Read our detailed business savings and transaction Star Ratings methodology for more information about what makes a 5-Star Rated business savings and transaction account.
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Looking for a savings or transaction account that could provide outstanding value for your business? Canstar’s 2019 Business Savings and Transaction Accounts Star Ratings may help you narrow your search.
After analysing 79 business savings and transaction accounts from 33 providers, Canstar has announced the winners of the 2019 Business Savings and Transaction Accounts Star Ratings.
These Star Ratings involve a sophisticated ratings methodology, unique to Canstar, which compares business deposit accounts in Australia from its database, across five different customer profiles.
Accounts were assessed on comparative pricing (interest minus account keeping and transaction fees) and features attached to the account, including individual product features (e.g. reporting options, interest payments and offset facilities), ATM and branch availability, and online banking functionality.
Canstar’s research team said the feature and price offering for most business transaction accounts had remained consistent over the last 12 months with the top-performing players charging little to no fees to operate their accounts, or providing waivers for fees when conditions are met.
Canstar Research also found the leading business savings accounts continued to provide value in the interest they offered compared to others in the market, despite there being an array of rate cuts in recent months.
Some of the stand-out features among the 5-Star accounts, identified by the research team, included the availability of online customer account management, branch access, smart ATM usage, direct debit and credit facilities, and access to cheque books.
The five customer profiles assessed for Canstar’s Business Savings and Transaction Accounts Star Ratings were:
Listed in alphabetical order by provider name within the tables below are the 5-Star Rated products for each profile:
The following Business Saver savings accounts received a 5-Star rating in July 2019:
Company Name | Product Name |
---|---|
AMP Bank | Business Saver Account |
Arab Bank Australia | Online Savings Business |
Community First CU | FirstBiz Online Savings |
ME | Business Online Savings Account |
Suncorp Bank | Business Saver Account |
Source: Canstar Business Savings and Transaction Accounts Star Ratings 2019 |
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The following Business Cash Manager accounts received a 5-Star rating in July 2019:
Company Name | Product Name |
---|---|
BOQ | Business Management Account |
Citi | Ultimate Business Saver |
Source: Canstar Business Savings and Transaction Accounts Star Ratings 2019 |
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The following Business High Transactor accounts received a 5-Star rating in July 2019:
Company Name | Product Name |
---|---|
ANZ | Business Advantage |
Bankwest | Business Zero Transaction Account |
Heritage Bank | Business Cheque Facility |
NAB | Business Everyday Acc ($10/m fee) |
Source: Canstar Business Savings and Transaction Accounts Star Ratings 2019 |
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The following Business Low Transactor accounts received a 5-Star rating in July 2019:
Company Name | Product Name |
---|---|
Bankwest | Business Zero Transaction Account |
BOQ | Everyday Business Account |
Greater Bank | Business Optimiser Account |
Heritage Bank | Business Cheque Facility |
The Mutual Bank | Business Cheque Account |
Source: Canstar Business Savings and Transaction Accounts Star Ratings 2019 |
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The following Business Electronic Transactor accounts received a 5-Star rating in July 2019:
Company Name | Product Name |
---|---|
Bankwest | Business Zero Transaction Account |
Citi | Ultimate Business Saver |
Commonwealth Bank | Business Transaction Account |
Commonwealth Bank | Premium Business Account |
NAB | Business Everyday Acc ($0/m fee) |
Source: Canstar Business Savings and Transaction Accounts Star Ratings 2019 |
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Read our detailed business savings and transaction Star Ratings methodology for more information about what makes a 5-Star Rated business savings and transaction account.
Cover Image Source: Rawpixel.com (Shutterstock)
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Important Notes: The Star Ratings in this table were awarded in July 2022. The search results do not include all providers and may not compare all features relevant to you. View the Canstar Savings & Transaction Accounts Star Ratings Methodology. The rating shown is only one factor to take into account when considering products.
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement and target market determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.