Westpac MyBusiness Solutions

Westpac MyBusiness Solutions

Fee Free Deposit

0

Account Keeping Fee

0.00

Every business has various financial needs and with Westpac you will find solutions to all of them.

  • A multi-faceted banking product combining 3 business banking essential products
  • No monthly account keeping fees
  • Unlimited internet and phone banking

Product details

Important information

Westpac MyBusiness Solutions account is no longer available for new applications. The information provided and bank account cannot be applied for, however, the information on this page has been kept for the benefit of existing customers and for those who are interested. If you would like to compare other bank accounts, please go through our comparison page.

My Business Solutions is more than a business banking account. With it, you are provided with multiple accounts to meet all of your business needs, including an interest earning savings hub. Manage your company finances from all over the world with Westpac’s business online banking service, which gives you a number of time saving self-service options to help you stay on top of your receivables and payables.

What are the features of Westpac My Business Solutions?

Monthly service fee

There is no monthly service fee for the Westpac Business Cash Reserve Account and unlimited free transfers to and from other business accounts held in the same name so long as you use online or telephone banking.

Staff assisted transactions

For certain transactions, such as branch withdrawals or deposits, you could incur fees that will be charged to the account. This includes any cheque deposits or narrated credits.

Interest rates

Interest rates for the Business Cash Reserve Account are nominal for balances under $10,000 but do rise to a competitive rate once you exceed that amount in savings.

Interest payments

The interest will be calculated on the daily balance and paid once a month into your account.

Bonus account

If you are saving for the long term and don’t plan on making withdrawals from the account, you may want to consider the Business Cash Reserve Bonus, where you earn a higher variable bonus rate in those months where you do not take any cash out of the savings account.

Availability

You must also have a Westpac business transaction account in the same name in order to operate this cash reserve savings account.

Online banking

The business online banking forum can be customised to match your banking style. The view of your accounts can be personalised, and allow you a quick view of your balances. You can also control what allowed users are able to access and do when online in your account.

Mobile banking

Your business savings account can also be accessed from a mobile device, allowing you to see the balance of up to three accounts without having to sign in. Transaction histories can be viewed from three years prior, while your business banking statements will be available for seven years.

Compare more Westpac products on our Westpac page.

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Pros

  • Customise an insurance plan to suit your business
  • Work with a financial planner
  • Discounts off establishment fee with equipment finance

Cons

  • Applications for Westpac Merchant Services are subject to approval

How do I apply for My Business Solutions?

This account is no longer available for new customers, you can not apply for this product. Take a look at the other banking products offered by Westpac.

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