You can open the Bankwest Business TD Direct account as a sole trader, a partnership, a company, a trust or a society. This term deposit lets you invest any amount between $10,000 and $2,000,000, and you can choose from terms between one month and five years. Throughout the term, the money in your account continues earning fixed interest. If you opt for a 12 months term or more you get multiple options surrounding when the bank pays you interest.
What are the features of the Bankwest Business TD Direct?
- Variable investment amounts. You can invest any amount in between $10,000 and $2,000,000 in a Bankwest Business TD Direct account, and the amount you invest does not have a bearing on the interest rate.
- Varied terms. Bankwest lets you open this term deposit from one month to 12 months in monthly increments, and from one year to five years in yearly increments.
- Options in earning interest. If you open a term deposit for less than 12 months the bank would pay you interest when your deposit matures. For deposits of 12 months or more you can choose to get an interest payout every month, quarter, six months or year.
- Options at maturity. You can choose to automatically reinvest your deposit when it matures, but you may not get the same interest rate. Upon the maturity of your deposit the bank gives you seven calendar days to decide your next course of action.
- Linked account. Opening aBankwest Business TD Direct account requires that you provide details of a nominated account during the application process. The process includes a direct debit request which Bankwest uses to debit funds from the linked account. You can hold this account with any Australian financial institution and it should be in the exact same name as the one mentioned on your application. The Business TD Direct account can have only one linked account. When the deposit matures, you can withdraw the money only through the linked account.
- Withdrawals before maturity. If the term of your deposit is two years or less you can apply for a withdrawal of part of or all of your funds but acceptance of your request is up to the bank’s discretion. If the term of your deposit exceeds two years you can withdraw part of or all your money before maturity. Bear in mind that you have to give the bank 31 days notice to withdraw funds before maturity, unless you qualify under hardship as defined by the bank. If you end up withdrawing money from your term deposit before it matures your interest entitlement reduces as per when you request for the payment.
- Account keeping fees. This account does not attract any ongoing account keeping fees.
- Guaranteed return
- Wide range of terms
- Save on fees
- Minimum investment amount required
How do I apply for the Bankwest Business TD Direct?
You can apply for the Bankwest Business TD Direct account online and to do so now click on the ‘Go to Site’ button. You can apply for this account as a sole trader, partnership, company, trust, SMSF, society, strata or cooperative, and the information you have to provide varies in accordance.
- Sole trader. All non-Bankwest customers who will be account signatories have to provide photo IDs by visiting a Bankwest store or at Australia Post outlet. Providing your Australian Business Number (ABN) and Tax File Number (TFN) is not necessary, but if you don’t the account may be subject to withholding tax.
- Partnership. All non-Bankwest customers who will function as account signatories must provide photo IDs by visiting a Bankwest store or at Australia Post outlet. You also have to provide the partnership agreement or its certified copy. Providing your ABN and TFN is not necessary.
- Company. You have to provide your Australian Company Number (ACN), and all non-Bankwest customers who will be account signatories have to provide photo IDs by visiting a Bankwest store or at Australia Post outlet. You may or may not provide your ABN and TFN.
- Trust/SMSF. Provide the original front page of the Trust Deed along with the execution/signing page or its certified copy. If a company is the trustee, you’ll have to provide relevant company details. Non-Bankwest customers who will operate as account signatories must visit a Bankwest store or at Australia Post outlet to provide photo IDs.
- Society/Strata/Cooperative. You have to provide minutes of meetings showing a request that authorises the account’s opening, complete names and designations of signatories who will operate the account and the method of operation. You have to provide minutes from the Annual General Meeting to show the complete names and election of office bearers. If you’re opening the account as a strata or a cooperative, prepare to provide the strata plan or strata title. As an incorporated association, you have to provide the certificate of incorporation and constitution. In all cases, non- Bankwest customers who wish to act as account signatories have to provide their photo IDs by visiting a Bankwest store or at Australia Post outlet.