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Compare our transaction accounts for small businesses


Business One - Low Plan
Business One - High Plan
Business One - Flexi
Everyday small business account for businesses that mainly transact electronically.  Everyday small business account for businesses with a high number of transactions.
Everyday small business account for businesses that prefer to pay as they go.


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No monthly fees for a year*

Pay no monthly plan fees for the first 12 months, when you open a new account online before 3 December 2021.

$20 $0
Unlimited11 Unlimited11 $0.50 each
25 60 0
(as below)

$0.60 per cheque $0.50 per cheque $1.00 per cheque
$1.00 $2.50
Dependents on the transaction4

$5.00, or nil for cash withdrawals from ATMs belonging to institutions in the Global ATM Alliance5



Nil Nil
20 free account enquiries per month7


Other small business accounts that may meet your needs

Foreign Currency Accounts

Send, receive and hold currencies in one place

  • $0 monthly account maintenance fee (other fees may apply)
  • Make and receive payments in another currency without converting to AUD
  • Available in 12 key foreign currencies
  • Can be managed in online banking 24/7 8
  • Includes complimentary online invoicing tool (for all but Chinese Yuan RMB accounts) 6.

Business Term Deposits

Invest your surplus funds and get higher returns

  • $0 set up and account-keeping fees (formerly known as monthly service fee). Other fees may apply.
  • Guaranteed return on your investment 10
  • Avoids the volatility of variable interest rate investment options
  • Choice of term lengths 
  • Can be applied for and managed in online banking 9.

Business Cash Reserve

Earn interest on surplus funds with instant access

  • $0 account-keeping fee (formerly known as monthly service fee). Other fees may apply.
  • Earn interest on surplus funds and collected GST
  • Links to a your Westpac transaction account for ease of fund transfers
  • Can be managed in online banking 24/7 8
  • Business Cash Reserve Bonus option available for higher interest (subject to conditions and eligibility).

FAQs about small business accounts

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.


This will vary from bank to bank. Westpac Business One transaction accounts  can be opened online, as can certain Foreign Currency Accounts and business savings accounts (if you have a Westpac transaction account to link them to). Please refer to the information we require for you to open accounts online.

Things you should know


Deposit Accounts for Business Customers Terms and Conditions (PDF 693KB)

Business Debit Mastercard® Terms and Conditions (PDF 451KB)

Online Banking Terms and Conditions (PDF 305KB)

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


Terms, conditions, fees and charges apply. 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 online between 18 October and 3 December 2021 to have monthly plan fees waived for the first 12 months. At the end of the 12-month period, the standard monthly plan fee (currently $10) will apply. 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.


1. 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.


2. The branch staff-assisted electronic fee is not applicable if your business account does not have card access.

3. 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. 

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%).5. Global ATM: A 3% Westpac Foreign Transaction Fee applies to overseas debit or credit card withdrawals. A 2% cash advance fee applies to credit card withdrawals where the "Credit" option is selected. A list of Global Alliance members is available. It is important to know that the functionality to withdraw money from a linked Westpac account via Credit Card is not available when using overseas ATMs, including Global Alliance ATMs. To ensure access to Savings and or Cheque account funds when overseas please speak to us about obtaining a Debit Mastercard®

6. To be eligible for Biz Invoice you must be registered for Online Banking and hold a Westpac Business One Low Plan or Business One High Plan or Foreign Currency Account (excluding the Chinese Yuan RMB foreign currency account).  Terms and conditions, fees and charges apply in relation to the above accounts. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement for Westpac's Online Banking facilityBusiness transaction accounts and Foreign currency account (PDF 291KB), before deciding.

7. Excess enquiry fees are charged at Self-service – $0.25  and Staff-assisted – $0.65 per excess Business Telephone Banking enquiry. Note the Business Telephone Banking excess enquiry fees on these accounts do not apply if the min. monthly balance in the account is greater than $5,000 or a min $5,000 overdraft exists (where applicable). 

8. 24/7 access is subject to system availability. 

9. Westpac Live is available to update Term Deposits from 8.00am to 9.30pm Monday to Friday and 8.00am to 4.00pm on Saturdays (Sydney time).

10. Early withdrawal may reduce returns. Term Deposits are 'protected accounts' under the Financial Claims Scheme (FCS). Payments under the FCS are subject to a limit for each depositor. For more information see the APRA website at 

11. Fees may be incurred for certain electronic transactions such as foreign transactions and withdrawals from some overseas ATMs. For a complete view of fees, please refer to our Terms and Conditions (PDF 693KB)

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