Canstar's 5-Star Rated Business Savings and Transaction Accounts Revealed for 2019

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.

5-Star Business Savings and Transaction Accounts

The five customer profiles assessed for Canstar’s Business Savings and Transaction Accounts Star Ratings were:

  1. Business Saver – For business customers looking for a high-interest savings account. To be eligible for the Star Ratings under this profile, the account must offer an interest rate of 0.10% or higher on a balance of $50,000. Other product features are somewhat less of a focus in this profile than in others, with interest rates and fees being the key factors.
  2. Business Cash Manager – For business investors who make an average of 40 transactions per month on their account and are looking to earn interest on their money while retaining full account access. Eligibility criteria are the same as for the Business Saver profile.
  3. Business High Transactor– For business customers who make an average of 100 transactions per month on their account. To be eligible under this profile, the account must offer customers access to branches and ATMs. Cheque, EFTPOS, Internet, Direct Credit and Direct Debit facilities must also be available.
  4. Business Low Transactor– For business customers who make an average of 40 transactions per month on their account. Eligibility criteria are the same as for the High Transactor profile.
  5. Business Electronic Transactor For business customers who transact mainly electronically and make an average of 100 transactions per month on their account. Physical branch access and Cheque facilities are not required for an account to receive a Star Rating under this profile. Apart from that, eligibility criteria are the same as for the High and Low Transactor profiles.

Listed in alphabetical order by provider name within the tables below are the 5-Star Rated products for each profile:

1.      Business Saver

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

2.      Business Cash Manager

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

3.      Business High Transactor

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

4.      Business Low Transactor

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

5.      Business Electronic Transactor

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

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.

View Research Methodology

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