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
Bonus interest and a partnership set up for success
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.
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.
Can I open a business savings account online?
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 structure? Find out using your business registration.
How your savings are protected
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.
Business tools and support
Things you should know
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 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.