Business One - Low Plan
Our most popular everyday business banking account
$0 Monthly Plan Fee for the first 12 months
- Save up to $120 by having the Monthly Plan Fee waived for the first year when you open a new Business One - Low Plan account by 28 Feb 2017.
Our most popular business bank account with 25 free monthly transactions, ideal if you are starting a new business.
Business One account - Low Plan comes with the following features and services for your everyday business banking:
- Unlimited electronic transactions
- 24/7 access1 to your account through our award winning Westpac Online, Mobile and Tablet Banking2 plus over 3,000 Westpac Group ATMs in Australia and New Zealand
- Link your account to a Business Debit Mastercard® and use your own money for your business purchases online and worldwide, wherever Mastercard® is accepted3
Getting the most from your Business One account (optional extras)
- eStatements - Stay on top of your finances with less clutter
- Export your transactions - Save time and money by exporting transactions to your existing accounting software
- Business savings account - Complement your Business One account with Business Cash Reserve savings account that comes with no monthly service fee and competitive interest on all balances of $10,000 or over
- Business overdraft - Link your Business One account to Business Overdraft to access additional funds when cash flow is low4
Monthly Plan Fee
|Number of free monthly transactions||25|
$0 Monthly Plan Fee for the first 12 months for new Business One Low Plan accounts opened before 28 February 2017.
Standard Monthly Plan Fee applies after this time, currently $10.
Transaction fees when free monthly transactions are exceeded
|Cheques - deposited or collected (additional deposit fee may apply)||$0.60 per cheque|
|Withdrawal or deposit at branch||$1.00|
Transaction fees not included in free monthly transactions
|Non-Westpac/St.George/Bank of Melbourne/BankSA branded ATMs within Australia (cash withdrawals or balance enquiries). An ATM operator fee (disclosed at the time of the transaction) may be applied by the ATM owner.||$0|
|Overseas ATM cash withdrawals (An overseas bank surcharge may also apply).||$5.00 or nil for cash withdrawals from ATMs belonging to institutions in the Global ATM Alliance.|
|Overseas ATM balance enquiry||$0|
|Westpac Foreign Transaction Fee||The amount charged is dependent on the nature of the transaction, as set out below.|
|Non-Westpac/St.George/Bank of Melbourne/BankSA branded ATMs within Australia (cash withdrawals or balance enquiries). An ATM operator fee (disclosed at the time of the transaction) may be applied by the ATM owner.||$0.00|
|Business Telephone Banking||20 free enquiries per month, then fees as disclosed below.|
|Business Online Banking||Free|
Interest is calculated daily and paid monthly. Interest rates are current as at 23 August 2016.
Variable Interest rates (%p.a)
|$0 - $1,999||Nil|
|$2,000 - $4,999||Nil|
|$5,000 - $9,999||Nil|
|$10,000 - $19,999||Nil|
|$20,000 - $49,999||Nil|
|$50,000 - $99,999||Nil|
|$100,000 - $249,999||Nil|
|$250,000 - $499,999||Nil|
Things you should know
To be eligible to apply for Business One account, your business must be registered in Australia.
Open a new a Business One Low Plan account between 1 February and 28 February 2017 to have the Monthly Plan Fee waived for the first 12 months. At the end of the 12 month period the standard Monthly Plan Fee, currently $10, applies to the Business One Low Plan. Other fees and charges, terms and conditions, apply to the Business One Low Plan. Before deciding to acquire or hold any of these products, you should read the terms and conditions and consider whether the product is suitable for you.
1. 24/7 access is subject to system availability.
2. Winner of the Best Innovative Online Banking Service in Money Magazine’s 2015 Best of the Best Innovation awards, 2015 AB+F’s Best Banking Website/New Online Banking Offering of the Year, and Good Design Award in the category of Digital and Online design - Good Design Australia 2014.
3. Business Debit Mastercard holders need to be at least 18 years of age, and other eligibility criteria apply.
4. Westpac’s normal lending criteria applies. Fees and charges apply and are available on request.
5. A deposit to an account with two cheques will count as three transactions, one for the deposit (depending on the channel used) and one for each cheque lodged because each item requires individual processing.
6. Narrated credits are branch transactions using a serial number encoded deposit slip designed to allow you to identify the deposit from the serial number used
Overseas ATM cash withdrawal surcharges
Some overseas banks may also apply a surcharge to withdrawals from their ATMs. This should be drawn to your attention before you proceed with your transaction. This surcharge amount will be added to your withdrawal amount, converted to Australian dollars and debited to your account as one transaction. Details of how to access your accounts via an ATM whilst overseas, and of the participating institutions in the Global ATM Alliance, are available in the 'A banking guide for overseas travel' brochure. Visit your local branch, call Business Telephone Banking for further details or sign in to www.westpac.com.au/business.
Westpac Foreign Transaction Fee
This fee will be incorporated into the $AUD transaction amount shown on your statement. The fee charged will either be:
(a) 3% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located outside of Australia (comprising of 2% Westpac Processing Fee plus 1% Westpac On-Charged Scheme Fee);
(b) 2.2% of the $AUD transaction amount where a transaction is made in foreign currency or the merchant or financial institution accepting the card is located in Australia (comprising of 2% Westpac Processing Fee plus a Westpac On-Charged Scheme Fee of 0.2%).
Business Telephone Banking enquiries - Low or High
Account enquiries include balance enquiries and obtaining the details of a deposit or withdrawal.
20 free enquiries per month, then: $0.25 for self service and $0.65 for staff assisted (does not apply if the minimum monthly balance in the account is greater than $5,000 or a minimum $5,000 overdraft exists)
An account balance enquiry received immediately after, and as part of, a withdrawal transaction is exempt from fees and does not count towards the monthly number of free transactions.
Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change.
Online Banking Terms and Conditions
Credit criteria, fees, charges, terms and conditions apply. Talk to your banker for product details.
Find out what information you need to provide to become a customer
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