Business savings accounts
Check if you’re eligible for a special online renewal rate:
- Sign in to Online Banking and select the Term Deposit to check
- In the Maturity Instructions section select Check interest rate.
Frequently asked questions
Much depends on how accessible you want your business savings to be. The types of business savings account on offer include standard and bonus interest rate easy access savings accounts, and business term deposits – which allow you to invest funds for a fixed period at a fixed interest rate. There are also specialist accounts for sectors such as agriculture and not-for-profit.
When comparing accounts, you may wish to consider aspects such as ease of opening and access (in branch vs online), transfer fees, interest rates and fund limits. You can compare Westpac business savings accounts on our compare business savings accounts page.
Some businesses open savings accounts to ‘store away’ GST received in the run up to tax time. This can allow them to earn additional income from these amounts. There are different types of savings accounts and many other short- and long-term investment options, so we recommend you seek professional advice about the best investment option for your specific business circumstances.
Yes, Westpac business savings accounts must be linked to a transaction (or ‘current’) account. When you open a Westpac Business Cash Reserve savings account online, you can open a transaction account at the same time – subject to eligibility.
It’s worth doing some research to help you identify the best business savings account for your business needs. You could start by comparing Westpac business savings accounts on our compare all business savings accounts page.
Things you should know
Terms Conditions, fees and charges apply.
To be eligible to apply for a Business Cash Reserve or a Business Cash Reserve Bonus account, your business must be registered in Australia.
- Discretionary interest rates may only be available through Westpac Online Banking.
- 24/7 access is subject to system availability.
- Bonus interest is paid when no withdrawals are made during the calendar month. Balances in your account on and after the last business day of the month, including deposits made to your account on those days, will not be included in the interest calculation and interest rate applicable for that month. They will be included in the calculations (using the applicable interest rate) for the following month. See terms and conditions for further information.