✅ Updated January 2026 — fees and features verified

The right business bank account saves you money on fees and hours of time at tax time. The wrong one costs you both. We compared the major options specifically for how well they work for tradies.

📋 Jump To

  1. →Full comparison table
  2. →ANZ Business
  3. →CommBank Business
  4. →NAB Business
  5. →Up Business
  6. →Which to choose

Full Comparison Table

BankMonthly FeeTransaction FeesCash DepositsAccounting IntegrationOverdraftScore
ANZ Business Extra ⭐ Top PickBest all-rounder
$0first 12 months, then $10
 $0 electronic ✓ Branch ✓ Xero, MYOB ✓ Available
8.8
CommBank Business TransactionBest mobile banking
$10/month
 $0 electronic ✓ Branch ✓ Xero, MYOB, QBO ✓ Available
8.4
NAB Business TransactionGood for growth
$10/month
 $0 electronic ✓ Branch ✓ Xero, MYOB ✓ Available
8.0
Up BusinessBest digital option
$0no monthly fee
 $0 all ✗ No cash ✓ Xero ✗ Not available
7.6
💡 Key insight: If you handle cash regularly, you need one of the Big 4. If your business is fully electronic (card/bank transfer), Up Business or ANZ are the standouts for low fees.

ANZ Business Extra Account

ANZ is our top pick for most tradies. The first year is free, the electronic transaction fee is zero, and their branch network means you can deposit cash if clients still pay that way. Their integration with Xero and MYOB is seamless.

✅ Pros

  • Free for first 12 months
  • Zero electronic transaction fees
  • Wide branch and ATM network
  • Strong accounting software integration
  • Business overdraft facility available

❌ Cons

  • $10/month after year one
  • Cash deposit fees at non-branch ATMs
  • Mobile app behind some fintech competitors

Which Account Should You Choose?

You handle cash regularly: ANZ or CommBank — both have good branch networks for cash deposits.

You're fully digital (card/bank transfer only): Up Business — zero fees, excellent app, Xero integration.

You're growing and need lending capacity: CommBank or NAB — both have strong business lending arms.

The single most important thing: open a separate account from your personal banking. Mixing money is the number one bookkeeping mistake tradies make and it costs hours at tax time.