Westpac Business Cash Reserve
Earn competitive interest on balances of $0 and more, and get free access to online and phone banking.
The Westpac Business Cash Reserve account gives businesses the ability to earn interest without locking their funds, and balances of $0 or more earn a competitive variable interest rate.
This account does not attract any ongoing monthly service 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 $2.50 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.
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.
You can make unlimited number of account related inquiries through online and phone banking.
You can choose between getting three or six monthly statements on an ongoing basis.
By signing up for eStatements, account holders can access transactions from the last seven years.
How to apply
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.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
If you wish to apply for this account, you’ll also need to have a linked Westpac business transaction account.