Canstar's 2026 Business Savings and Transaction Accounts Awards

To determine which providers offer outstanding value, we looked at:

• Interest rates and the conditions attached to them
• Fees associated with common business transactions
• Features like payment facilities, accounting software compatibility, and customer support.

Read the methodology for more detail.

To accurately assess the costs associated with both types of accounts, we took two separate approaches: For business transaction accounts, we calculated the total interest earned against fees paid on a range of common business transactions over a one-month period. For business savings accounts, instead of relying on a single snapshot, we calculated interest earned and fees paid on separate observation dates over a six-month period to see which providers consistently delivered value, even as the market and underlying cash rate changed.

Canstar Research Analyst, Ellie Cross, said: "The most important factors in your decision to open a new account are your individual business needs. For instance, a lot of smaller banks have branches that are concentrated in one specific region. Depending on where you conduct business, you may be limited to ATM and Bank@Post facilities for depositing cash, which could incur extra fees. On the other hand, if your business doesn't handle physical cash, some fees and in-person facilities become irrelevant, meaning you could look to maximise interest earned on idle funds instead."

To be eligible for our Business Savings and Transaction Accounts Awards, products must meet the following criteria:

• Authorised Deposit-taking Institutions (ADIs): Providers must be an ADI and its customers must be covered under the Australian Government's Financial Claims Scheme (FCS).
• Accessibility: Products must be publicly available nationwide and not restricted to specific organisations or communities.
• Instant access to funds: An account's balance must be readily available. Term deposits and notice accounts are not considered.

Whether you're a sole trader looking to separate your finances or a growing company conducting a large number of transactions, there are some key things to keep in mind:

Account Fee Structure

While many providers don't charge monthly account-keeping fees, the true cost of an account can be hidden in fees born from your business's transaction behaviour. If your business handles physical cash or requires in-branch support, check the fine print. Some accounts limit the number of free staff-assisted transactions and charge up to $5 per transaction thereafter. Some monthly fee-free business accounts charge a fee for EFTPOS transactions or out-of-network internet transfers, sometimes of up to $1.50 per transaction. If your business conducts a high volume of transactions, including cash deposits and withdrawals, an account with a monthly fee but more free transactions and lower transaction fees could be more beneficial for your business's bottom line.

Interest Rate Conditions

Some business savings accounts require you to grow your balance or restrict withdrawals to realise the maximum advertised rate. If an unexpected bill forces you to make a withdrawal, your interest rate could plummet to a baseline of near 0% p.a.. Similarly to interest rates, the conditions attached to your savings account can also change at any time, so it's crucial to stay up-to-date with any changes. Some of the highest advertised business savings rates often apply strictly to balances under a specific threshold (say, $250,000). It's common in business savings accounts for interest to be earned at a single rate, meaning if your balance is just $1 over the threshold your entire balance could be subject to a lower rate.