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All-in-one POS and payments.
Starting a new business? Enjoy a free, built-in POS system with the new Zeller Terminal 2.
Banks vs Zeller: Which is the Best Business Savings Account For You?
11.03.2025
Growing a business isn’t just about making more money, it’s also about making your hard-earned work hard for you – and a great way to do that is with the best business savings account in Australia.
The elements of what makes an ideal business savings account are rather simple. It should:
- Help your funds grow with a strong interest rate
- Be easy to open with no lengthy application processes or forms
- Have zero fees eating up your savings account balances
- Have no minimum balance requirement to earn the best interest rate
- Allow for easy access to your funds when you need it
Seems pretty straightforward, doesn’t it? Well, you might be surprised to learn that such accounts are actually quite rare in Australia.
That’s why we created Zeller Savings Account – to offer Australian businesses flexibility, transparency and competitive interest rates on savings balances that the big-4 simply can’t (or don’t want to) match.
How Zeller Savings Account stacks up against the big-4.
Interest rate on balances under $4,999
Maximum interest rate
No min balance required to earn max interest
Branch visit required to open account
Zeller Savings Account
Interest rate on balances under $4,999
3% p.a.
Maximum interest rate
3% p.a.
No min balance required to earn max interest
Yes
Branch visit required to open account
Never
ANZ Business Online Saver
0% p.a.
1.15% p.a.
No
In many cases
Business Online Saver
0.25% p.a.
1.05% p.a.
No
In many cases
Business Cash Maximiser
0% p.a.
0.9% p.a.
No
In many cases
Business Cash Reserve
1.05% p.a.
1.05% p.a.
No
In many cases
Customers are eligible to earn up to 3% p.a. standard variable rate on funds saved in an active Zeller Savings Account until 31 March 2025 (AET). Terms apply. Interest rates accurate as at 3 March 2025.
It pays to switch away from the big-4 business savings accounts.
As you can see from the table above, the big-4 banks’ business savings rates are disappointingly low, and you should note that the figures in the table are their maximum savings rates.
For example, to qualify for 1.15% p.a. from Commonwealth Bank, a business must deposit a whopping $1 million dollars into the account. Needless to say, most Aussie businesses do not have that kind of cash just sitting around.
For balances under $50k, with Commonwealth Bank, you’d earn a tiny interest rate of just 0.25% p.a. Contrast that with Zeller’s 3% p.a. and it’s clear Zeller is the vastly better option.
How much extra could you be earning?
Use the tool below to see how much extra cash your business could save every year with a Zeller Savings Account.
Why should you have a business savings account?
Whether you’re just starting out or have already amassed a large savings balance, a business savings account is an excellent financial tool. Here’s why:
1. Clear separation of funds
Mixing your savings with your operating account can make financial management messy. A dedicated savings account keeps your reserve cash separate, ensuring that funds meant for growth, emergencies, or future expenses remain untouched until needed.
2. Earn more on your business savings
In business, every dollar counts. With a 3% p.a interest rate, Zeller Savings Account makes your money hard for your business instead of sitting idly in an account that pays next to nothing.
3. Financial stability and preparedness
Unexpected expenses are part of running a business. Whether it’s replacing essential equipment, handling a cash flow shortfall, or taking advantage of an unexpected growth opportunity, having funds readily available ensures your business remains financially resilient.
4. Building a habit of saving
Even depositing a small amount regularly can help create a healthy financial habit for your business. With a Zeller Savings Account, there’s no minimum balance required to earn maximum interest, so you’ll watch your business savings grow with daily interest calculations, paid monthly to your Zeller Savings Account, while earning our highest interest-rate from the first dollar you deposit.
Why open a Zeller Business Savings Account?
In addition to offering a much higher interest rate than the big-4, a Zeller Savings Account provides instant access to your funds, ensuring your money is both secure and easily available when needed.
But there’s another big benefit that isn’t immediately obvious – having a Zeller Savings Account means you’ll also have access to a Zeller Business Transaction Account.
With both accounts working together, you’ll get:
- High-interest savings · Earn 3% p.a. on your business savings.
- No monthly account fees · Or any other fees, for that matter.
- Unlimited free debit cards · Issue as many physical or virtual debit cards as you like.
- Xero integration · Automatically reconcile settlements with your accounting system.
- Clear statements · Easily see all deposits and withdrawals, plus when interest is paid into your account.
- Real-time visibility · Track all transactions, expenses, and income with live cash flow reporting.
- Instant access · Withdraw your funds anytime with no penalties or hassles.
- Excellent security · All funds are held with a fully licensed, APRA-regulated Australian bank, and two-factor authentication is enabled on all Zeller Accounts.
These features go beyond just savings, they make managing your business finances easier and more efficient.
Stop letting the big-4 banks hold you back.
The days of being forced to use an outdated business bank are over. Thankfully, Australian businesses no longer need to settle for subpar savings accounts with low interest rates and strict conditions.
If you’re currently banking with one of the big-4, ask yourself:
- Are you earning the best return on your business savings?
- Does your bank offer instant access to your funds with no restrictions?
- Are you happy with the limited reporting functions of your current business account?
If the answer to any of these is "no", then it’s time to make the switch to Zeller.
