Business One: $0 monthly fee business account
Deposit $100 into a new Business One account and we'll match it. T&Cs, eligibility criteria apply#
Apply online in less than 5 minutes
What's included with Business One?
Simplify your business finances
Access Business Money Tools in the Westpac App to track cash flow, manage expenses and stay on top of your business finances.
Help make tax time simpler
Link your Business One account to accounting software such as MYOB, Xero and QuickBooks using bank feeds to help keep your financial records up to date.6
$0 International transfer fee
Send foreign currency international transfers with no Westpac fee via Online Banking.³ Westpac transfer fees still apply for AUD transfers. See current FX rates.
Take payments on your phone
Take in-person payments into your transaction account with the EFTPOS Air app on your compatible phone or tablet.
Welcome $100
Open a new $0 monthly fee business transaction account, deposit a minimum of $100 in a single transaction within the first 10 days using the description WELCOME100 and pocket $100 on us. New business customers only. T&Cs apply.#
More partner offers are now available on Business One
Our $0 monthly fee account holders can now get access to additional partner offers. Get discounts on energy, accounting software, legal services, online security, business support services and electronics.
Free legal and accounting support for Business One customers^
Enjoy two free consultations, unlimited live chat with real advisors, free access to monthly workshops, and a 20% discount on additional legal and accounting services. Offer available to new and existing Business One and Business One Plus customers only.
Set your business up for success with up to $10K of value for your business*
24/7 protection
We monitor transactions 24/7 to identify unusual activities and offer security guarantees to protect you from fraud.4
Give employees access
Provide employees with full or limited access business debit cards linked to your business bank account.2
Pay and manage your card on the go
A business debit card linked to your business bank account gives you access to an Instant Digital Card in the Westpac App. Make contactless payments with a digital wallet and manage your card security in the app.
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.
ID options:
- Driver licence or passport, OR
- Birth/citizenship certificate PLUS Medicare card or recent utility bill in your/their name.
Book an appointment at any branch for an ID check for you and ALL other signatories of the account, plus a document check.
Other details we need:
- Your Customer ID (if you’re already with us)
- Your ABN (if you have one)
- The date you established the partnership and the state/territory
- Foreign tax residency information (if any) including Foreign Tax Identification Number
- The full names, addresses and dates of birth of anyone who's a partner in the business (having a 25% or greater share in it), even if they don't need access to this account.
Document(s) we'll need to see:
- If you’re a regulated partnership, current proof of membership of a professional association, PLUS
- Partnership agreement, OR
- Minutes from one of your meetings, OR
- ATO notice less than 12 months old, OR
- Certificate of registration of your business name.
- Your ACN plus (if applicable) ABN
- The date and state/territory of company registration/incorporation
- If a regulated company, the name of the regulator and your licence number
- The full names, addresses and dates of birth of anyone who's a ‘beneficial owner’ of the business (even if they don’t need access to this account). A beneficial owner is someone who has a 25% or greater share of a company, or has control of it (such as a CEO or MD).
A document we'll need to see:
- ASIC certificate of registration, OR
- Publicly issued document from the past 12 months, such as audited accounts.
- Details of the membership class (e.g. family members of named person, charitable purpose, etc.)
- Trust Deed (or a certified copy/extract) featuring names of the trust, trustees, beneficiaries and settlor(s), plus the execution page, OR
- Settlement Deed or similar document, OR
- A letter from an appropriate professional confirming the name of the trust and settlor(s).
- If incorporated, the identification number issued by state/territory or overseas body upon incorporation
- The constitution or rules of the association, OR
- Minutes from one of your meetings, OR (if incorporated)
- ASIC certificate of registration or equivalent from the relevant government body.
- The date and state/territory/country of registration
- ASIC certificate of registration (if applicable), OR
- Register maintained by the co-operative, OR
- Minutes from one of your meetings.
Get up and running
If you meet the following criteria:
- Sole Trader or a company with one or more directors or a Westpac business customer
- 18+ years old (applicant plus all signatories)
- Operating in Australia with an Australian address
Switch to Business One Plus
Switch from Business One to Business One Plus at any time by signing into Online Banking. Business One Plus costs $10 per month and includes five free branch-assisted transactions suited to businesses that regularly visit a branch, deposit cash, or need staff support.
Make more of your business account with popular add-ons
Frequently Asked Questions
Westpac Business One is a $0 monthly fee transaction account for sole traders and small to medium businesses that mainly bank online. It charges $0 for standard electronic transactions and $0 for international transfers from Westpac.³ The account includes accounting software integration with MYOB, Xero and QuickBooks, and can be opened online in under five minutes. A $3 fee applies per staff-assisted branch transaction.
Westpac Business One has no monthly account keeping fee and charges $0 for standard electronic transactions including internet banking, card payments, and BPAY.¹ A $3 fee applies per staff-assisted branch transaction, such as over-the-counter deposits and withdrawals or cheques. There are no setup or joining fees. The $0 monthly fee applies permanently, it is not an introductory rate.
Eligible customers can open a Westpac Business One account online in under five minutes. Sole traders, companies with one or more directors, and existing Westpac business customers can apply entirely online. If you are not eligible to apply online, for example, if you have a partnership, trust or association, book an appointment at a Westpac branch. You'll need your ID and supporting business documents.
Business One and Business One Plus are both Westpac $0-fee-for-electronic-transactions everyday accounts. Business One has a $0 monthly fee with a $3 charge per branch transaction, suited to businesses that mainly bank online. Business One Plus has a $10 monthly fee and includes five free branch-assisted transactions per month, suited to businesses that regularly visit a branch or deposit cash. You can switch between accounts at any time in Online Banking.
Westpac Business One does not pay interest on funds held in the account. If you want to earn interest on business savings, Westpac offers separate Business Savings accounts that can be linked to your Business One account for easy transfers between everyday and savings funds.
Business One fees and interest
- $0 Account-Keeping Fee
- $0 Self-service (electronic) Withdrawals and Deposits1
For deposits made using an ATM, a staff-assisted deposit fee or self-service (electronic) deposit fee may apply. - $3 Staff assisted transactions
Includes cheques written, collected, and deposited (charged per cheque), branch assisted deposits, including business express deposits, withdrawals, and narrated credits. - 3% Foreign transaction fee
For payments made in a foreign currency with a merchant or institution outside Australia. Percentage charged on the transaction amount. - 2.2% Foreign transaction fee
For payments made in a foreign currency with a merchant or institution within Australia. Percentage charged on the transaction amount. - 15.01% p.a. Unarranged Lending Rate (ULR)
A debit interest rate charged to a transaction account if it becomes overdrawn without arrangement. - $15 Overdrawn Fee
Charged per occurrence when your account goes into a negative/debit balance - Regularly visit a branch, deposit cash, or need staff support
- This account doesn't earn interest. If you'd like to earn interest, you can open a savings account at the same time. Find out how.
Things you should know
To be eligible for the $100 Welcome Offer, you must (1) open a Business One or Business One Plus transaction account (Account) (2) have deposited a minimum of $100 in a single transaction within 10 Days of account opening and (3) you must also add a payee description "WELCOME100" to the deposit transaction when transferring the $100 into your new account from another account or financial institution.
Eligibility is limited to a single offer per Account and a single offer per customer. The Offer is available to new Business One or Business One Plus transaction account customers that open a new Account during the Offer Period. Where a Joint Account has been opened, eligibility is limited to a single offer to the primary account holder. The primary account holder is not eligible if, in the last two years, the primary account holder had held or already hold a Business One, Business One Plus, Business One Low Plan or Business One High Plan transaction account.
The $100 Welcome Offer will be provided by way of direct deposit to the newly opened Business One or Business One Plus account within 60 Business days after you meet the eligibility criteria. You are not eligible to receive the offer if you do not include the payee description of "WELCOME100" to the transfer of funds.
The Offer is available from 3rd February 2025 until 30th September 2026 (Offer Period), however, the Offer may be withdrawn or varied at any time without notice or for any reason. We may refuse to provide you or withdraw the Welcome Offer payment if, without limitation, we reasonably believe that (i) you do not comply with these Terms and Conditions or the Terms and Conditions of Business One or Business One Plus, (ii) your account is fraudulent, (iii) you are not acting in good faith, or (iv) you have closed your Business One or Business One Plus account prior to us depositing the $100 Welcome Offer into your new account. This Welcome Offer may have taxation implications. We recommend that you seek independent advice to determine any tax liability or other tax implications based on your individual circumstances. Business One and Business One Plus T&Cs also apply. Westpac Group Employees are not eligible for the Offer.
Unless specifically defined in these Terms and Conditions, terms used here have the same meaning as those defined in the Westpac Deposit Accounts for Business Customers Terms and Conditions.The Lawpath Legal and Accounting Offer provides the first 10,000 Eligible Westpac customers with access to certain Lawpath legal and accounting services for a period of 12 months, subject to these Terms and Conditions
You are eligible if, at the time you accept the Offer, you hold a Westpac Business one or Business One Plus transaction account; you do not hold an active Lawpath Legal Advice Plan or Accounting Advice Plan (including any paid, trial, promotional, bundled or discounted plan); and have not previously accepted this Offer.
The Offer includes the following Plan Inclusions:
- two (2) complimentary 30-minute consultations with a qualified Lawpath lawyer and/or accountant;
- unlimited on-demand live chat access with qualified Lawpath lawyers and accountants during business hours [AEST, Mon–Fri, 9AM - 5PM];
- access to monthly live legal and accounting education workshops delivered via the Lawpath platform; and
- a 20% discount on Lawpath's standard rates for additional legal or accounting services engaged outside the Offer, excluding disbursements, filing fees and GST.
the Offer will be available to the first 10,000 Eligible Customers who accept the Offer unless otherwise varied or withdrawn by Westpac. Once accepted, you have 12 months from acceptance to access the Plan Inclusions. Changes to or withdrawal of the Offer will not affect customers who have already accepted it.
Eligible Customers can accept the Offer via the Business Centre section in Westpac Online Banking or the Westpac App. After acceptance, Eligible Customers access the Plan Inclusions directly through the Lawpath platform.
The Offer and Plan Inclusions are subject to Lawpath’s Offer Terms, Terms and Conditions of Use, including the Consultation terms .
Westpac is not a party to the Legal and Accounting Offer and does not provide, endorse, or guarantee Lawpath’s legal and accounting services made available under this Offer. To the extent permitted by law, Westpac accepts no responsibility and excludes all liability for any loss, damage or liability suffered or incurred by an Eligible Customer arising from, or in connection with, the acceptance or use of the Offer, including any acts, omissions, errors or negligent advice of Lawpath or associated service providers.
Your rights under Australian consumer laws are not affected. At the end of the 12-month access period, you may be offered the option to move to a paid Lawpath plan, with no automatic renewal or billing without your consent. These terms and conditions are governed by the laws of New South Wales, Australia. Any disputes arising in connection with this Offer will be subject to the non-exclusive jurisdiction of the courts of New South Wales.1. Fees may be incurred for certain electronic transactions such as foreign transactions and withdrawals from some overseas ATMs. Customers must be able to meet any applicable fees and charges. For a complete view of fees, please refer to our Terms and Conditions (PDF 793KB).
3. Westpac transfer fees still apply for funds sent in Australian dollars. Receiving bank fees may also apply, check the currency converter for indicative rates and fees.
4. If your Westpac account is compromised as a result of Internet fraud, we guarantee to repay any missing funds, providing you comply with our Online Banking Terms and Conditions. This includes keeping your sign-in details (including passwords, Westpac Protect™ SMS codes and SecurID® Token codes) private. You must inform us immediately if you suspect the security of your access details has been compromised, or you suspect an unauthorised transaction or potential fraud on your 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.
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