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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

Get rewarded when you open a new business bank account

Pocket $100 when you open a new business transaction account, plus earn an introductory fixed interest rate^ of 2.54% p.a. for the first 5 months on balances up to $9,999 when you team it up with a Business Cash Reserve savings account:

Pocket $100 on us!

Open a new business transaction account, deposit $100 within the first 10 days using the description WELCOME100 and pocket a $100 gift card on us.

New business customers only. Accounts opened between 1st February and 30th June 2024. T&Cs apply.#

Earn a 2.54% p.a. bonus introductory interest rate^

Team your business transaction account with a new Business Cash Reserve savings account to receive an introductory fixed interest rate for the first 5 months on balances up to $9,999.

New Business Cash Reserve customers only. Accounts opened from 20/11/2023. T&Cs apply.^

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.

4.90% p.a. FMD special offer

Make the most of the good times with a special fixed rate for 12 months on a Farm Management Deposit.

Farm Management Deposit

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 417KB) 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.

# $100 Bonus Offer: This Offer is available to selected customers only and is subject to eligibility requirements.

To be eligible for the $100 Bonus Offer (Bonus Offer) you must (1) open a Business One or Business One Plus transaction account (2) have deposited $100 within 10 days of account opening and (3) you must also add a payee description “WELCOME100” to the deposit transaction when transferring the $100 into your new account from another account or financial institution.

Eligibility is limited to a single offer per account and a single offer per customer. The offer is available to new Business One or Business One Plus transaction account customers only.  Where a Joint Account has been opened, eligibility is limited to a single offer to the primary account holder. You are not eligible if, in the last two years, you have held or already hold a Business One, Business One Plus, Business One Low Plan or Business One High Plan transaction account.

The $100 bonus will be provided by way of a physical EFTPOS Gift Card sent to you approximately 60 days after you meet the eligibility criteria. Delivery of the Bonus Offer will only be made to your nominated postal address for this account. You are not eligible to receive the gift card if you have not provided a valid postal address as part of your Business One or Business One Plus application.

The offer is available from 1 February 2024 for a limited time only. Offer may be withdrawn or varied at any time without any prior notice. We may refuse to provide you or withdraw the Bonus Offer payment if, without limitation, we reasonably believe that (i) you do not comply with these terms and conditions or the terms and conditions of Business One, Business One Plus or the Gift Card program, (ii) your account is fraudulent, (iii) you are not acting in good faith, or (iv) you have closed your Business One or Business One Plus account prior to us delivering the gift card to you. This Bonus Offer may have taxation implications. We recommend that you seek independent advice to determine any tax liability or other tax implications based on your individual circumstances. Business One and Business One Plus and Gift Card T&Cs also apply. Westpac Group Employees and Trusts are not eligible for the offer.

^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.