Westpac
Business One
No Monthly Fee Business Account
Savings & transaction accountsBank updated 7 Sept 2026
At a glance
- Base rate
- 0.00%
- Monthly fee
- $0
§ 01 — Rates · 8
| Type | Applies to | Term | Band | Rate | Comparison | Conditions |
|---|---|---|---|---|---|---|
| PenaltyThe Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement. It will be calculated daily on the debit balance (and deducted… | — | — | — | 15.01% | — | Currently not applicable |
| Variable | — | — | up to $9,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $10,000–$19,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $100,000–$249,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $20,000–$49,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $250,000–$499,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $50,000–$99,999 | 0.00% | — | paid every 1 mo; Currently not applicable |
| Variable | — | — | $500,000+ | 0.00% | — | paid every 1 mo; Currently not applicable |
§ 02 — Fees · 16
| Fee | Type | Amount | When | Notes |
|---|---|---|---|---|
| Self-Service (Electronic) Deposits | Deposit | No fee | — | — |
| Staff-Assisted Deposit | Deposit | $3 | — | — |
| Bank Cheque Fee | Event | $10 | — | — |
| Overdrawn Fee | Event | $15 | — | — |
| Account Keeping Fee | Periodic | No fee | Every 1 mo | — |
| Cheques Collected / Deposited | Transaction | $3 | — | Applicable after free monthly transactions are exceeded. |
| Cheques Written | Transaction | $3 | — | — |
| Foreign Transaction Fee - AU merchant | Transaction | 2.20% of transaction | — | 2.2% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located in Australia (comprising of 2% Westpac Proc… |
| Foreign Transaction Fee - non-AU merchant | Transaction | 3.00% of transaction | — | 3% of the $AUD transaction amount where a transaction is made in foreign currency and the merchant or financial institution accepting the card is located outside Australia (comprising of 2% Westpac P… |
| Group Telephone Banking | Transaction | No fee | — | — |
| Narrated Credits | Transaction | $3 | — | Applicable after free monthly transactions are exhausted. |
| Online Banking | Transaction | No fee | — | — |
| Periodical Payments | Transaction | No fee | — | — |
| Overseas Withdrawal Fee | Withdrawal | $5 | — | Overseas Withdrawal fee from ATMs belonging to institutions in the Global ATM Alliance (An overseas bank surcharge may also apply). Nil for cash withdrawals from Global ATM Alliance and Westpac Group… |
| Self-Service (Electronic) Withdrawals | Withdrawal | No fee | — | — |
| Staff-Assisted Withdrawal | Withdrawal | $3 | — | — |
§ 03 — Features
Digital bankingFraud protectionRelationship managerOverdraft
- · Simplify your business finances - Access Business Money Tools in the Westpac App to track cash flow, manage expenses and stay on top of your business finances.
- · $0 International transfers. Send foreign currency transfers free from Westpac fees, with Online Banking. See FX rates.
- · Take payments on your phone. Take in-person payments into your transaction account with the EFTPOS Air app on your compatible phone or tablet.
- · Unlock the Free Legal and Accounting Support offer with our partner Lawpath. Enjoy two free consultations, unlimited live chat with real advisors, free access to monthly workshops, and a 20% discount…
- · Set your business up for success with up to $10K of value for your business
- · Help make tax time simpler - Link your Business One account to accounting software such as MYOB, Xero and QuickBooks using bank feeds to help keep your financial records up to date.6
- · Give employees access - Provide employees with full or limited access business debit cards linked to your business bank account.
- · With PayTo, you can see, review and authorise all new PayTo payments for things such as recurring bills, memberships and subscriptions before the money leaves your account.
- · Pay and manage your card on the go. A business debit card linked to your business bank account gives you access to an Instant Digital Card in the Westpac App. Make contactless payments with a digital…
- · Add an EFTPOS solution: For fast, reliable payments, choose a standalone machine or a terminal that integrates with your POS system.
- · Add a savings account - Earn interest on surplus funds set aside for things such as tax payments, equipment upgrades or unexpected expenses.
- · Card Lock will temporarily stop new transactions on your card for up to 15 days or until reactivated. The card will reactivate after 15 days if you do not cancel the card. Cards to which a temporary…
§ 04 — Eligibility & limits
- · Minimum age 18
- · Residency: Operating with an Australian address
- · Available to businesses
- · Must not be an individual using the account for predominantly personal purposes
§ 05 — Compare
§ 06 — Run the numbers
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Published by Westpac under the Consumer Data Right, last changed by them on 7 Sept 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.