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How to open a Business Term Deposit online

Westpac Online Banking customers can open a Term Deposit online, quickly and easily.

Before you can open a Term Deposit online, we need to know how your business is structured in Online Banking

If your Online Banking User name is the same as what is on the ASIC records and your ABN is loaded into your Westpac profile, simply sign in to Online Banking using the Apply now button and apply online in less than 10 minutes.

 

 

Need to set up your profile in Online Banking? Complete an Account Origination Authority form (PDF 1MB) to enable Administrators to open new accounts in Online Banking in the name of the Business Network Owner. You can also use this form to allow other Users to open new accounts.

Once this form is processed, you will need to assign ‘Open Term Deposit’ entitlements in Online Banking for yourself and other Users in your network.

 

Complete an Account Origination Authority form (PDF 1MB) form to add or remove the ability for Administrators to open new accounts in Online Banking in the name of the Business Network Owner. You can also use this form to allow other Users to open new accounts.

Once this form is processed, you will need to assign ‘Open Term Deposit’ entitlements in Westpac Online Banking for yourself and other Users in your network.

 

How to open Business Term Deposits in Online Banking

Enter the following details:

  1. Deposit amount to be invested
  2. Select the term
  3. Choose the interest payment frequency

Note: the interest payment frequency options will change depending on the term selected.
 

Click Get Rate to display the rate options

 

A number of rate option tiles will be shown. Select the preferred option.

Click continue

Note: If none of the options are appropriate, select View all interest rates.

 

A summary of the term deposit details will be displayed.

  1. Enter an email address
  2. Enter an Account description
  3. Select ABN details as per the drop-down menu
  4. Enter interest disbursal details

Note: BPAY® details will be provided upon confirmation. Click Continue.

Review the details.

If they are correct select Continue, or Back to modify.

 

A confirmation screen will be displayed advising that the Term Deposit has been opened and needs to be funded via BPAY®. If you have an approval workflow, all approvers must approve before 11:59pm AEST time.

Note: The page can be printed or saved as a PDF.

Click Done when finished.

A notification in your Westpac Online Banking Message Center will contain confirmation on the status of the term deposit account.

Note: A term deposit account tile will only appear on the dashboard page if the User has entitlements and/or if an approval workflow is set for opening a Term Deposit in this Business Network, and the User is the final approver required.

 


 

An email confirmation will also be sent to the registered email address used as part of the application process.

 

Things you should know

Fees, charges and terms and conditions apply. This information does not take into account your personal objectives, financial situation or needs. Read the terms and conditions below before making a decision and consider whether the product is appropriate for you. 1. Rate applies for a single term. Higher or lower rates may apply for subsequent terms. You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship). Early withdrawal may reduce returns. 2. Any bonus rates offered above may only be available through Westpac Online Banking. Westpac Online Banking will be available to update Term Deposits from 8:00am to 9.30pm on a Business Day and 8:00am to 4:00pm Saturdays (Sydney time) 3. Customers must be registered for online banking and business network users must have term deposit entitlements turned on to be able to open or renew online on behalf of their business network. If the rate applying to your term deposit is a special or standard rate and your term deposit rolls over automatically, it may be automatically re-invested at a lower rate than the initial rate (including any initial special rate). 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.

 

To be eligible to set up BPAY Payments with Biz Invoice you must be registered for Online Banking and be a Sole Trader who is the sole owner of the Westpac Business One Low Plan or Business One High Plan account to which Biz Invoice is linked. Each BPAY transaction will incur a transaction fee. Read the disclosure documents for your selected product or service, including the  Biz Invoice BPAY Sub-Biller Agreement Terms and Conditions (PDF 248KB) and Direct Debit Request including the Direct Debit Request Service Agreement (PDF 36KB), before deciding. Terms, conditions, fees, charges and eligibility apply. Full details are available on application.

 

BPAY® and Osko® are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518.