Canstar's 2026 Small Business Award
About the Small Business Award
Choosing the right banking partner is vital for any small business. Canstar's Bank of the Year - Small Business Award recognises the institution that delivers outstanding value to small businesses through a combination of competitive business banking products, quality banking services, and high levels of small business customer satisfaction. By assessing these factors together, the award provides an independent benchmark to help business owners identify leading banking providers with confidence.
2026 Winner
Small Business
Numbers crunched
The market this year
The field of contenders was highly competitive this year, and the winner distinguished itself against a strong group of institutions. The four major banks' scale remains a key advantage, thanks to their extensive branch and ATM networks, well-resourced digital platforms, and institutional stability. This continues to give them the edge when it comes to breadth and depth of service, even as branch closures continue across the industry.
Banks continue to enhance their business banking offerings, and one development observed this year was the addition of an offset facility to a term loan product. While most business loans include a redraw facility, which lets a borrower access extra repayments made ahead of schedule, an offset facility is less common. It works differently, with the balance of a linked account set against the loan to reduce the interest charged, giving borrowers greater lending flexibility.
"The strongest performers treat small business banking as a partnership," says Canstar Research Analyst Jeremy Cooper-Williams. "They do so by bringing together the right products and services to back their customers across the whole relationship rather than a single transaction."
About the Winner
Bank of the Year – Small Business
ANZ
ANZ has been awarded the Bank of the Year Small Business Award for the 5th consecutive year, marking its 11th win overall. The bank stood out as the top performer for business banking services, underpinned by a strong online banking platform and merchant services. ANZ maintained strong performance across its business loan products, featuring a less common offset facility, providing financial flexibility to its customers. Businesses using ANZ's payment services reported high satisfaction. Its broader support offerings, including specialist insights for businesses, also rated strongly.
How we chose the winner
Scored across the full customer journey
The award methodology weighs three main components. Products account for 40% of the total score, assessing how each institution's business offerings stack up against its peers in key areas. We consider the areas of lending (overdrafts, term loans, and business credit cards), deposit products (encompassing savings and transaction accounts and term deposits), and additional offerings such as equipment finance, risk management, and international banking.
Business Banking Services make up 30% of the total score, covering the everyday infrastructure behind the products. The focus here is on merchant services, online banking functionality, support availability, branch and ATM coverage, as well as business insights, tools, and education.
The remaining 30% is applied to Customer Satisfaction, drawing on real feedback from Australian business owners gathered through accredited research panels representative of the population. Participants score their main business bank on how well it delivers value for money and resolves problems, the quality of its customer service and communication, and how it performs on fees and charges, staff and invoice payments, and interest rates, with the areas that most influence overall satisfaction carrying the greatest weight.
Who we looked at
To be eligible, each institution was required to offer at least two of the three core small business banking product categories: business loans (overdrafts and term loans considered), business credit cards, and business savings and transaction accounts. These criteria ensure the award recognises institutions that serve small businesses across the breadth of their needs rather than competing on a single product category alone.
What to keep in mind
The right banking partner depends on how your business actually operates and which services you lean on day to day. Here are a few things worth weighing up as you compare:
Look at the products you'll actually use: A provider's overall strength is built from its lending, deposit, and additional products, but your business may only draw on a few of these. If you rely on an overdraft or term loan to manage cash flow, focus on those products and their lending terms. Comparing providers against your specific needs is far more valuable than relying on an overall ranking alone.
Everyday banking infrastructure can matter as much as the products: Merchant services, online banking functionality, support availability, and branch and ATM coverage are the tools most businesses interact with constantly. A competitive loan rate is worth less if the payment terminals are unreliable or support is hard to reach when something goes wrong.
Consider the additional services your business may grow into: Beyond the core products, providers differ on equipment finance, international banking, and risk management. Matching a provider to where your business is heading, not just where it is now, can pay off down the track.
What this award is and isn't
What it is:
- A like-for-like comparison: All eligible institutions are assessed under the same methodology and benchmarked against peers.
- A weighted, comprehensive assessment: The result combines a Product score (40%), a Business Banking Services score (30%), and a Customer Satisfaction score (30%), rather than judging any single product in isolation.
- Grounded in real customer feedback: The Customer Satisfaction component draws on responses from Australian business owners gathered through an ISO-accredited research panel.
What it isn't:
- Personal financial advice: The award is prepared using comprehensive general criteria and does not take your individual business circumstances, objectives or needs into account.
- A guarantee of future performance: Canstar acknowledges that past performance is not a reliable indicator of future performance, and a provider's products, fees, and services can change at any time.
- A list of every provider in Australia: While we endeavour to include the majority of the market, some institutions or products that do not meet the eligibility criteria may not be included, and not every feature relevant to you is compared.
FAQs
Who decides the winners for Canstar's Star Ratings and Awards?
Canstar's expert researchers review the overall value offered by a provider for its products in a financial services category. We consider metrics such as price and costs against features and functionality, with all of the competitors in a category compared using Canstar's unique research methodology. The products or providers recognised as winners are those that offer the highest overall value proposition.
What other awards does Canstar give?
In addition to Canstar's Star Ratings that appear in our comparison tables, Canstar gives Outstanding Value Awards that identify providers with high-performing products. Separately, Canstar's Customer Satisfaction Awards reveal how content customers are with a particular financial institution or insurance provider.
What are Canstar's Outstanding Value Awards?
Canstar recognises financial institutions with annual Awards for outstanding value across a wide range of product categories. These Awards are given to the providers whose products are the strongest overall performers in our Star Ratings over the award period.
What are Canstar's Customer Satisfaction Awards?
Canstar's Customer Satisfaction Awards are for providers, recognising institutions with the most satisfied customers overall based on consumer surveys.
How does Canstar work out award-winning brands and providers?
Canstar compares over a thousand brands and products across multiple finance and household services categories, including banking, insurances, superannuation as well as energy and mobile. Each of Canstar's Star Ratings and Awards uses a unique methodology that is brought together by our expert Research team, with products analysed based on price and features. You can find out more about how Canstar's value-based rating system works.
Who do I contact for a media enquiry about Canstar's Star Ratings?
For media enquiries, commentary or analysis about Canstar's Star Ratings and Awards, including our Outstanding Value Awards or Customer Satisfaction Awards, please contact our Corporate Affairs team.