Business savings accounts
Why do I need a business savings account?
- Monitor your business spending
- Earn interest on surplus income
- Create a savings record to help get credit
- Plan ahead for future projects or unexpected events
- Put money away for tax payments
I’m looking for a business savings account to…
Provide higher returns
- Certainty of a fixed interest rate
- Online discretionary rates1
- No account-keeping fees
- Connects to accounting software with a bank feed3
Give instant access to funds
- 24/7 online access2
- Flexibility of a variable rate
- No account-keeping fees
- Connects to accounting software with a bank feed3
You could earn up to 2.75% p.a. total variable interest on your business savings
For the first $10,000 in your Business Cash Reserve Savings account when you use your business transaction account at least 10 times each month~
~Total variable interest. Transactions must settle by the 2nd last business day each month. Eligibility, T&Cs and exclusions apply.Open, manage and renew deposits online to skip the trip to a branch
Still not sure which business savings account to choose?
Use our handy comparison tool or calculator to find the right savings option for your business.
Frequently asked questions
Some Westpac business savings accounts can be opened online – but you will need a Westpac transaction account to link it to (which you can open at the same time).
Much depends on how accessible you want your business savings to be. The types of business savings account on offer include standard and bonus interest rate easy access savings accounts, and business term deposits – which allow you to invest funds for a fixed period at a fixed interest rate. There are also specialist accounts for sectors such as agriculture and not-for-profit.
When comparing accounts, you may wish to consider aspects such as ease of opening and access (in branch vs online), transfer fees, interest rates and fund limits. You can compare Westpac business savings accounts on our compare business savings accounts page.
Some businesses open savings accounts to ‘store away’ GST received in the run up to tax time. This can allow them to earn additional income from these amounts. There are different types of savings accounts and many other short- and long-term investment options, so we recommend you seek professional advice about the best investment option for your specific business circumstances.
Yes, Westpac business savings accounts must be linked to a transaction (or ‘current’) account. When you open a Westpac Business Cash Reserve savings account online, you can open a transaction account at the same time – subject to eligibility.
It’s worth doing some research to help you identify the best business savings account for your business needs. You could start by comparing Westpac business savings accounts on our compare all business savings accounts page.
Business tools and support
Things you should know
Important information for Westpac business account customers - 19 December 2018 (PDF 29KB)
Online Banking Terms and Conditions (PDF 408KB)
Terms Conditions, fees and charges apply.
- Discretionary interest rates may only be available through Westpac Online Banking.
- 24/7 access is subject to system availability.
- Read the Westpac Online Banking Terms and Conditions (PDF 408KB) 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
† Currently Business Credit Cards and Business Term Deposits accounts aren’t available for third-party service provider’s except MYOB. This may be extended to other third-party service providers in the future.
*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.