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2.54% p.a. bonus interest on one account and up to $10,000 in special offers on the other

Open a new Business Cash Reserve savings account and we’ll automatically team it up with a Business One Plus transaction account for:

2.54% p.a. bonus introductory interest rate^

For 5 months on the balance in the Business Cash Reserve account up to $9,999.

Up to $10,000 in special partner offers*

Exclusive business discounts and offers for holders of a Business One Plus account.

What can I use a business savings account for?

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

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.

Simplify your accounting

Connect banking software like Xero, MYOB, and others to your savings account with a bank feed.2

Can I link the Business Cash Reserve savings account to a different transaction account?

Yes, if you don't want all the benefits and extras of a Business One Plus account, you can open a Business One account, our $0 monthly fee transaction account. The only catch is you'll need to open the transaction account first before opening your savings account.

Find out more about Business One

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

Interest rates and fees

Interest is calculated daily and paid monthly3. Rates are current as at 3rd November 2023 and are subject to change at any time.

Amount Variable base rates p.a. Plus a fixed introductory bonus rate p.a. for the first 5 months
$0 to $9,999 0.01% 2.54%
Above $9,999 to $19,999 1.35%   -
Above $19,999 to $49,999 1.35%   -
Above $49,999 to $99,999 1.35%   -
Above $99,999 to $499,999 1.35%   -
Above $499,999 and over 1.35%   -

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 Plus transaction account.


2.  If you’d prefer to open a Business One transaction account, you’ll need to open that account first (either online or at a branch), and then you’ll be able to open a Business Cash Reserve savings account.

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 448KB) 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 448KB) 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.

^Introductory fixed bonus rate:

  • Bonus offer available from 20/11/2023 for a limited time only for new Business Cash Reserve accounts who have never held a Business Cash Reserve account before.
  • Not available for all customers who are relationship managed. If you’re experiencing issues with getting this bonus offer, please contact a Westpac branch.​
  • 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.