Business bank accounts
Business transaction accounts
Frequently asked questions
Amongst the key things you may wish to consider is the types of bank account your business needs. 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 account) for everyday banking
- Business savings accounts for surplus funds
- Business term deposit accounts for surplus funds
- Foreign currency accounts for making and receiving payments in foreign currency
- Other specialist accounts for certain industry sectors such as agriculture and not-for-profits.
Then, when comparing business bank accounts, some of the elements you may want to consider are set up costs, fees, transaction limits, ease of use, online access and the ability to switch accounts.
It could be a good idea to talk to a business banker in your local branch to discuss your specific needs – and for a few tips, read our How to set up business banking article.
The business registrations and proof of identity documents you may need to provide to open a business bank account vary by business and account type. Read about the Information we require for Westpac business bank accounts, many of which have an option to be opened online.
This really depends on what your business needs are.
If you are 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 best type of bank account for your business might not be for others. For this reason, it is 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 transactions. Whereas, businesses with a low volume of transactions may be more focused on paying lower fees.
This is why Westpac offers a range of Business One transaction accounts designed to support a variety of small businesses.
You can open a number of bank accounts online without having to go into a branch, depending on how your business is structured and whether or not you’re already a Westpac customer. Usually, it takes just a few minutes. If you’re a sole trader, sole director or two-director company, you can use this tool to find your product and start opening it online.
It’s worth doing some research to help you identify the right business bank account for your business needs. You could start by comparing Westpac business bank accounts on our compare business bank accounts page.
Things you should know
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.
* Open a new Business One - Low Plan account between 1st October 2020 and 30th November 2020 to receive a $0 Monthly Plan Fee for the first 12 months. At the end of the 12-month period the standard Monthly Plan Fee at that time, currently $10, applies to the Business One Low Plan. Other fees and charges, terms and conditions, apply to the Business One Low Plan. This offer may be repeated from time to time, withdrawn, varied or extended at any time.
To be eligible to apply for Business One - Low Plan, Business One - High Plan or Business Flexi, your business must be registered in Australia.
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 Westpac Business One - Low Plan 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.
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