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Benefits for your business

  • No account-keeping fees
  • No fees to move cash to and from your Westpac transaction account through Online Banking and the Westpac App
  • Regularly deposit funds to grow savings balance
  • Earn bonus interest on balances of $10,000 or more by making no withdrawals in a month¹, noting that zero interest rates may apply from time to time²
  • Get access to your savings at any time³
  • Simplify your accounting by linking Xero, MYOB and others with  bank feeds 4.

Ways to use your savings account

  • Set aside income tax and GST for BAS time
  • Save for new vehicles, equipment or technology
  • Store surplus income to help fund future growth
  • Help support cash flow.

How to open a savings account

  1. Apply online
    Takes less than 10 minutes, or less than 3 if you’re already with Westpac. If you don’t have an eligible transaction account to link your savings account to, you can open one at the same time
  2. Start saving
    Register for Online Banking and move funds into your new savings account.
  3. Head into a branch
    We’ll need to check two items of ID in branch for all owners/directors, before you can access your savings. Eligible ID includes driver licence, passport, Medicare card and birth certificate.


More than one owner/director? Apply online, then complete in-branch ID checks to access savings.

Eligibility requirements

  • 18+ years old (applicant plus all signatories)
  • Must not be an individual using the account for predominantly personal purposes
  • Eligible entities include sole traders, partnerships, companies, associations, self-managed super funds, trusts and not-for-profit organisations
  • Operating in Australia with an Australian address
  • Needs an eligible Westpac business transaction account to link to.

Ways your savings are protected

  • Protected by our Safe Online Banking guarantee
    If your Westpac account is compromised due to Internet fraud, we guarantee to repay any missing funds, providing you comply with our Online Banking Terms and Conditions.5

  • Protected by the Financial Claims Scheme
    Deposits are guaranteed by the Australian Government up to a total of $250,000 under the Financial Claims Scheme.6

 

Fee Amount
Account-keeping fee: $0
Transfers to and from linked Westpac account: $0
Account enquiries in Online Banking and the Westpac App: $0
Cheque collected or deposited: $2.50
Staff-assisted deposit: $2.50
Other fees may apply. See T&Cs for a full list (PDF 11MB)  
Things you should know

1. In order for bonus interest to be paid, no withdrawals are allowed and the account cannot have been overdrawn in any calendar month.

2. Zero interest rates may apply, and then you will receive no interest on your account balance. References to interest being paid should be read accordingly.

3. Access to funds is subject to system availability.

4. Read the Westpac Online Banking Terms and Conditions (PDF 236KB) 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.

5. Safe Online Banking guarantee ensures that customers will be reimbursed for any unauthorised transactions provided that the customer has not contributed to the loss and contacted Westpac promptly. Refer to the Westpac Online Banking Terms and Conditions (PDF 236KB) for full details, including when a customer will be liable.

6. Financial Claims Scheme payments under the FCS are subject to a limit for each depositor. For more information visit  www.fcs.gov.au.