10 tips for choosing the right business savings account

A business savings account isn’t just a place to park surplus cash. It can be a strategic tool for managing cash flow, planning for tax time and funding future growth. For Australian small businesses, especially those navigating seasonal income or fluctuating expenses, choosing the right account can make a real difference.

The tips below are tailored to help business owners make informed decisions that support long-term financial health.

1. Understand your business's savings needs

Start by assessing your business’s cash flow and savings goals. Do you need quick access to funds, or are you saving for a long-term investment?

• Seasonal fluctuations matter. For example, a Melbourne café might experience slower trade in winter and having savings set aside can smooth out those dips.
• Consider automating savings: setting aside a percentage of every deposit can help ensure you’re ready for BAS time or unexpected expenses.

2. Compare rate types and conditions

Not all savings accounts are created equal. Look closely at the interest structure:

• Variable rates offer flexibility but may fluctuate.
• Bonus rates reward specific behaviours, like regular deposits or no withdrawals.
• Introductory rates can be attractive but often revert after a set period.
• Term deposits offer higher fixed rates but may come with a notice period and interest reductions if you want to withdrawal early.

Compare NAB business savings account products.

3. Consider fees and charges

Fees can eat into your savings, so it’s worth checking:

• account-keeping fees.
• transaction fees.
• paper statement charges.

In some instances, fees could be waived if you maintain a minimum balance or link a transaction account.

4. Understand interest calculation

Interest isn’t just about the rate, it’s also about how it’s calculated:

• Does it compound daily, monthly or quarterly?
• How often is it credited to your account?

Faster compounding can lead to better returns over time, assuming the same interest rate.

5. Evaluate access and withdrawal options

Think about how you’ll interact with your savings:

• Do you prefer online banking, a mobile app, or branch access?
• Are there limits on withdrawals?
• Can you set up multi-user permissions for your accountant or business partner?

6. Check the bank's reputation and service

Choosing a bank with strong customer service and a reputation for supporting businesses is key. NAB is a trusted Australian bank with a long history of helping businesses grow.

7. Understand the Financial Claims Scheme (FCS)

All Authorised Deposit-taking Institutions (ADIs) in Australia are covered by the Financial Claims Scheme, which protects deposits up to $250,000 per account holder per ADI. This can help provide peace of mind and security for your business savings.

8. Consider the bank's overall business banking services

A savings account is just one part of your financial toolkit. NAB offers a full suite of business banking services including:

• business loans
• merchant services
• business credit cards.

Bundling services could streamline your operations and improve financial visibility.

9. Automate and integrate your savings

Connect your savings account to accounting platforms like Xero or MYOB for real-time cash flow tracking. NAB also offers integration with its own business banking dashboard.

10. Review your account regularly

Your business evolves so your savings strategy should too.

• If you signed up to an account with a bonus rate, check your balance still qualifies.
• Compare new promotional offers.
• Decide whether to roll into a term deposit or switch accounts.

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Ready to find the perfect business savings account for your needs? 

Compare NAB's range of business savings accounts and find the one that's right for you.