Small business accounts
Compare our transaction accounts for small businesses
| Business One - Low Plan |
Business One - High Plan |
Business One - Flexi |
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|---|---|---|---|
At a glance |
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. |
| How to open account |
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| Learn more | Learn more | Learn more | |
Monthly fee |
$0 Monthly Plan Fee* for the first 12 months for new Business One Low Plan accounts opened online before 31 July 2020. | $20 | $0 |
Included electronic transactions |
Unlimited | Unlimited | $0.50 each |
| Free staff-assisted, and cheque and narrated credits transactions per month | 25 | 60 | 0 (as below) |
— Additional cheques – written, deposited or collected1 |
$0.60 per cheque | $0.50 per cheque | $1.00 per cheque |
— Additional staff-assisted withdrawals, deposits2 and narrated credits3 |
$1.00 |
$1.00 | $2.50 |
Westpac foreign transaction fee |
Dependents on the transaction4 | ||
| Business Debit Mastercard® | |||
| Interest Overseas ATM cash withdrawals | $5.00, or nil for cash withdrawals from ATMs belonging to institutions in the Global ATM Alliance5 |
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Complimentary online invoicing tool6 |
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Interest earned
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0
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On balances of $2000 or more | Tiered interest on certain balances |
| Business Telephone Banking | 20 free account enquiries per month7 | ||
Exclusive online offer: $0 Monthly Plan Fee*
For the first 12 months for new Business One Low Plan accounts opened online before 31 July 2020.
Terms and conditions apply Find out more
Other small business accounts that may meet your needs
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.
Helpful information
Popular business products
How to get in touch
- Give us a call on 132 142
8am - 8pm, Mon - Fri (Sydney Time) - Find a branch
Things you should know
Online Banking Terms and Conditions (PDF 1MB)
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 1st June 2020 and 31st July 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. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors and read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement at https://www.westpac.com.au/business-banking/bank-accounts/, before deciding.
To be eligible to apply for Business One - Low Plan, Business One - High Plan or Business Flexi, your business must be registered in Australia.
2. The branch staff-assisted electronic fee is not applicable if your business account does not have card access.
4. 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%).
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 ®
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 apra.gov.au.
World Mastercard®, Mastercard® and the Mastercard brand mark are registered trademarks, and PayPass is a trademark of Mastercard International Incorporated.