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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 interest on your surplus funds, noting that zero interest rates may apply from time to time¹
  • Get access to your savings at any time²
  • Simplify accounting by linking to Xero, MYOB and others.³

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. Have your ID ready
    New to Westpac? Have a driver licence, passport or Medicare card handy for the online ID check, plus your ABN (if you have one)
  2. 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
  3. Start saving
    Register for Online Banking and move funds into your new savings account.

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.4

  • 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.5

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 rates p.a.
$0 - $499,999 0.01%
$500,000+ 0.01%  
Things you should know
1. 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.

2. Access to funds is subject to system availability.

3. Read the  Westpac Online Banking Terms and Conditions (PDF 503KB) before making a decision. Not all accounts are eligible to be included in a feed. These can include loan accounts and accounts requiring multiple authorisations for transactions. Bank Feed must be set up with Third Party Service Provider before it can be connected in Westpac Live. If your Third Party Service Provider does not appear in the drop down menu in Westpac Live, you may need to check that your provider is registered with Westpac. Should there be any changes in your user access or network access levels, you may need to disconnect your Bank Feed(s) as any access changes will not impact bank feeds.  The products and services offered by these Third Party Service Providers may be subject to terms and conditions and fees and charges.  Westpac does not guarantee or endorse the services or products offered by these Third Party Service Providers.

4. 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 503KB) for full details, including when a customer will be liable.

5. Financial Claims Scheme payments under the FCS are subject to a limit for each depositor. For more information visit