Business Accounts Terms and Conditions
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Find the current T&Cs and recent changes.
Select below to find the current T&Cs and recent changes.
Westpac Business One Plus, Westpac Business One, Westpac Business One – Negotiator Plan, Westpac Business Cash Reserve, Westpac Business Premium Cash Reserve, Business One (Controlled Money and Trust Accounts), Westpac Community Solutions One, Westpac Community Solutions Cash Reserve, Statutory Trust Account, Project Trust Account and Retention Trust Account, Westpac Controlled Money and Separate Trust Account (Interest Bearing), Westpac Controlled Money and Separate Trust Account (Non-Interest Bearing)
Summary of changes are effective from 16 March 2026
| Section Reference | Change Description |
|---|---|
Section 6 – Opening your account |
Added a new paragraph “A Controlled Money and Separate Trust Account can only be opened through your relationship manager.” |
Westpac Cash Investment Account
Westpac Notice Saver
Term Deposit & Farm Management Deposit
Summary of changes are effective from 16 March 2026
| Section Reference | Change Description |
|---|---|
Section 3 – Using your accounts |
Updated Who is this for? For Westpac Controlled Money and Separate Trust Term Deposit to “Relationship managed customers who require a specific type of account to hold trust money to comply with regulatory obligations. You should contact your Relationship Manager for further information. |
Summary of changes are effective from 21 June 2026
| T&Cs (Section Reference) | Change Description |
|---|---|
Section B. Your Account. Clause 10.2 Restrictions on your Account. |
Updated to explain what happens when an Account Holder has passed away and there are maturity instructions to withdraw or disburse funds. In these circumstances, a restriction will be placed on the Term Deposit. While the restriction applies, the Term Deposit will be held on the ‘On Demand’ interest rate from Maturity until valid authority is received to close the account. Updated to clarify when a restriction can be lifted for an Account Holder in receivership. |