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?
As this is a multi-faceted banking product for your business, you may need to compare it in parts to other accounts that are not structured as a package. Look at the features of the savings portion against other business savings accounts separately to see which one fits the goals you have in mind:
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 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.
The interest will be calculated on the daily balance and paid once a month into your 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.
You must also have a Westpac business transaction account in the same name in order to operate this cash reserve savings account.
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.
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.
- Customise an insurance plan to suit your business
- Work with a financial planner
- Discounts off establishment fee with equipment finance
- Applications for Westpac Merchant Services are subject to approval
How do I apply for My Business Solutions?
You can visit the Westpac website and access the online application for Westpac’s My Business Solutions, if you like the idea of having all of your business financial needs wrapped together in one banking package. You will be asked about choosing a transaction account as well as whether you want more than one cash reserve account. There will also be questions asked that will help confirm that you are eligible for this account including:
Eligibility to apply online
- Minimum age. While no minimum age is set forth by Westpac, you will need to be applying for this account on behalf of an established business.
- Residency requirements. The business named on the account must be in operation in Australia, and you must be able to provide a physical address.
- Depository requirements. There is no stipulation made for an initial deposit amount, but keep in mind that you will only earn a nominal base rate in interest until your balance reaches $10,000 .
Documentation for your online application
If you and your business are eligible, then you will find that filling out the application will be easier if you have the following documentation readily available:
- Tax file number. You will be asked for your business tax file number (TFN), Australian business number (ABN) or any exemption type. Providing any of these is not compulsory, but tax may be withheld if you do not quote any one of these.
- Identification. Personal information about yourself will also be asked for, including data found on your driver’s licence or passport so that your identity can be confirmed.
What happens after I've submitted my online application?
Your application will be submitted online, and after being reviewed by Westpac you should receive the details of all accounts so that you can begin managing all of your business finances from one place.