Business Cash Reserve savings account
Support your business's cash flow by setting aside savings for recurring expenses or to fund future growth, with 24/7 access to your money.
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.
Bucket your savings
Create multiple accounts for expenses like GST and tax to avoid a cash flow crunch when payments are due.
Interest rates
Earn up to:
2.75% p.a. Total variable interest rate for balances up to $10,000^ for eligible customers |
0.80% p.a. Standard variable base rate on all balance tiers |
| Balance Amount | Variable base rate p.a. | Plus Spend&Grow variable bonus rate p.a. for eligible customers^ |
|---|---|---|
| $0 to less than $10,000 | 0.80% | 1.95% p.a. on the first $10,000 in account balance |
| $10,000 to less than $20,000 | 0.80% | |
| $20,000 to less than $50,000 | 0.80% | |
| $50,000 to less than $100,000 | 0.80% | |
| $100,000 to less than $500,000 | 0.80% | |
| $500,000 and over | 0.80% |
- Interest is calculated daily and paid monthly. Rates are current as at 30th May 2025 and are subject to change at any time.
- The total variable rate is the sum of the variable base rate plus the variable bonus rate.
- The Spend&Grow variable rate offer applies up to the first $10,000 in savings account balance.
- The Spend&Grow variable rate offer excludes new or existing business customers who have a relationship manager, private banker or commercial banker – please speak to your relationship manager or banker to find out what other offers and rates you might be eligible for.
- The Spend&Grow variable rate offer applies to new and existing Business Cash Reserve accounts from 1 May 2025.
To be eligible for the Spend&Grow bonus variable rate, you must:
- Have a Business One or Business One Plus transaction account; and,
- Have a Business Cash Reserve savings account; and
- Complete at least 10 customer-initiated transactions on your Business One or Business One Plus transaction account by the 2nd last business day of the calendar month.^
A customer-initiated transaction is any transaction that you initiate, where you:
- Spend or pay using your transaction account; or
- Receive funds into your 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.
ID options:
- Driver licence or passport, OR
- Birth/citizenship certificate PLUS Medicare card or recent utility bill in your/their name.
Make an appointment at any branch for an ID check for you and ALL other signatories of the account, plus a document check.
ID options:
- Driver licence or passport, OR
- Birth/citizenship certificate PLUS Medicare card or recent utility bill in your/their name.
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.
All documents must be valid originals or certified copies, and ID must match the names listed on your partnership agreement. Check out other ID options (PDF 657KB).
Make an appointment at any branch for an ID check for you and ALL other signatories of the account, plus a document check.
ID options:
- Driver licence or passport, OR
- Birth/citizenship certificate PLUS Medicare card or recent utility bill in your/their name.
Other details we need:
- Your Customer ID (if you’re already with us)
- 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
- If a non-listed but 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.
All documents must be valid originals or certified copies, and ID must be in the correct name(s). Check out other ID options (PDF 657KB).
Make an appointment at any branch for an ID check for you and ALL other signatories of the account, plus a document check.
ID options:
- Driver licence or passport, OR
- Birth/citizenship certificate PLUS Medicare card or recent utility bill in your/their name.
Other details we need:
- Your Customer ID (if you’re already with us)
- Details of the membership class (e.g. family members of named person, charitable purpose, etc.)
- The full names, addresses and dates of birth of anyone who’s a ‘beneficial owner’ of the trust (having a 25% or greater share in it), even if they don’t need access to this account.
A document we’ll need to see:
- 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
- ATO notice less than 12 months old, OR
- A letter from an appropriate professional confirming the name of the trust and settlor(s).
All documents must be valid originals or certified copies, and ID must be in the correct name(s). Check out other ID options (PDF 657KB).
Make an appointment at any branch for an ID check for you and ALL other signatories of the account, plus a document check.
ID options:
- Driver licence or passport, OR
- Birth/citizenship certificate PLUS Medicare card or recent utility bill in your/their name.
Other details we need:
- Your Customer ID (if you’re already with us)
- Your ABN (if you have one)
- If incorporated, the identification number issued by state/territory or overseas body upon incorporation plus the date and state/territory/country of establishment
- The full names, addresses and dates of birth of anyone who’s a ‘beneficial owner’ of the association (even if they don’t need access to this account). A beneficial owner is someone who has a 25% or greater share of an association, or has control of it (such as a CEO or MD).
A document we’ll need to see:
- 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.
All documents must be valid originals or certified copies, and ID must be in the correct name(s). Check out other ID options (PDF 657KB).
Make an appointment at any branch for an ID check for you and ALL other signatories of the account, plus a document check.
ID options:
- Driver licence or passport, OR
- Birth/citizenship certificate PLUS Medicare card or recent utility bill in your/their name.
Other details we need:
- Your Customer ID (if you’re already with us)
- The date and state/territory/country of registration.
- The full names, addresses and dates of birth of anyone who’s a ‘beneficial owner’ of the cooperative (even if they don’t need access to this account). A beneficial owner is someone who has a 25% or greater share of a co-operative, or has control of it (such as a CEO or MD).
A document we’ll need to see:
- ASIC certificate of registration (if applicable), OR
- Register maintained by the co-operative, OR
- Minutes from one of your meetings.
All documents must be valid originals or certified copies, and ID must be in the correct name(s). Check out other ID options (PDF 657KB).
How your savings are protected
Westpac Protect™ Online Banking Security Guarantee
If your Westpac account is compromised due to Online Banking fraud, we guarantee to repay any missing funds, provided you comply with our Online Banking Terms and Conditions3.
Australian Government Financial Claims Scheme
The Australian Government guarantees deposits up to a total of $250,000 under the Financial Claims Scheme (FCS). Financial Claims Scheme payments under the FCS are subject to a limit for each depositor. For more information visit www.fcs.gov.au.
Account fees
| Fees | Amount |
|---|---|
| Account-keeping fee: | $0 |
| Transfers to and from linked Westpac account: | $0 |
| Account enquiries in Online Banking and the Westpac App: | $0 |
| Cheque collected or deposited: | $2.50 |
| Staff-assisted deposit: | $2.50 |
| Other fees may apply. See T&Cs for a full list (PDF 813KB) |
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 transaction account.
2. If you’d prefer to open a Business One Plus transaction account and benefit from special offers and discounts, you’ll need to open that account first (either online or at a branch) and select to open a Business Cash Reserve savings account at the same time.
Before you can connect your accounts in Online Banking, you’ll need to set up a bank feed2 with your online accounting or third-party service provider. Contact your provider to find out how.
Once you’ve established a link to your preferred third-party service provider, follow these simple steps:
- Sign into Online Banking from a desktop
- Select Services
- In the Account service section, select Bank Feeds
- Select your third-party service provider, then select your accounts
- Select Connect feed.
Note: If you’re changing your third-party service provider or a User’s access levels, you’ll need to disconnect your current bank feed before proceeding.
Learn more on how to connect your accounting software.
If you have more than one Business One or Business One Plus transaction account in the same name, any eligible customer-initiated transaction you make on either account will count towards your 10 transactions.
For example: if you completed 5 customer-initiated transactions with a Business Debit Mastercard® linked to your Business One account and completed 5 customer-initiated transactions on your second Business One account that is in the same name, you will receive the Spend&Grow variable bonus interest on your Business Cash Reserve savings account in the same name, as the total number of transactions is 10.
Spend&Grow bonus variable interest is only eligible on one Business Cash Reserve account. If you have more than one Business Cash Reserve account, only the Business Cash Reserve account that you opened earliest is eligible for bonus interest.
Interest is calculated daily and paid monthly. The Spend&Grow variable bonus interest rate applies up to first the 10,000 in account balances in your Business Cash Reserve savings account, while the applicable variable base interest rate applies to the remainder of your savings balance.
Business Cash Reserve interest will be credited to your account on the last business day of the month. Interest earned on the closing balance of the last business day of the month and any remaining days of that month, will be credited to your account the following month.
For example: where 30 June was the last business day of June, and where 29 July is the last business day of July, interest for July will be calculated from 30 June to 28 July and paid on 29 July.
For payment of bonus interest:
- Your Spend&Grow bonus variable interest will be paid on the same day of the month as base interest on your Business Cash Reserve account.
- If you’ve made 10 or more eligible customer-initiated transactions on your Business One or Business One Plus account and have these settled by close of business on the 2nd last business day* of the month; your Spend&Grow variable bonus interest will be paid on the last business day of the month.
- All rates quoted are variable and subject to change.
* A business day means any weekday from Monday to Friday, excluding weekends and national public holidays.
Your Merchant facility must be linked to a Business One or Business One Plus transaction account for funds received to be eligible as a customer-initiated transaction. The daily credit settlement of funds received counts as 1 transaction towards your eligible transactions.
For example: If you receive 20 customer payments on your Merchant terminal in one business day, the daily credit settled funds will count towards 1 eligible transaction. If you have 30 days of credit settled funds, this will count towards 30 eligible transactions.
If you meet eligibility and complete 10 settled (not pending) customer-initiated transactions the day before the account is requested to be closed, you will receive the Spend&Grow variable bonus interest at the time of account closure.
However, if you meet eligibility on the same day or after account closure request is received you will not receive the Spend&Grow variable bonus interest.
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 Online Banking Terms and Conditions (PDF 408KB) for full details, including when a customer will be liable.
^ Business Cash Reserve (“BCR”) Bonus Variable Rate: To be eligible for the Spend&Grow bonus variable rate, you must meet the following criteria:
- You must have a BCR account and a Business One (“BO) or Business One Plus (“BOP”) account and have no blocks on any of these accounts.
- Your BCR and Business transaction account must be in the same name.
- The Spend&Grow offer excludes business customers who have a relationship manager, private banker or commercial banker – please speak to your relationship manager or banker to find out what other offers and rates you might be eligible for.
- If you have multiple BCR accounts, only the earliest opened BCR account is eligible for Spend&Grow bonus interest and only one Spend&Grow bonus interest offer is available per customer.
- If you have multiple Business transaction accounts in the same name, any eligible customer-initiated transaction that you make on any of your Business transaction accounts will count towards your 10 eligible transactions for the Spend&Grow offer.
- If you have more than one Merchant terminal facility linked to the same Business transaction account, the daily credit settled funds on each terminal will each count towards your 10 eligible customer-initiated transactions. For example, if you have two terminals that record the daily credit settled funds, this will count as 2 transactions towards your 10 eligible customer-initiated transactions.
- The Spend&Grow bonus interest offer applies to new and existing BCR accounts from 1 May 2025 and is available for a limited time only. The Spend&Grow bonus interest offer is not available in conjunction with any other future bonus interest offers that commence while remaining eligible for Spend&Grow, unless determined by the Bank otherwise.
- Eligible customer-initiated transactions include any transactions where you spend, pay or receive funds through your Business transaction account. These transactions include, but are not limited to, when you: Tap, insert or swipe your physical card or pay with PayPass, Apple Pay, Samsung Pay or Google Pay™ ; Complete an ATM, PayID®, BPAY, EFTPOS cash-out only transaction, direct debit or pay off a credit card account; Complete a transaction where your linked Business Debit Mastercard® details are stored with an online retailer or service, or when you input your Debit Mastercard® details online, including periodical payments; Pay or receive funds from a customer via direct debit, BPAY or PayID®; Receive funds from a customer via credit settlement on your Merchant terminal facility, provided these funds are settled on your linked Business transaction account.
- Customer-initiated transactions exclude any bank-initiated transactions, including: Fees and charges; interest paid or received; daily debit settlement on your Merchant facility; dishonoured, reversed or refunded transactions.
- All eligible customer-initiated transactions are required to be settled (not pending) by 11:59PM AEST on the 2nd last business day of the calendar month to count towards the 10 required.
- Spend&Grow bonus interest is calculated on the daily balance of your eligible BCR account up to the first 10,000 and recorded as paid into your eligible BCR account on the last business day of the month. For Spend&Grow bonus interest calculations, a month is the period from close of business on the last business day of the prior month to close of business on the second last business day of the current month.
- The Spend&Grow bonus variable interest will appear on your BCR account statement as “INTEREST PAID – PROMOTIONAL". It will also appear in Online Banking and the Westpac App in the Account Details section for your BCR account as “Promotional rate”.
- The Spend&Grow bonus interest offer may be varied or withdrawn at any time and the standard variable rate is subject to change at any time in accordance with the Deposit Accounts for Business Customers Terms and Conditions (PDF 813KB)
Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Google Pay™ is a trademark of Google LLC.
Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries.
Samsung and Samsung Pay are trademarks or registered trademarks of Samsung Electronics Co.
PayPass is a trademark of Mastercard International Incorporated.
PayID® is a registered trademark of NPP Australia Limited.