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Benefits for your business

No account-keeping fees

Earn interest on your surplus funds, noting that zero interest rates may apply from time to time.1

$0 linked account transfers

Move cash to and from your Westpac transaction account via Online Banking or the Westpac App. 

Access your money 24/7

Get access to your savings at anytime, anywhere. Access to funds subject to system availability.

Bucket your savings

Create multiple accounts for expenses like GST and tax to avoid a cash flow crunch when payments are due.

Earn up to 2.05% p.a. on your business savings^

Open a new Business Cash Reserve savings account and a new Business One Plus transaction account to receive:

Bonus rate on your business savings

For balances up to $30,000, you'll receive a bonus rate on your Business Cash Reserve savings account – earning up to 2.05% p.a. – for the first 12 months

Accounts opened from 17th June 2024.
Eligibility criteria and T&Cs apply.

Feature rich business transaction account

Make your accounts work harder for your business with a new Business One Plus transaction account for exclusive offers that add value to your growing business.

Open online now if you’re a sole trader or sole director. If neither, visit a branch.

Can I open a business savings account online?

Check your eligibility first

You must meet the following criteria:

  • Sole trader, partnership, company, association, SMSF, trust, or not-for-profit
  • Operating in Australia with an Australian address
  • 18+ years old (applicant plus all signatories)
  • Need an eligible Westpac business transaction account to link to.
  • Earn a variable rate tiered

To open an account online

You must be at least one of the following:

  • A sole trader 
  • 1-director company
  • Already a Westpac business customer

 

If you’re not eligible to apply online, open an account at any branch.

 

What to take if you’re applying in branch

For your security, we’re required to check your ID and other documents before you can open a business account. Unsure of your business structureFind out using your business registration.

 

ID options:

  • Driver licence or passport, OR
  • Birth/citizenship certificate PLUS Medicare card or recent utility bill in your/their name.


Check out other ID options (PDF 657KB)

How your savings are protected

Westpac Protect™ Online Banking Security Guarantee

If your Westpac account is compromised due to Online Banking fraud, we guarantee to repay any missing funds, provided you comply with our Online Banking Terms and Conditions3.
 

Australian Government Financial Claims Scheme

The Australian Government guarantees deposits up to a total of $250,000 under the Financial Claims Scheme (FCS). Financial Claims Scheme payments under the FCS are subject to a limit for each depositor. For more information visit www.fcs.gov.au.

Interest rates and fees

Interest is calculated daily and paid monthly3. Rates are current as at 17th June 2024 and are subject to change at any time.

Amount Variable base rates p.a. Plus a fixed bonus rate p.a. for 12 months for eligible customers
$0 to $9,999 0.01% 2.04%
Above $9,999 to $30,000 1.35%   0.70%
Above $30,000 1.35%   -

To be eligible for the bonus rate you must hold and/or open the following accounts:

Account(s) already held Account(s) to be opened
Business One Plus Business Cash Reserve

Business Cash Reserve

Business One Plus
- Business One Plus
Business Cash Reserve

Note: If you already have a Business One Plus and a Business Cash Reserve account, you’re ineligible.

Frequently asked questions

Yes. You can open a new Business Cash Reserve savings account online if you already have a Westpac business transaction account. If you don’t have a business transaction account yet, there are two options:
 

1. Open a Business Cash Reserve savings account now online (if you’re a sole trader or 1-director company) or open the account at a branch, and we’ll automatically help you open at the same time a Business One transaction account.

2. If you’d prefer to open a Business One Plus transaction account and benefit from special offers and discounts, you’ll need to open that account first (either online or at a branch) and select to open a Business Cash Reserve savings account at the same time.

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.Read the Westpac Online Banking Terms and Conditions (PDF 407KB) 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.

3. 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 407KB) for full details, including when a customer will be liable.

*Business One Plus exclusive special offers: Total partner value has been calculated assuming you take up all partner offers for the entire offer period. Where applicable, we have used the highest subscription offered and for Samsung, an initial purchase of $4,000, followed by a subsequent $1,000 purchase. For Uber, an annual spend of $1,000 is considered.

^ Business Cash Reserve (“BCR”) Bonus Rate:
To be eligible for the Bonus Rate, you must meet the following criteria:
  • Open a new Business One Plus (“BoP”) and a new BCR
  • If you already hold either of those accounts you only need to open the other to become eligible
  • You are not eligible if you have held or already hold both a BCR and a BOP account
  • If you hold multiple BCR accounts, only the earliest opened account is eligible
  • Closure of the eligible BCR and/or the BOP account will result in the customer no longer being eligible for this Offer
  • The Bonus Rate is valid for 12 months from the time that you meet the eligibility criteria.
  • This Offer is available from 17/06/2024 for a limited time only
  • Not available in conjunction with any other Offer unless we determine otherwise
  • We reserve the right to withdraw, amend or extend this Offer at any time without any prior notice
  • This Offer is not available to joint account holders and is limited to one offer per customer.