Business Online Saver

It makes good sense to save online, with a competitive interest rate and no monthly account maintenance or transaction fees. Ideal for storing future-allocated funds like tax, GST and PAYE payments.

Key benefits

Key benefits

  • one competitive interest rate – no matter what the balance is in your account*
  • free on-call access to your money 24/7 via Business Online banking, Westpac One and ATMs
  • no monthly account maintenance fee or transaction fees
  • no minimum balance is required
  • you can manage your Business Online Saver account online and keep track of how much you’ve saved

*Interest is calculated daily on the full credit balance and paid (less resident withholding tax) into your Business Online Saver account on the last business day each month

Note: To operate a Business Online Saver account, you must hold a Westpac business transaction account and be able to access your account online via Westpac One, Business Online banking, Corporate Online or DeskBank. Any transfers from your Business Online Saver can only be made directly to your business transaction account. ATM access is for balance enquiry and funds transfers only—no cash withdrawals can be made.

How do I make deposits?

You can transfer funds using Business Online banking, Westpac One, ATMs or set up an automatic payment or Sweep Over to regularly deposit funds from another account.

How do I make a withdrawal?

  • you can make an electronic transfer from your Business Online Saver account to your Business Transaction account, free of charge and use the funds straight away
  • you can't make cash withdrawals directly from your Business Online Saver account
Interest rates

Business Online Saver - Interest rates
Interest is calculated daily on the full credit balance and paid (less resident withholding tax) into your Business Online Saver account on the last business day each month.
BalanceRate
All balances 0.50% p.a.

Fees

Business Online Saver - Fees
Note: Any transactions made at another bank's ATM will incur an additional $1 charge each time. The term 'free' refers to Westpac fees only. These fees relate to Business Online Saver only. If fees apply to the account which money is being transferred to or from, standard fees will apply.
Fee description Fee amount
Account maintenance fee
All balances
Free 
All electronic deposits and withdrawals
Free 
Internet transfers
Free 
ATM - balance enquiry/transfer of funds
Free 
Phone banking transfers
Third party telephone fees may apply
First five calls each month are free (then 50c per call)