Business Bank Account Comparison in Australia (The Top 6)

When comparing business bank accounts, you'll likely come across a few issues:

  • Banks don't always display their fees clearly on their website
  • It can take days and weeks to get set up with a bank account, which makes it hard to test them
  • You might not have the time to go inside a branch to get clear answers to your questions

In this article, we'll be comparing these well-known business accounts to help you pick the right one for your business. We’ll be comparing:

  1. Parpera
  2. Westpac
  3. ANZ
  4. NAB
  5. Commonwealth
  6. Airwallex

Note: want a business bank account that can be opened in 10 minutes online and easy to test? Sign up to Parpera's 30 day free trial

Business bank accounts comparison chart for Australians

business bank account comparison chart

Parpera: designed for freelancers, sole traders, and consultants

Parpera is an all-in-one money management tool for sole traders that includes a Volt business bank account and Parpera Business Debit Mastercard®.

Over the years, we’ve talked with hundreds of Australian freelancers, sole traders, and founders to make sure your Parpera membership gives you the tools your business needs in an easy-to-use app.

Here’s how your Parpera membership makes managing your business effortless:

Sign up in less than 10 minutes and enjoy a 30-day free trial

You can get started with Parpera in minutes. Just download the app, verify your details, set up your business profile, verify your identity, and you’re in. You’ll have a free 30-day trial where you can test out all the Parpera features via mobile banking.

parpera sign up

It’s also free of charge to cancel anytime directly from the settings menu with a click.

Your account comes with your own Branch State Bank (BSB) and account numbers so local payments are fast and fee-free.

Send invoices, categorise expenses and get a free debit card

Parpera is more than an account that only receives, sends, and holds your money. Through Parpera, sole traders can get a Volt business bank account where deposits are protected under the financial claims scheme (up to $250,000).

Register your business. If you still don’t have your ABN, apply for a sole trader ABN right away on our site or through the app during sign up.

Quick professional invoices. Parpera invoices are tax-compliant and designed specifically for Australian sole traders. Send professional invoices in minutes on your phone and receive automatic notifications when invoice payments arrive. We’ve designed our CRM to remember client details and your services for even faster invoicing.

parpera create invoices

A bank card with no fees. Get your virtual bank card instantly (coming soon) and your physical Mastercard® Parpera debit card in 1-3 days (instead of the usual 3 to 10 days). We know you need to make business purchases in stores, online, locally, and internationally, so you won’t find any additional fees from us. You’ll have total control over your business debit card and purchases with in-app bank card locking and unlocking, too.

parpera virtual card

As a sole trader, it means it’ll be a lot easier to separate your personal and business finances.

Receive client payments faster for less

Parpera will let you know right away with payment notifications. Then your bank account will automatically reconcile your payments for you.

We know sole traders and freelancers struggle to receive timely payments. So, we designed invoices to encourage quick payments by highlighting your payment details, adding payment links, and creating no-nonsense emails with all the essential details clients need to pay you.

If your clients still forget, send them automatic payment reminders and past-due notifications.

parpera sample invoice

Turn your tax return into an easy task

Instead of spending hours sorting through invoices, adding up receipts, and estimating how much tax you owe, Parpera helps sole traders prepare for tax returns in minutes. Here’s how:

  • Store your business receipts and invoices forever as proof of income and tax deductions.
  • Tag your business expenses so you deduct them against tax 
  • Categorise your business expenses for easy tax prep.
  • Mark invoices with Goods and Services Tax (GST) for an automatic calculation. 
  • You can automatically set aside tax in a separate wallet for every client payment you receive.
  • Parpera also integrates with Xero if you’re already using it to prepare your taxes.
parpera sample expense

Receive all the support you need

No more long wait times on the phone during business hours, figuring important matters out by yourself, or reading generic help articles that leave you with more questions than answers. With Parpera you’ll get your questions answered 24/7 via in-app chat, or email with real human beings.

You’ll also be able to use the community forum to chat with fellow Australian sole traders. Join live community events and webinars about topics that matter to you.

Cons of using Parpera

No desktop version

We’ve designed a smartphone app to make your business easier to run no matter where you are. Right now, you can create invoices, track your business expenses, and manage your business revenue in the Parpera App only. If you must have a desktop version, Parpera’s probably not right for you at the moment.

No physical bank locations

If you’re looking for a bank with in-person services, we might not be right for you. Volt and Parpera offer you virtual banking and business admin services. You’ll never feel alone with our 24/7 telephone, chat, or email support, but we’ll never have a brick and mortar building.

Only for sole traders

Parpera is available only to sole traders, freelancers, founders, and consultants at the moment.

Westpac Business One Account - Low Plan

Features

  • $10 monthly account fee
  • Unlimited free electronic transactions
  • 25 free staff-assisted and cheque transactions
  • Business debit bank card
  • Instant payments
  • Desktop and app 
  • Invoicing tool
  • 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.

ANZ Business Essentials Account

Features

  • $0 monthly fee
  • Business debit card
  • Instant payments
  • 20 free electronic transactions (including cash withdrawals)
  • Desktop and app
  • Link to your accounting programs
  • 3% international transaction fees
  • Additional fees for staff-assisted and cheque transactions
  • No invoicing tool
  • No expense categorisation
  • ATM cash withdrawals
  • Can apply for business credit card
  • Can apply for overdraft

Good for: A small business that never does more than 20 electronic transactions or withdrawals a month, with most clients in Australia.

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
  • No invoicing
  • No business expense categorisation
  • 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 $3
  • 3% 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.

Airwallex

Features

  • $0 monthly account-keeping fee
  • Free bank transfers
  • Free debit card
  • 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 not available
  • ATM cash withdrawals

Good for: Businesses working with international customers that already use accounting tools like MYOB.

Ready to open a business bank account?

We hope this business bank account comparison makes choosing the right transaction account for your business easier. Getting started with an account that fits your company’s needs can save you more than just money. If you’re a sole trader, freelancer, or consultant, you can try Parpera free for 30 days.

Open a business bank account today and get a 30-day free trial.

Download Parpera

Sources: 

  • https://www.finder.com.au/westpac-business-one-account-low-plan
  • https://www.finder.com.au/commonwealth-bank-business-transaction-account
  • https://www.anz.com.au/business/accounts/transaction-accounts/business-essentials/
  • https://www.finder.com.au/anz-business-essentials-account
  • https://www.finder.com.au/nab-business-everyday-account-0-monthly-fee-option
  • https://www.nab.com.au/business/accounts/open-a-business-bank-account
  • https://swoopfunding.com.au/compare-business-current-account/?bank=paytron-global-business-account
  • https://www.parpera.com/blog/freelancer-bank-account

# Monthly fee applies to all the features you receive with your membership with Parpera – not the Volt Bank account.
 
Please note the information contained in this article is general information only and does not take into account your personal circumstances. Before you open any account please ensure that you obtain and read the account terms and conditions  and Target Market Determination to see if the account is suitable for you.

*Parpera Australia Pty Ltd (Parpera) ABN 47 641 580 743 is an Authorised Representative (No. 1292372) of Railspay Pty Ltd (Railspay) ABN 17 646 031 558, which holds an Australian Financial Services Licence (AFSL) (No. 530983).

Volt Bank Limited (Volt) ABN 67 622 375 722, which holds an AFSL (No. 504782) is the issuer of the bank accounts in Parpera's App and deposits of up to $250,000 per account holder are protected by the Financial Claims Scheme.

RailsPay Pty Limited (RailsPay), which holds an Australian Financial Services Licence (AFSL) 530983 is the Product issuer of the  Mastercard debit card (Card) which can be used in conjunction with the Volt accounts. Please read the PDS and FSG before deciding if you want the Card. Parpera Australia Pty Ltd (Parpera) ABN 47 641 580 743 is an Authorised Representative (1292372) of RailsPay under its AFSL and arranges for the issuance of the Volt business bank accounts and the Card available through Parpera's app.

Published on the
June 2, 2022
Business

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