CommBank business account review

What is a CommBank business account?

A CommBank business account is a financial account designed specifically for business needs in Australia. It is offered by Commonwealth Bank (CBA), one of the largest banks in the country, and provides a way to manage daily cash flow, pay business expenses, save surplus funds, and link to online tools. Understanding these features is essential when assessing which product suits your business.

These accounts are available to businesses that are legally registered in Australia with an ABN (Australian Business Number) and, where relevant, an ACN (Australian Company Number). If your business is regulated under Australian law and recognised by ASIC (Australian Securities and Investments Commission), CommBank’s business accounts can be customised to your company structure and needs.

Types of CommBank business bank accounts

CommBank offers several business accounts, each serving a different financial purpose, catering to varying business sizes, structures, and banking needs. Below, our CommBank business account review explores each option.

Key features of the CommBank Business Transaction Account

Our CommBank business account review would be incomplete without going over key features. CommBank’s Business Transaction Account includes several practical advantages, like:

• Online and mobile banking: Manage everyday transactions via NetBank and the CommBank app.
• The Business Visa Debit Card: Make contactless payments in-store and online, with Apple Pay and Google Pay support.
• Accounting integration: Connect your account to Xero or MYOB through NetBank to streamline bookkeeping.
• Linked savings accounts: Move funds easily between your transaction account and the Business Online Saver or investment accounts.
• In-branch support: Access over 700 branches across Australia if you prefer face-to-face banking.

CommBank Business Transaction Account fees and pricing

The Business Transaction Account offers 2 fee structures tailored to how you bank. The $0 monthly fee option is designed for businesses that manage most of their banking online, with charges applying only for assisted transactions or special services. The $10 monthly fee option includes a set number of assisted transactions before additional fees are charged, making it suitable for businesses that prefer some in-branch support.

Additional fees can apply for assisted transactions, cheques, and cash deposits. It’s important to note that the transaction account itself does not earn interest on balances.

Pros and cons

CommBank is one of Australia's largest banks, so reliability comes built in. The AUD $0 monthly fee option works well for businesses that bank primarily online, with no minimum balance requirements and unlimited free electronic transactions. The Business Visa Debit Card supports Apple Pay and Google Pay, and Xero integration via NetBank keeps bookkeeping straightforward.

Access to over 700 branches is a genuine advantage if you need in-person support. The limitations are worth noting, though, as assisted transactions on the AUD $0 account cost AUD $5 each, which adds up if you rely on branch services regularly.

The 3.5% international transaction fee is high, and there is no multi-currency functionality, making this account a poor fit for businesses with overseas suppliers or foreign currency needs. Business Online Saver rates start at just 0.01% p.a. for balances under AUD $50,000.

Who is eligible? / eligibility requirements

To open a CommBank business account, your business must be registered in Australia and hold a valid ABN. If your business is a corporation, it also needs an ACN recognised by ASIC. CommBank supports a range of business structures, including sole traders, private companies, and partnerships.

Documents required to open a CommBank business account

When applying, you’ll typically need your ABN and ACN (if applicable), along with personal identification such as a passport or driver’s licence, proof of residential address, and any relevant business registration documents. Directors and beneficial owners may need to verify their identities and provide ASIC-linked company details.

How to open a CommBank business account (step-by-step)

Opening a business account with CommBank is straightforward once you understand the steps involved. Following this simple process ensures your account is set up correctly and ready for everyday banking:

1. Start the application process on the Business Transaction Account page.
2. Register with NetBank or log in if you already bank with CommBank.
3. Provide your business details, including your ABN and ACN.
4. Verify your identity online or in person at a branch.
5. Once approved, start using your new CommBank business account.

Alternatives to CommBank business accounts

If you’re looking for an alternative to legacy bank business accounts, Aspire provides a modern banking experience designed for founders and small to medium enterprises. Aspire’s platform integrates easily with accounting tools like Xero and is crafted for friction-free spending and cross-border operations without legacy system constraints. Aspire also offers tools that complement the features discussed in this CommBank business account review.