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Invest your surplus funds in a term deposit and get higher returns

Business Term Deposit

  • Get the certainty of a fixed interest rate and a choice of different terms
  • Existing customers can open or renew a term deposit via Online Banking in minutes
  • Save yourself a trip to the branch and find out if you are eligible for discretionary rates in Online Banking1
  • No set up, monthly service or management fees (other fees may apply)
  • Earn a variable rate tiered

Get regular access to your savings

Business Cash Reserve

  • Save with no monthly service fees.
  • Helps you manage your cash flow by putting aside money for GST and tax payments.
  • Earn interest on your collected GST with 24/7 online access to your funds when you need them.
  • Earn a variable rate tiered interest on all balances.

Leave your savings alone for a bonus

Business Cash Reserve Bonus

  • Save with no monthly service fees
  • Earn interest on your collected GST with 24/7 online access to your funds when you need them
  • Reward yourself with bonus interest rate when no withdrawals are made in a month.

Apply online, then complete an in-branch ID check to access funds.

Renew Farm Management Deposits online

We’ve made it quick and easy for you to renew your FMD via online banking without visiting a branch.

Learn how to renew online

Want to renew your Term Deposit online?

Find out more

You may be eligible for a special rate when you renew your Term Deposit online.

To find out, you will need to:

  • Sign in to online banking
  • Go to Services & preferences and select Manage Term Deposit under Account services


Frequently asked questions

The ability to open a business savings account online varies by bank and account type. Some Westpac business savings accounts can be opened online, as long as you have a Westpac transaction account to link it to (which you can open at the same time).  

Some businesses open savings accounts to ‘store away’ funds received, for 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, or talk to your accountant about the best investment option for your specific business circumstances. 

Yes, Westpac business savings accounts must be linked to a current (or ‘transaction’) account. It may be worth noting that when you open a Westpac Business Cash Reserve savings account online, you can open a current account at the same time – subject to eligibility. 


It’s worth doing some research to help you identify the right 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
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.

To be eligible to apply for a Business Cash Reserve or a Business Cash Reserve Bonus account, your business must be registered in Australia.


  1. Any discretionary rates offered above may only be available through Westpac Live Online Banking.
  2. 24/7 access is subject to system availability.
  3. Bonus interest is paid upon customer not making any withdrawals 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 or after the last business day of the month will not be included in the interest calculation and interest rate applicable for that month, but in the interest calculation and interest rate applicable for the following month. See terms and conditions for further information.