick quotes allow you to send quotes via email and SMS from anywhere, send automated payment reminders and customise your own professional template with your logo and colours so you can always put your best foot forward.

Simplified Tax Reporting and Compliance

By combining the tools you need to manage your money in one place, Thriday’s all-in-one platform eliminates the need for financial admin when it comes to all of your tax and compliance requirements; tracking business incomes, expenses, personalised deductions and tax reporting is completely automated so that you can easily stay on top of your obligations and reclaim your time.

Thriday complete app
Thriday is an all-in-one financial management platform designed to automate and eliminate financial admin for small business owners

Top Business Bank Accounts in Australia for 2024

Thriday Business Bank Account - Best for Australian Businesses

Thriday’s business transaction accounts offer a suite of features and benefits that make it the most complete business banking solution on the market.

With built-in business transaction accounts and a Visa Debit card, banking happens in the same platform as your accounting - enabling everything to be automatically organised and eliminating the need for financial admin.

The data that flows in and out of your bank account is literally the lifeblood of your business, it should be used to make your business as efficient as possible, that's what Thriday does.

Features and Benefits

  • Visa Debit Card: Facilitate payments universally where Visa is acknowledged, deposit funds at Australia Post branches, and access ATMs nationwide.
  • Profit First Budgeting: Implement the Profit First methodology by creating multiple accounts tailored for taxes, wages, salary, and more.
  • Allocations: Automatically allocate money between internal and external bank accounts* either on a schedule or as soon as income hits your account.
Allocate funds between accounts automatically
Allocate funds between accounts automatically
  • Receipt Reconciliation: Scan, send and save receipts on the go with Thriday. Take a photo of your receipts, and the platform will automatically reconcile and store them so they’re never lost come tax season for those precious deductions.
  • Smart GST Recognition: Streamline GST calculations for BAS and tax submissions.
  • Quick Quotes: Use the app to send professional quotes via email or SMS from wherever you are. Easily add new and saved billable items with custom units of measure. With the Thriday app, quoting new and existing clients is as easy as it should be.
  • Instant Invoicing: Instant Invoicing to help you get paid fast! With mobile or web apps, you can create and send professional invoices in seconds. You can also easily offer discounts and follow up with payment reminders. Learn more about Instant Invoicing here.
  • Automated Easy Payments: Simplify accounts payable, annotate payments with notes, tags, and attachments so you always know what is going where.
  • Comprehensive Accounting: Experience hassle-free setup, auto-categorised expenses, and monthly financial reporting.
  • Manage Business Health: Thriday automatically generates all the financial reports you need to get a clear picture of your business’s financial health in real-time. Easy access to real-time cash flow and tax forecasts, chart of accounts, income statements, balance sheets and more to take your business to the next level.
  • Tax Management: Leverage automated cash flow and tax forecasting, detailed reports, and real-time tax position visibility.
  • Lightning Lodgment: Thriday shows you when new lodgments are scheduled, available, due or overdue and automatically generates the report to be lodged within the platform. Easily lodge your BAS to the ATO in minutes within the app.
Thriday Visa card
Thriday's next generation of business banking comes with a VISA debit card and up to 9 transaction accounts

Fees

Thriday has flexible account plans to match your business' needs.

  • $0 Access Fee Banking: Benefit from Thriday’s no-cost banking, granting access to up to 9 distinct business transaction accounts and 2-month free trial of our premium plan including invoicing, automated bookkeeping, accounting & tax services.
  • $29 Premium Plan: Includes all banking services as well as as access to Instant Invoicing, Quick Quoting, Receipt Reconciliation, Automated Accounting and more. With our premium plan, leverage the power of AI to completely automate all your business' financial admin.

Thriday offers not just the best business transaction accounts on the market but a comprehensive business solution, leveraging the power of AI to combine banking, bookkeeping, invoicing, tax management, and more to eliminate financial admin.

Simply use your integrated business transaction accounts to cover income and expenses and Thriday does the rest - automatically reconciling transactions to accurately calculate your tax and financial reports so that you never have to worry about financial admin again!

Click here to learn more about our account options and get started today!

Commonwealth Bank Business Transaction Account

Fees

  • Selectable $0 or $10 monthly account fee
  • $0 account: Fee per staff-assisted transaction
  • $10 account: 20 free staff-assisted transactions monthly
  • Varied fees for international transactions
  • Additional charges for NetBank/CommBiz transactions

Features and Benefits

  • Unlimited free electronic transactions, including CommBank ATM withdrawals
  • Included Business Visa Debit Card for both in-store and online
  • Integration with accounting tools like Xero
  • Compatible with payment platforms: Apple Pay, Samsung Pay, Google Pay
  • Daily payment limits up to $50,000

Limitations

  • Only SWIFT payments for international transactions
  • No local international payment option
  • Specific fees for international transactions using Business Visa Debit Card

ANZ Business Extra Account

Fees

  • $22 monthly maintenance charge
  • 3% fee on international transactions
  • $0.80 charge for staff-supported operations, merchant deposits, and cheque handling
  • $5 fee for overseas ATM withdrawals

Features and Benefits

  • Integration with accounting tools such as Xero and MYOB
  • Compatibility with Apple Pay, Google Pay, Samsung Pay
  • Inclusive of an ANZ Business Visa Debit Card
  • Option for overdraft services
  • Protected by ANZ Falcon security measures

Limitations

  • Limited to 50 transactions within the monthly fee
  • Elevated fees for international transactions
  • Supports only SWIFT for international payments

Westpac Bank Business One - Plus Flexible Plan

Fees

  • $10 monthly maintenance charge
  • $1 for transactions within the branch
  • $0.25 charge per telephone banking query
  • $5 plus additional foreign charges for overseas ATMs
  • 3% fee on international transactions
  • $15 overdraft charge

Features and Benefits

  • Endless electronic transactions
  • 25 staff-assisted transactions
  • Free online invoicing feature
  • Included Business Mastercard
  • Integration with accounting tools such as Xero and MYOB

Limitations

  • Additional fees are applicable, including unique charges for telephone banking queries.
  • Elevated fees for international transactions
  • Supports only SWIFT for international payments.

What About Small Businesses?

Navigating the landscape for a business account tailored for small businesses in Australia can be a complex endeavour. However, specific core functionalities can steer your choice. A small business bank account should offer seamless integration with accounting tools, efficient transaction processing, and robust security measures. Especially during the initial phases of a business, when operations are still taking shape, having an account that simplifies financial management can be a game-changer for efficiency and growth.

Moreover, it's vital to choose an account that evolves with your business needs. As your business expands, so will your financial and accounting requirements and their intricacies.

Opting for a business bank account equipped with functionalities like automated bookkeeping, invoicing services and tax reporting from the outset can save you the hassle of transitioning to a new provider later on.

Thriday's business account is a prime example, offering a comprehensive suite of features designed to support and grow with small businesses in Australia.

Thriday desktop platform
Thriday's all-in-one banking platform

Discover the all-in-one business account tailored for Australian small businesses and sole traders.

Thriday Business Accounts are crafted to deliver an unparalleled banking experience to Australian small businesses, bypassing the constraints of traditional banks. Seamlessly manage your financials, integrate with top accounting platforms, and enjoy the convenience of advanced features, all from a single platform. 

Harness the power of AI-driven tools to simplify your financial operations.

Explore how a Thriday Business Account can help make your business as efficient as possible

Why waste time on financial admin when Thriday can do it for you?

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