Bank accounts

Compare transaction accounts Compare transaction accounts

Westpac everyday business bank accounts are designed for sole traders, partnerships, companies, associations, SMSFs, trusts, and not-for-profits - operating in Australia with an Australian address. Applicants and all signatories must be 18+ years old.

Business savings accounts

Put surplus funds to work in the short or long term, earning interest the way you want to.

Accounts for not-for-profits

Manage your non-profit finances with no transaction or monthly fees.

Specialist bank accounts

Accounts to hold and manage foreign currencies and funds held on behalf of clients.

FAQs about business bank accounts

What ID and documents are needed to open a business account?

Most types of business - plus trusts, not-for-profits and associations - can open most Westpac business accounts online.

New customers with two or more signatories will need an ID and document check in branch before they can start making payments from their account.

Find out what information we need from new customers

Can I use my personal bank account for business?

What should I look for when choosing a business bank account?

There are different types of business bank account, so your choice may depend on the size and nature of your business, the way it operates and how you manage cash flow. Some of the options available include:

Business transaction accounts (also known as a current or cheque accounts) for everyday banking
Business savings accounts for surplus funds with anytime access
Business term deposit accounts for surplus funds held for a fixed term
Foreign currency accounts for making and receiving payments in a choice of foreign currencies
Other specialist accounts for certain industry sectors such as agriculture and not-for-profits.

When comparing business bank accounts, some of the factors you may wish to consider are set up costs, fees, transaction limits, ease of use, online access, and the ability to switch funds between accounts.

You might want to talk to a business banker in your local branch to discuss your specific needs. Or for a few tips, read our How to set up your business banking article.

What’s the best type of bank account for a small business?

This really depends on what your business needs are.

If you’re a sole trader or run another type of small business, you’ll find there are a number of bank account options with different fees and features available and the type of bank account for your business might not be for others. For this reason, it’s important that you do your research and weigh up your options against your business needs and objectives.

For example, when choosing a business transaction account, features such as the number of free transactions could be particularly important to businesses with a high volume of payments. Whereas businesses with a low volume of transactions may be more focused on paying lower fees.

This is why Westpac offers a choice of Business One transaction accounts designed to support a variety of small businesses.

Can I open a business bank account online?

Can I compare business bank accounts?

How easy is it to change banks?

Help and resources for your business

Get handy tips for starting, running, and growing your business.

Get more help for your business

Things you should know

Deposit Accounts for Business Customers Terms and Conditions (PDF 876KB)

Business Debit Mastercard® Terms and Conditions (PDF 304KB)

Important information for Westpac business account customers - 19 December 2018 (PDF 29KB)

Foreign Currency Account Terms & Conditions (PDF 284KB)

International Products and Services Standard Fees (PDF 156KB)

Online Banking Terms and Conditions (PDF 409KB)

This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement and consider whether the product or service is right for you.

Select the 'Find out more' buttons to check your eligibility for any of our transaction accounts.

Find out what information you need to provide to become a Westpac customer.

* Value has been calculated using the highest subscription offered for 12 months.

# $100 Bonus Offer: This Offer is available to selected customers only and is subject to eligibility requirements.

To be eligible for the $100 Bonus Offer (Bonus Offer) you must (1) open a Business One Plus transaction account (2) have deposited $100 within 10 days of account opening and (3) you must also add a payee description “PLUS100” to the deposit transaction when transferring the $100 into your new account from another account or financial institution.

Eligibility is limited to a single offer per account and a single offer per customer. Where a Joint Account has been opened, eligibility is limited to a single offer to the primary account holder. The offer is available to new Business One Plus transaction account customers only. You are not eligible if, in the last two years, you have held or already hold a Business One, Business One Plus, Business One Flexi or Business One Low Plan transaction account.

The $100 bonus will be provided by way of a physical EFTPOS Gift Card sent to you approximately 60 days after you meet the eligibility criteria. Delivery of the Bonus Offer will only be made to your nominated postal address for this account. You are not eligible to receive the gift card if you have not provided a valid postal address as part of your Business One Plus application.

The offer is available from 16th October 2023 until 15th December 2023, however, the offer may be withdrawn or varied at any time without notice or for any reason. We may refuse to provide you or withdraw the Bonus Offer payment if, without limitation, we reasonably believe that (i) you do not comply with these terms and conditions or the terms and conditions of Business One Plus or the Gift Card program, (ii) your account is fraudulent, (iii) you are not acting in good faith, or (iv) you have closed your Business One Plus account prior to us delivering the gift card to you. This Bonus Offer may have taxation implications. We recommend that you seek independent advice to determine any tax liability or other tax implications based on your individual circumstances. Business One Plus and Gift Card T&Cs also apply. Westpac Group Employees and Trusts are not eligible for the offer."

1. Fees may be incurred for certain electronic transactions such as foreign transactions and withdrawals from some overseas ATMs. Customers must be able to meet any applicable fees and charges. For a complete view of fees, please refer to our Deposit Accounts for Business Customers Terms and Conditions (PDF 876KB).

2. Read the Westpac Online Banking Terms and Conditions (PDF 409KB) before making a decision. Not all accounts are eligible to be included in a bank feed. Not all third-party service providers support bank feeds for all accounts. Bank feeds must be set up with third-party service provider before it can be connected in Westpac Online Banking. If your third-party service provider doesn’t appear in the drop-down menu in Westpac Online Banking, you may need to check that your third-party service provider is registered with Westpac. Should there be any changes to your user access or network access levels, you may need to disconnect your bank feed(s) as any access changes won’t impact bank feeds. The products and services offered by third-party service providers are subject to their own terms and conditions and fees and charges. Westpac doesn’t guarantee or endorse the services or products offered by third-party service providers.

Westpac Community Solutions Cheque Account is available for not-for-profit organisations including companies operating on a non profit or charitable basis. Westpac reserves the right, with at least 30 days written notice, to change the account to a Business One Plus if it considers that the account is being used for profit-making purposes.

A Foreign Currency Account should not be used to speculate on foreign currencies or to conduct frequent trading of foreign currencies. A Foreign Currency Account is not an account to assist with travel needs. It cannot be linked to a Travel Money card and you cannot access your Foreign Currency Account through an ATM, either within Australia or overseas. You cannot withdraw or deposit foreign notes or coins into a Foreign Currency Account. Deposits held in Foreign Currency Accounts are not covered by the Australian Government’s Financial Claims Scheme.

Mastercard® is a registered trademark of Mastercard International Incorporated.

^Introductory fixed bonus rate:

Bonus offer available from 20/11/2023 for a limited time only for new Business Cash Reserve accounts who have never held a Business Cash Reserve account before.
Not available for all customers who are relationship managed. If you’re experiencing issues with getting this bonus offer, please contact a Westpac branch
Not available in conjunction with any other offer unless we determine otherwise
We reserve the right to withdraw, amend or extend this offer at any time.

Business bank accounts

Business savings accounts

Accounts for not-for-profits

Specialist bank accounts

FAQs about business bank accounts

Help and resources for your business

Get handy tips for starting, running, and growing your business.

Chat with a business banker

Find your local branch

Things you should know

Business bank accounts

Business transaction accounts

Pocket $100 on us!

Business One

Business One Plus

Access up to $10,000 of value for your business*

Business savings accounts

Get a 2.54% p.a. bonus rate on your business savings

Accounts for not-for-profits

Specialist bank accounts

FAQs about business bank accounts

Help and resources for your business

Get handy tips for starting, running, and growing your business.

Chat with a business banker

Find your local branch

Things you should know