Business savings accounts
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
Find out what information you need to provide to become a Westpac customer.
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.
- Any discretionary rates offered above may only be available through Westpac Live Online Banking.
- 24/7 access is subject to system availability.
- 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.