Small business accounts
Compare our transaction accounts for small businesses
|Business One||Business One Plus|
|At a glance||Everyday small business account for businesses that mainly bank online and on mobile.||Everyday small business account for businesses that bank online and on mobile, and also in branch.|
|Monthly plan fee||$0||$10|
|How to open an account||
If you’re a sole trader or already a Westpac business customer, apply online. If that’s not you, apply at any branch.
If you’re a sole trader, one-director company, or already a Westpac business customer, apply online. If that’s not you, apply at any branch.
|Included electronic transactions||Unlimited9||Unlimited9|
|Free staff-assisted, cheque and narrated credit transactions per month||0||25|
|Additional cheques – written, deposited or collected1||$3.00||$3.00|
|Additional staff-assisted withdrawals, deposits2 and narrated credits3||$3.00||$3.00|
|Westpac foreign transaction fee||Depends on the transaction4|
|Business Debit Mastercard|
|Overseas Withdrawal fee (formerly known as Overseas ATM Cash Withdrawal fee)||$5.00, or nil for cash withdrawals from ATMs belonging to institutions in the Global ATM Alliance4|
|Business Telephone Banking||20 free account enquiries per month5|
Other small business accounts that may meet your needs
FAQs about small business accounts
Depending on your business structure (such as ‘sole trader’), you may not be required to have a business bank account – but it could be a good idea to consider getting one. Read our 4 reasons to separate business banking from personal article to find out why.
Please note there are certain business structures (such as ‘limited liability company’ and ‘corporation’) that are required to have a separate bank account for tax purposes.
Things you should know
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.
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.
4. 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®
5. 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).
6. 24/7 access is subject to system availability.
7. Westpac Online Banking 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).
8. 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 of, and PayPassTM is a trademark of, Mastercard International Incorporated.