Business bank account features for small business owners

What to look for in a business bank account

Choosing the right business bank account isn’t just about finding a place to store your money - it’s about setting your small business up for future growth, control and peace of mind.

Whether you’re launching a new venture or reassessing your current banking setup, the right account can make everyday operations smoother and support smarter financial decisions.

Let’s take a look at what to consider when selecting a business bank account for your small business.

1. No or low monthly fees

For many small business owners, especially those with minimal transaction volumes, keeping costs low is crucial to maintaining control over cash flow.

• Consider business bank accounts with no or low monthly account fees.
• Ensure you’re aware of any transaction limits and excess usage fees that may apply.
• Take advantage of any special discounts or benefits associated with business bank accounts.

Example: The NAB Business Everyday Account ($0 monthly fee) is a business bank account with no monthly fees. It’s potentially suited to small businesses with lower transaction volumes looking to minimise banking costs.

2. Accessibility and convenience

Your business banking should fit your working style, whether that means banking on-the-go or having access to a local branch when you need it.

• Online and mobile banking lets you check balances, transfer funds and deposit cheques remotely.
• Branch access matters if your business handles physical cash or needs face-to-face support.
• Another convenient and flexible way to do your business day-to-day banking with NAB is by visiting any Australia Post outlet that displays the Bank@Post^TM  sign.
• 24/7 customer support is critical for resolving issues outside regular hours or during emergencies.
• Wherever you are, you can access your money securely and conveniently with a NAB Business Visa Debit Card.

3. Software and payments integration

As your business scales, having connected systems saves time and reduces errors.

• Look for accounting software compatibility with platforms like Xero, MYOB or QuickBooks. For example, NAB Bookkeeper can simplify and automate your business’s financial tasks.
• Merchant services integration is key for accepting card payments online or in-store.
  For example, NAB’s merchant and payment services support POS, online payments and mobile EFTPOS.
• NAB integrates payroll software by allowing seamless data transfer between the bank and the payroll system.

4. Security and fraud protection

Strong security is non-negotiable when it comes to business finances – protecting both you and your customers.

• Prioritise a business banking account with two-factor authentication, fraud detection and end-to-end encryption.
• Transaction alerts via SMS or the NAB app can help you act quickly on unusual activity.
• Ensure you have access to dedicated fraud support when something goes wrong.

Visit NAB’s business security hub to learn more about online safety tips for your small business.

5. Cash flow management tools

Effective money management helps you stay agile and prepared for the unexpected.

• Access to an overdraft facility gives you breathing room during tight cash flow periods.
• Use linked savings to separate operational funds and plan for future needs.
  For example, NAB’s Business Cash Maximiser account lets you earn interest on surplus funds without locking them away.
• Invoicing solutions help you stay on top of billing and client payments.

6. Industry-specific features

Some business types need specialised features built for how they operate.

• High cash deposit limits are helpful for retail or hospitality businesses with daily takings.
• Foreign currency accounts support businesses with international clients or suppliers.
• Escrow or trust accounts are essential in legal, real estate or construction sectors.
• Access specialised banking services, support and resources for Indigenous and Islamic and other faith-based businesses and community organisations.

Learn more about industry-specific banking.

Choose a bank that grows with you

Every small business is different. The right business bank account should reflect your unique goals, industry and day-to-day needs. By looking beyond just the monthly fee and exploring features that support your workflow, you’ll set yourself up for smoother operations and stronger financial control.

Ready to take the next step?

Explore NAB’s business bank accounts and see how our range of flexible, feature-rich solutions can support your business at every stage. Whether you’re just starting out or scaling up, we’re here to help you bank smarter.