Business bank accounts

Amongst the key things you may wish to consider is the types of bank account your business needs. Your choice may depend on the size and nature of your business, the way it operates and how you manage cash flow. Some of the options available include: 

• Business transaction accounts (also known as a current or cheque account) for everyday banking
• Business savings accounts for surplus funds
• Business term deposit accounts for surplus funds
• Foreign currency accounts for making and receiving payments in foreign currency
• Other specialist accounts for certain industry sectors such as agriculture and not-for-profits.

Then, when comparing business bank accounts, some of the elements you may want to consider are set up costs, fees, transaction limits, ease of use, online access and the ability to switch accounts.

It could be a good idea to talk to a business banker in your local branch to discuss your specific needs – and for a few tips, read our How to set up business banking article.

This really depends on what your business needs are.

If you are a sole trader or run another type of small business, you’ll find there are a number of bank account options with different fees and features available and the best type of bank account for your business might not be for others. For this reason, it is important that you do your research and weigh up your options against your business needs and objectives.

For example, when choosing a business transaction account, features such as the number of free transactions could be particularly important to businesses with a high volume of transactions. Whereas, businesses with a low volume of transactions may be more focused on paying lower fees.

This is why Westpac offers a range of Business One transaction accounts designed to support a variety of small businesses.

You can open a number of bank accounts online without having to go into a branch, depending on how your business is structured and whether or not you’re already a Westpac customer. Usually, it takes just a few minutes. If you’re a sole trader, sole director or two-director company, you can use this tool to find your product and start opening it online.

It’s worth doing some research to help you identify the right business bank account for your business needs. You could start by comparing Westpac business bank accounts on our compare business bank accounts page.

Switching banks may be simpler than you think, including moving your business finances from a personal account to a business bank account. Read our article.