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How to open a Business Term Deposit online

Westpac Live customers can open a Term Deposit online based on their Business structure.

Westpac Live customers can open Business Term Deposits online, quickly and easily. However, please note that there are different steps depending on how your Business is structured.

Before you can start opening Term Deposits online

Please select your type of business structure to check the prerequisites before opening a Term Deposit online.

If your Westpac Live User name is the same as what is on ASIC records and your ABN is loaded onto your Westpac Live profile then you can simply sign-in to Westpac Live via the Apply Now link below and apply online in less than 10 minutes by following the steps outlined on this page.

 

 

If you do not have your Westpac Live profile correctly set-up then you will have to complete an Account Origination Authority (PDF 565KB) form to add or remove the ability for Administrators to open new accounts in the name of the Business Network Owner through online banking, and to grant this ability to other Users.

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

 

Complete an Account Origination Authority (PDF 565KB) form to add or remove the ability for Administrators to open new accounts in the name of the Business Network Owner through online banking, and to grant this ability to other Users.

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

 

How to open Business Term Deposits within Westpac Live

Westpac Live will check that you can open up a Term Deposit online. If you are in a business network, the Network Administrator needs to grant themselves and other Users in their network access to open term deposits

 

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. An email address can be added
  2. Account description can be entered


 

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 click 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, or if approval workflow is in place requesting that all approvers must approve before 11:59pm Sydney time.

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

Click Done when finished.


 

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

Note: A term deposit account tile will only appear on the Overview 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.

 


Read more

Find out more about Term Deposits

See if opening a Term Deposit is right for your business.

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Taking out a term deposit can be a good way to manage any surplus funds you have accrued through your business. However, there are a few things worth considering before choosing this simple investment option.

How to view a cheque or deposit slip

When you deposit a cheque, view the cheque from your Online Banking.