Switching to CommBank for your business banking

Start, run & grow your business with Australia’s most recommended major business bank.1

17 January 2024

Here’s how to switch to a CommBank business account in 5 simple steps.

1. Open a new business bank account

Our Business Transaction Account has a range of flexible features to make your day-to-day business banking easier – such as unlimited electronic transactions2 and the option to add a Business Visa Debit Card. You can also add additional accounts, such as a business savings account to help you make the most of extra cash.

2. Set up online banking 

Your business banking should be simple, quick and secure. Use NetBank or the CommBank app to make and take payments, check statements, and access features designed to help you stay on top of cash flow. You can also get a separate view of your business and personal accounts in the CommBank app.

3. Share your new account details

Notify anyone who needs to know about your new bank account, such as service providers. Set up a PayID® to receive quick and easy payments straight into your account, without having to share your BSB and account number. 

If you have an ABN, it’s recommended to update your account details with the Australian Business Register.

4. Update direct debits 

Update any automatic payments or deposits with your new bank account details – this includes people you pay (such as payroll or providers), and people who pay you. You should also cancel and update any bank feeds that link to your accounting software.

5. Close your old accounts

Once you've transferred everything over to your new business bank account, close your old one.

Business Transaction Account

Open a Business Transaction Account2 available with a $0 monthly account fee option.

Things you should know 

1 DBM Australian Financial Awards 2023 – ‘Most recommended Major Business Bank’ and ‘Most Recommended Business Bank Account (Major Bank)’. Presented March 2023. Award is based on information collected from the DBM Atlas research program – feedback from over 18,000 businesses January 2022 through December 2022.

2 You can view the Terms and Conditions for Business Transaction and Savings Accounts, our Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services. The target market for this product will be found within the product’s Target Market Determination, available here. Bank fees and charges may apply. 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances.