Top 5-Star Rated Business Savings Accounts & Transaction Accounts In 2017

Looking for the best business bank account? Canstar has revealed which business savings accounts and transaction accounts received our 5-star rating for outstanding value in 2017.

What’s the best business bank account?

The best business bank account depends on the needs of your business. Throughout the business life cycle, business owners may need a small business bank account to manage their transaction cash-flow, or the best business account for storing business profits while times are good.

Thankfully, Canstar can help you compare both business savings accounts and business transaction accounts on our website, with our 2017 ratings of business bank accounts.

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Compare Business Transaction Accounts

Top 5-star rated business savings accounts

The following business savings accounts received our 5-star rating for outstanding value in 2017, providing business owners with high interest rates and other features. Get more detail on what to look for in a business savings account or start comparing your options using our website.

Business Saver:

The main factor in this profile is the interest that is paid on deposits. The higher the base interest rate is, the better the account is likely to perform in this profile. The cost of transferring your savings out of this account is also considered.

The table below shows 5-star rated business savings accounts available for online savings accounts with a balance of $50,000, sorted by company name (highest to lowest):

Compare Business Savings Accounts

Business Cash Manager:

The main factor for these accounts is to have no or low fees for businesses that will make a handful of transactions. However, the interest rate of the account can also be important in offsetting any fees and charges that may apply.

Cash management accounts tend to be for businesses that have rather large balances and may require access to the money for day-to-day purposes.

The table below shows 5-star rated cash management accounts available for business with a balance of $50,000, sorted by company name:

Compare Business Savings Accounts

Is a 5-star rated business savings account any better than other products on the market? Well, in terms of interest rates you can earn, Canstar 5-star rated business savings accounts have on average a significantly higher interest rate than the rest of the market:

Business Savings Account Base Rates: 5-Star Vs Market (% p.a.)
Min Average Max
5-star rated accounts 1.65% 1.82% 2.05%
Whole market 0.50% 1.10% 2.05%
Source: www.canstar.com.au
Based on savings accounts considered in the 2017
Business Savings and Transaction Account Star Ratings.

Naturally, there’s more to choosing an account than just interest rates, so do check out our guide to what we look for in a business savings account. Then compare your options to find a 5-star rated business savings account for your enterprise:

Compare Business Savings Accounts

Top 5-star rated business transaction accounts

In 2017, several business savings accounts received our 5-star rating for outstanding value, providing business owners with low or no transaction fees and account-keeping fees and other valuable features. Find out what to look for in a business transaction account or start comparing your options using our website.

Electronic Transactor:

To receive a 5-star rating in this profile, products are likely to have little to no cost for businesses that make, on average, 100 electronic transactions per month. As these businesses are likely to transact predominantly online, a full-feature online banking facility is highly regarded.

Branch access and the availability of cheques are not required, as these customers would not need to use these facilities.

Compare Business Transaction Accounts

High Transactor:

To receive a 5-star rating in this profile, a full service account with access to most banking transaction types is required, including both branch transactions and the use of cheques. A 5-star rated product typically has very low fees or no fees for a business that makes, on average, 100 transactions per month.

In addition to a strong online banking offering, institutions with large branch and ATM networks are recognised for the convenience that this provides business customers.

Any interest earned on an average balance of $10,000 will act to offset any fees that may be charged on these transaction accounts.

The table below shows 5-star rated business transaction accounts available for higher transacting businesses, sorted by company name:

Compare Business Transaction Accounts

Low Transactor:

To receive a 5-star rating in this profile, a full service account with access to most banking transaction types is required, including both branch transactions and the use of cheques. A 5-star rated product typically has very low fees or no fees for a business that makes, on average, 40 transactions per month.

In addition to a strong online banking offering, institutions with large branch and ATM networks are recognised for the convenience that this provides business customers.

Any interest earned on an average balance of $10,000 will act to offset any fees that may be charged on these transaction accounts.

The table below shows 5-star rated business transaction accounts available for businesses that make lower transaction volumes, sorted by company name:

Compare Business Transaction Accounts

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