Westpac Business Cash Reserve Review, Rates & Information

Product details

The Westpac Business Cash Reserve account gives businesses the ability to earn interest without locking their funds, and balances of $10,000 or more earn a competitive variable interest rate.

If you wish to apply for this account, you’ll also need to have a linked Westpac business transaction account.

Product Name: Westpac Business Cash Reserve

Maximum Variable Rate: 0.70% p.a.

Standard Variable Rate: 0.70% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $0

Minimum monthly deposit for bonus interest rate: $0

Internet Banking: Yes

Internet Transaction Fee: $0

Phone Banking: Yes

Phone Transaction Fee: $0

Joint application?: Yes

Minimum Age Requirement: 18

Maximum Age Requirement: No Maximum Age

Covered by Government Guarantee?: Yes (Up to $250,000 per person, per institution)

What are the features of the Westpac Business Cash Reserve account?

This savings account for businesses can work in your favour if you learn of its intricacies, and here’s what you need to know if you’re considering applying.

Monthly fees. This account does not attract any ongoing monthly service fees.
Other fees. Cheques collected or deposited attract a fee of $2.50 per cheque. You have to pay $2.50 for every staff assisted deposit, and for every staff assisted withdrawal and narrated credit.
Earn interest on GST. Since this account does not require to you set aside funds for any particular duration, you can look forward to earning interest on funds you set aside in between your annual GST returns.
Requirement for Westpac business transaction account. In order to operate the Cash Reserve account, account holders should have a Westpac business transaction account in the same name. You need a transaction account to add or remove funds from the Cash Reserve account.
Transferring funds. You can transfer funds to and from this account to a linked Westpac Business account in the same as often as you like, without paying any fees. To transfer funds for free, you can turn to Westpac’s online and phone banking platforms.
Enquiries. You can make unlimited number of account related inquiries through online and phone banking.
Statements. You can choose between getting three or six monthly statements on an ongoing basis.
eStatements. By signing up for eStatements, account holders can access transactions from the last seven years.

Pros

There is $0 monthly service fee
Unlimited transfers and free transactions
Free online and phone banking

Cons

Extra charge for staff assisted withdrawal

How do you apply for the Westpac Business Cash Reserve?

You can apply for this business account by visiting any Westpac branch, you can apply online, and you can initiate the process over the phone. To apply for the Cash Reserve account, you’ll also have to open one of the following accounts.

Business One transaction account - low plan
Business One transaction account - high plan
Business Flexi account

Applying requires that you meet certain eligibility criteria, which include the following.

You are over 18 years of age
You have an Australian residential address
You have an Australian business
You can provide a valid ABN, ACN, ARBN or ARSN

Completing the application requires that you provide different types of information, which can vary depending on whether you’re applying as a sole trader, a company, or a trust.

Sole trader. Your complete name, date of birth, residential address, full business name, address of business and ABN.
Standard trust. Full name of trust, trust’s ABN, trust’s principal address, complete name of trustee, country of establishment, trust type, beneficiary details, personal information of trustees and copy of trust deed.

Domestic proprietary company. Full name of company, ACN, ABN, address of registered office, complete names of company directors and ASIC certificate of registration.