Westpac Review - Is It the Right Bank Account Option for You?

6 February, 2025 · 6 min read

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Discover if Westpac is the right bank account option for you, with a detailed review of its features, fees, and benefits for your financial needs.

Business Transaction Accounts
Payment Solutions
Loans and Financing Options
Term Deposits for Business
Digital Banking and Security
Customer Feedback and Awards
Why Choose Westpac for Business Banking?
ANNA: A Smarter Solution for Business Banking

Westpac, one of Australia’s leading financial institutions, provides a comprehensive range of business banking solutions for the unique needs of entrepreneurs, startups, small businesses, and large corporations.

From award-winning transaction accounts to advanced payment solutions and flexible financing options, Westpac offers tools to help businesses streamline operations and achieve growth.

But is it the right choice for your business? This detailed review explores everything Westpac has to offer for businesses and why it might be the ideal banking partner for you.

Business Transaction Accounts

Westpac’s business transaction accounts promise to simplify cash flow management and ensure smooth day-to-day operations.

Business One Accounts

Westpac’s Business One accounts come in two main plans, each suited for different stages of business growth:

⚡ Business One - Low Plan:

Cost: $0 monthly fees, making it an excellent choice for startups and smaller businesses operating on tighter budgets.
Transactions: Unlimited electronic transactions, ensuring easy and cost-effective cash flow management.
In-Branch Services: Staff-assisted transactions available at $3 per transaction for businesses requiring occasional in-branch services.

⚡ Business One - High Plan:

Cost: $10 monthly fee, ideal for businesses experiencing growth and needing more robust features.
Transactions: Includes 25 free staff-assisted transactions per month, perfect for businesses with more frequent in-branch banking needs.
Perks: Access to partner discounts and offers worth up to $10,000, adding significant value to your business operations.

Both account plans integrate with accounting software like MYOB, Xero, and QuickBooks. This integration ensures that you can automate your financial reporting and bookkeeping processes, reducing manual effort and minimising errors.

For not-for-profit organisations, the Community Solutions One account offers a $0 monthly fee and no transaction charges, ensuring that every dollar is directed toward supporting your cause.

Exclusive Offers and Partner Discounts

Westpac adds value to its business accounts by offering a suite of exclusive benefits and partner discounts. These perks are especially useful for growing businesses looking to reduce costs and access premium tools.

Lawpath Essentials Plan: Get 12 months of free access, which includes ABN registration, valued at $518. This is ideal for startups setting up their legal structure.
MYOB Subscription: Enjoy a free subscription for 12 months, valued at up to $696, after paying for the first month.
Optus Discounts: Receive up to 25% off SIM plans, helping businesses save on communication costs.
Uber Credits: Earn a 10% credit back on rides, with an additional 2.5% credit back in the second and third years.

Over three years, these benefits can add up to $10,000 in savings and value, making the Business One Plus account a particularly attractive option for businesses focused on growth and efficiency.

Payment Solutions

Efficient payment systems are critical to running a successful business, and Westpac offers a range of payment solutions to suit different industries and operational models. These solutions ensure that businesses can accept payments seamlessly, whether in person, online, or via mobile devices.

⚡ Key Payment Options:

EFTPOS Air:

A mobile app that enables secure in-person payments without requiring additional hardware.
Ideal for businesses on the go, such as mobile service providers, food trucks, or pop-up shops.

EFTPOS Machines:

Choose from fixed or portable terminals for in-store use or integration with point-of-sale systems.
Options include standalone terminals and self-serve kiosks, making it suitable for industries like retail, hospitality, and healthcare.

Online Payments and eCommerce:

Comprehensive solutions for accepting payments online, by phone, or via recurring billing.
Designed to support small online businesses as well as large-scale eCommerce operations.

Same-Day Settlement:

Receive customer payments into your Westpac transaction account on the same day, ensuring faster cash flow and improved liquidity.

These payment solutions are customisable and can be tailored to meet industry-specific needs, ensuring smooth and reliable transactions for both customers and businesses.

Loans and Financing Options

Westpac provides a range of financing solutions to help businesses achieve their goals, whether it’s starting a new venture, expanding operations, or acquiring new equipment.

Types of Business Financing

Business Loans:

Borrow between $10,000 and $5 million.
Use funds for expansion, property purchases, or debt refinancing.
Customisable interest rates and repayment terms to suit your financial situation.

Business Overdraft:

Access additional funds when your account balance falls below zero.
Only pay interest on the amount used, making it a flexible option for managing seasonal cash flow fluctuations.

Equipment Finance:

Tailored loans for purchasing vehicles, machinery, or technology.
Borrow amounts ranging from $15,000 to $250,000, with potential tax benefits.

Startup Loans:

Financing specifically for new businesses, helping entrepreneurs turn their ideas into reality.
Access up to $5 million, with support from lending experts to guide you through the process.

Term Deposits for Business

Westpac’s Business Term Deposits offer a safe and reliable investment option with guaranteed returns for businesses looking to make the most of surplus funds.

Flexible Terms: Choose fixed terms ranging from 1 month to 5 years, depending on your business cycle and financial goals.
Competitive Rates: Enjoy up to 4.75% p.a. on 11-month term deposits, with an additional 0.10% p.a. bonus for online accounts.
Convenient Management: Open and manage term deposits online, eliminating the need for branch visits.
Financial Leverage: Use term deposits as security for loans or bank guarantees, providing added financial flexibility.

With the certainty of fixed returns, term deposits are an excellent way to grow your business reserves while minimising risk.

Digital Banking and Security

Westpac’s digital banking tools offer convenience and advanced security features to ensure a smooth banking experience for business owners.

Westpac App: Manage both personal and business accounts from a single platform. The app allows users to track expenses, set budgets, and view real-time account balances.
Bank Feeds: Automate data transfers to accounting software, ensuring accurate financial records and reducing manual effort.
Westpac Protect™: Guarantees reimbursement for funds lost due to internet fraud, providing peace of mind for online transactions.

Customer Feedback and Awards

Westpac’s business banking services have been recognised with the 2024 Canstar award for Most Satisfied Customers – Business Bank.

Customers highlight the ease of integrating payment solutions, the user-friendly mobile app, and the range of tailored offerings as key strengths.

However, some reviews mention delays in account setup and challenges with customer service responsiveness, which prospective users should consider.

Why Choose Westpac for Business Banking?

Westpac offers a comprehensive suite of business banking solutions, catering to a variety of needs:

Startups: Benefit from no monthly fees, exclusive partner offers, and easy account setup.
Growing Businesses: Access scalable transaction accounts, flexible payment solutions, and valuable discounts.
Established Enterprises: Utilise tailored financing options, high-value term deposits, and advanced eCommerce tools.

Additionally, Westpac provides specialised services for not-for-profits and industry-specific payment solutions, making it a versatile choice for businesses across sectors.

ANNA: A Smarter Solution for Business Banking

ANNA (Absolutely No Nonsense Admin) is redefining business banking by combining financial tools and business management into one seamless platform. Specially made for entrepreneurs, small business owners, and startups, ANNA simplifies financial management and eliminates the hassle of using multiple services.

Why Choose ANNA?

1️⃣ Tax and Compliance Made Easy: ANNA’s AI-driven tools automatically calculate GST, allocate tax funds, and file BAS and company tax returns. This automation keeps your business compliant with tax regulations while reducing stress.

2️⃣ Smart Financial Insights: Features like receipt scanning and real-time financial overviews help you track expenses and make informed, data-driven decisions. Categorised expenses simplify budgeting and uncover savings opportunities.

3️⃣ Streamlined Payment Solutions: With both virtual and physical debit cards, ANNA makes managing team expenses simple. Automated invoicing ensures timely payments, boosting cash flow and minimising admin tasks.

4️⃣ Dedicated Customer Support: ANNA’s 24/7 support is designed for small business owners, offering real-time assistance and tailored guidance whenever you need it.

⚡ Key Features of ANNA

All-in-One Platform: ANNA integrates bookkeeping, invoicing, and financial management into one system, saving you time and effort.
Real-Time Financial Tracking: Monitor cash flow, categorise expenses, and analyse spending on the go for better financial oversight.
Customisable for Business Growth: ANNA’s tools adapt to your business needs, whether you’re just starting or scaling up.
Eco-Friendly Approach: Reduce your environmental impact with virtual cards and paperless invoicing, aligning your business with sustainability goals.

If you’re searching for a stress-free way to handle finances and admin tasks, ANNA is a game-changing alternative to traditional banking.

ANNA empowers businesses to grow without the usual administrative headaches.

So, sign up today and join the revolution!