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Tyro’s Business Bank Account with No Fees

With interest and no fees, business banking never looked so good. Find out how a Tyro no-fee business bank account can benefit you and your business.

Available to Tyro EFTPOS and eCommerce customers.

tyro app

Streamline loan repayments through daily savings

Same-day settlements into the Tyro Bank Account are paid 7 days a week at a time of your choosing *.

And you can choose to automatically transfer a percentage of your daily takings to your external linked bank account *, leaving the remainder in your Tyro Bank Account to earn interest.

Earn interest on your business savings

Earn more interest on your funds the longer you leave them in the account, and still have access to your funds when you need it.

Interest Rates effective as of 07 November 2022

Period
Base Interest Rate
Bonus Interest Rate
Base Interest Rate
+ Bonus Interest Rate
≤30 days

0.50% p.a.

n/a

0.50% p.a.
>30 but ≤60 days

0.50% p.a.

0.65% p.a.

1.15% p.a.
>60 but ≤90 days

0.50% p.a.

0.80% p.a.

1.30% p.a.
>90 days

0.50% p.a.

0.95% p.a.

1.45% p.a.

On 07 November 2022 the Base Interest Rate on the Tyro Bank Account changed from 0.10% to 0.50% p.a. The Bonus Interest Rate tiers also changed in line with the table above.

Rates effective 07 November 2022 but subject to change. Interest rates are variable and interest is calculated daily and paid monthly on the third business day. Bonus interest is paid on the portion of the balance that falls within each tier. Tyro EFTPOS and eCommerce Banking customers who do not opt to have funds remain in the Tyro Bank Account and have their daily takings auto-swept to their nominated linked bank account, do not earn any interest.

Effortless. Efficient. Integrated banking

Seamless reconciliation with integrated bank feeds to Xero. Schedule batch payments in Xero – including BPAY and bank transfers, and Xero Payroll.

More about Xero Integration

Manage your business 24/7 with mobile banking

The Tyro App lets you access 24/7 mobile banking so you can stay on top of your business from anywhere plus intelligent notifications, bank transfer, BPAY® and direct debits.
Download the app:

App Store Google Play™

Gain on-the-go insights and manage your business wherever you are

Introducing the Tyro App

Never run low

Just-in-time reminders will let you know if funds are low, so you can reschedule bill payments.

Monitor interest earned

Keep track of monthly interest on your EFTPOS transactions.

Voice command payments

Tyro was the first in Australia to allow payments to be made from its business bank account using Apple’s smartphone assistant, Siri ^.

Safe payments

Automatically receive a notification if a new payee is included in a batch.

Easy set-up for recurring payments

Set and forget your regular payments.

Track EFTPOS transactions

Hourly transactions to pick up on sales times and trends.

Flexible business banking

Fee-free. Interest-bearing

7-day settlements

Settlements into the Tyro Bank Account are paid 7 days a week at a time of your choosing when you meet our eligibility criteria *, so you can earn interest and access your cash straight away.

Linked banking

For seamless cashflow management, link the Tyro Bank Account with any other Australian Financial Institution.

Government guarantee

Security guaranteed. Your deposits are protected under the Financial Claims Scheme up to $250,000 per account holder.

For more information:

Visit ASIC’s website navigate_next

Business banking add ons

Better banking for your business

Streamline payments with one single settlement and accept payments fast and securely online and/or in-store.

Discover Tyro Payments navigate_next

More tools to boost your business

Keep cash flow moving. Borrow unsecured amounts up to $350,000 § and make payments that work for your cash flow.

Discover Business Loans navigate_next

Frequently Asked Questions

  • How can I open a business bank account with Tyro?

    To open a Tyro business bank account, apply online or our customer support team for assistance. The process is quick and straightforward, designed to get you started with minimal hassle.

  • What documents are required to open an online business bank account with Tyro?

    To open an online business bank account with Tyro, you’ll need to provide proof of business registration, identification, and address verification. These documents help us ensure the security and compliance of your account.

  • How do I link my external bank account to my Tyro business account?

    You can link your external bank account to your Tyro business account by accessing the online banking portal and following the instructions for account linking. This allows for easy transfers and management of your business bank accounts and funds.

  • How secure is Tyro’s online business banking?

    Tyro’s online business banking is highly secure, utilising advanced encryption and security measures to protect your financial data. Our systems are designed to provide a safe and reliable banking experience for your business.

  • What makes Tyro a good choice for small business banking?

    Tyro is an excellent choice for small business banking due to its fee-free business accounts and competitive interest rates that help maximise your savings. Additionally, Tyro offers seamless integration with its EFTPOS and eCommerce solutions, providing a comprehensive banking experience tailored to the needs of small businesses.

  • How can I earn interest with a Tyro business bank account?

    With a Tyro business bank account, you can earn interest on your funds based on the amount of time they remain in your account. Interest rates are calculated daily and paid monthly, with higher rates available for longer-term balances *.

  • What should I consider when comparing business bank accounts?

    When comparing business bank accounts, it’s important to evaluate several key factors. Look for a business savings account that offers competitive interest rates while supporting your business’s cash flow needs. Consider the cost of electronic transactions and whether the bank offers convenient features like the ability to bank online. Additionally, review monthly account keeping fees and other charges to ensure they align with your business’s budget. Choosing the right account can help streamline your financial operations and maximise savings. Discover how Tyro can help you compare business bank accounts efficiently.

Find out how Tyro can benefit your business

Learn more. Do more for your business

Tyro App

24/7 mobile banking so you can stay on top of your business from anywhere. Download the app:

App Store navigate_next

Google Play™ navigate_next

Need to know more about EFTPOS?

The right EFTPOS option can make a real difference to your business.

Explore Tyro EFTPOS navigate_next

Xero integration

Tyro Bank Account and Xero working together.

Learn more about Xero integration navigate_next