Business Accounts Terms and Conditions

Section 6 – Opening your account

Added a new paragraph “A Controlled Money and Separate Trust Account can only be opened through your relationship manager.”

Section A. Features and Benefits

Westpac Term Deposit, Westpac Farm Management Deposit and Westpac Controlled Money and Separate Trust Term Deposit

How often is interest paid? from “Monthly, yearly or at Maturity (where the term is 12 months or less) or at the end of any notice period.” to “Monthly, or (where the term is less than 12 months) at Maturity, or at the end of any notice period. For terms 12 months or greater, interest can be paid monthly, half-yearly or yearly. Any additional applicable interest is paid at Maturity.”

Section B. Your Account

Section 9. Interest rates that apply to your Account.

9.2 How the interest you earn is calculated and paid.

Update the second paragraph of 9.2 to “Interest is calculated daily and can be paid either monthly, or (where the term is less than 12 months) at Maturity, or at the end of any notice period. For terms 12 months or greater, interest can be paid monthly, half-yearly or yearly. Any additional applicable interest is paid at Maturity.”

Section A Features and Benefits Who is eligible to open an account? (Table)

For Westpac Term Deposit (Page 5) Updated – Who  is eligible to open an account? – with text:

Personal customers of all ages with an Australian residential address and business customers (all signatories 18 years or above) with an Australian operating address. Additional restrictions apply if the Account holder is under the age of 14. Refer to clause 4 for more information.

Section B Your Account

Clause 4 Opening an Account for a minor in their own name.

For The following additional restriction applies if the minor is under the age of 12: (Page 15) – Updated with text:

• Electronic banking access is not permitted (refer to our Online Banking Terms and Conditions for further details).

Section B Your Account

Clause 9 Interest rate that applies

Sub-clause 9.2 How the interest you earn is calculated and paid

Interim interest payments

For Interim interest payments (Page 24 ) Replaced the second paragraph in the table with text:

• based on your interest payment frequency and the anniversary date relating to your account opening. Where you have nominated your interest to be paid into another account you hold with us:
  • if your anniversary interest payment date falls on the 29^th, 30^th or 31^st of a month which does not have that date (like February), it will, subject to the next bullet point, be adjusted based on the days available in that month and paid on the last day of that month.
  • if the interest payment date falls on a non-Business day, it may be made available that day, but will be processed and count towards the balance of your nominated account from the next Business day (including for the purposes of any applicable interest, fees, and overdrawing calculations relating to that account).

Where you have nominated your interest to be paid to an account with another financial institution, the timing of when that payment will appear in that account will depend on that institution’s processing times.

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.

Section B Your Account​

Section 1.3 Initial Funding

Section C General Matters​

Section 21. Duty of Confidentiality

Added a new paragraph to state “You acknowledge that Westpac has reporting obligations to certain governing bodies in relation to Controlled Money and Separate Trust Term Deposit accounts held for the purposes of holding money on trust for your clients.”​

Section C General Matters​

Section 32. Definitions

Updated the definition for ‘Account’ to state “means a Term Deposit, Farm Management Deposit or Controlled Money and Separate Trust Term Deposit.”

Renewing your Account.

Remove reference to ‘Standard Rate’, amended to ‘Applicable’.​
If no new or varied instructions are received during the period of six Business days, the Account will be renewed in accordance with instructions advised before Maturity (if any) or (if none) under the same conditions as applied to the previous term (where available), using the applicable interest rate provided in your Maturity Advice letter.