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Why do I need a business savings account?

  • Monitor your business spending
  • Earn interest on surplus income
  • Create a savings record to help get credit
  • Plan ahead for future projects or unexpected events
  • Put money away for tax payments

I’m looking for a business savings account to…

Provide higher returns

  • Certainty of a fixed interest rate  
  • Online discretionary rates1
  • No account-keeping fees
  • Connects to accounting software with a bank feed3
  • Earn a variable rate tiered

Give instant access to funds

  • 24/7 online access2
  • Flexibility of a variable rate
  • No account-keeping fees
  • Connects to accounting software with a bank feed3

2.54% p.a. bonus interest on one account and up to $10,000 in special offers on the other

Partner your business savings account with a hard-working transaction account

Open a new Business Cash Reserve account, and if you don't have one already, we'll automatically help you team it up with a Business One Plus transaction account for: 

  • Bonus 2.54% p.a. introductory fixed interest rate^ for the first 5 months on every dollar in your Business Cash Reserve account up to $9,999.

  • Up to $10,000* of exclusive offers, with discounts on energy, accounting software, legal services, online security, business support services, electronics and more on the Business One Plus account.

Can I link the Business Cash Reserve savings account to a different transaction account?

Yes, if you don't want all the benefits and extras of a Business One Plus account, you can open a Business One account, our $0 monthly fee transaction account. The only catch is you'll need to open the transaction account first before opening your savings account.
 

Find out more about Business One

Open, manage and renew deposits online to skip the trip to a branch

Existing Westpac customers

  • Check the latest rates in Online Banking1
  • Open or renew term deposits online in just minutes
  • Earn a variable rate tiered

Not a Westpac customer yet

  • Open a business transaction account online, register for Online Banking, then open a Business Term Deposit online, or
  • Open a Term Deposit at any branch

Still not sure which business savings account to choose?

Use our handy comparison tool or calculator to find the right savings option for your business.

Frequently asked questions

Some Westpac business savings accounts can be opened online – but you will need a Westpac transaction account to link it to (which you can open at the same time).

Business tools and support

Things you should know

 

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. Discretionary interest rates may only be available through Westpac Online Banking.
  2. 24/7 access is subject to system availability.
  3. Read the Westpac Online Banking Terms and Conditions (PDF 448KB) before making a decision. Not all accounts are eligible to be included in a bank feed. Not all third-party service providers support bank feeds for all accounts.

    Bank feeds must be set up with third-party service provider before it can be connected in Westpac Online Banking. If your third-party service provider doesn’t appear in the drop-down menu in Westpac Online Banking, you may need to check that your third-party service provider is registered with Westpac. Should there be any changes to your user access or network access levels, you may need to disconnect your bank feed(s) as any access changes won’t impact bank feeds. The products and services offered by third-party service providers are subject to their own terms and conditions and fees and charges. Westpac doesn’t guarantee or endorse the services or products offered by third-party service providers 

    † Currently Business Credit Cards and Business Term Deposits accounts aren’t available for third-party service provider’s except MYOB. This may be extended to other third-party service providers in the future.

*Business One Plus exclusive special offers: Total partner value has been calculated assuming you take up all partner offers for the entire offer period. Where applicable, we have used the highest subscription offered and for Samsung, an initial purchase of $4,000, followed by a subsequent $1,000 purchase. For Uber, an annual spend of $1,000 is considered.

^Introductory fixed bonus rate:

  • Bonus offer available from 20/11/2023 for a limited time only for new Business Cash Reserve accounts who have never held a Business Cash Reserve account before.
  • Not available for all customers who are relationship managed. If you’re experiencing issues with getting this bonus offer, please contact a Westpac branch
  • Not available in conjunction with any other offer unless we determine otherwise
  • We reserve the right to withdraw, amend or extend this offer at any time.