Business Cash Reserve Bonus savings account
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 accounting by linking to Xero, MYOB and others.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
- 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
- Start saving
Register for Online Banking and move funds into your new savings account.
- 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.
- 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
Interest is calculated daily and paid monthly3. Rates are current as at 22nd January 2021 and are subject to change at any time.
|Amount||Variable base rate p.a. (with no-withdrawal bonus)||Variable base rate p.a. (without bonus)|
|$0 - $9,999||0.01%||0.01%|
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.
3. Access to funds is subject to system availability.
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 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.