Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology. Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.
|NAB Classic Banking Account|
No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details
Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
Opening a bank account isn’t something that should be rushed; choosing the right type of bank account needs careful consideration to make sure the account fits your personal needs. Consider different types of bank accounts available in Australia and tips for comparing various accounts with Savvy to make sure you find one that’s perfectly suited to your requirements.
The steps involved in opening a bank account are:
1. Compare and select your account
Look at all the options available and choose which type of bank account you’d like to open, which will depend on your personal needs. Savvy can help you compare accounts to find the best bank account that’s a perfect fit for you. If you’re opening a transaction account, look at and compare the following features:
2. Gather your identity documents
If you’re a new customer to the bank, building society or credit union, you’ll need to provide 100 points of ID. All banks have different rules about which identity documents they will accept but, in general, you’ll be required to show:
3. Fill in the application form, either online or in person
The application process usually only takes only around five minutes and can be done either online or in person at a bank branch. Online banks have secured and sophisticated document ID apps which allow you to upload and verify your identity immediately. Once you’ve completed the application process, you may have to wait five to seven days for any linked debit cards to arrive in the mail, but you should be able to start using your bank account online almost immediately.
4. Receive your debit card and sign it
When your debit card arrives in the mail, sign it immediately and log on to your bank’s online platform to activate the card (or follow the instructions that came with your card to activate it by phone). Next, make a note of your password and add your card to your phone’s digital wallet (if you have one set up). Finally, make a secure note of the phone number to call if you accidentally lose your card. Now you’re ready to start using your new bank account and debit card.
The type of bank account which is best for you will depend on what your banking needs are and how you intend to use it. If you want a bank where you can walk into a branch to get help, look at one of the major banks or larger credit unions or building societies which have numerous branches around Australia. If this isn’t important to you, an online bank may offer you the lowest fees, many additional features and the highest interest rate on your savings.
If you’re wanting to save up for something in particular, look at high-interest savings accounts which can be linked to your transaction account. Some of these allow you to have numerous sub-accounts so you can divide up your savings for particular goals. For example, you could have one sub-account called ‘holiday’, another called ‘home deposit’ and a third called ‘new car.’ Some banks even offer a ‘sweeping’ feature which will automatically transfer money from your transaction account to your savings account when a certain limit is reached.
Most banks offer incentives to tempt you to open an account with them, as competition for new customers is fierce between banks and financial institutions. Compare these incentives to see which is most useful to you, but don’t be tempted by offers that you’ll never use.
For example, a free gym membership for a year may seem like a great deal, but is there a nearby gym you’ll actually use to take advantage of this offer? You should also ask yourself if you’ll really watch any pay TV subscriptions on offer. Cashback offers may seem tempting, but check if there are any catches, such as having to deposit a set amount of money per month or open or use a linked credit or debit card. Sometimes the fees on these linked cards can be higher than the initial cashback offer, so compare features carefully before making your decision.
We can help you compare bank accounts including the best business bank accounts free of charge and will show you easy-to-understand comparison information so you’re able to see which bank account is the right one for you.
To open a bank account in Australia, you’re required to adequately prove your identity and supply a residential address and your contact details (either an email address or phone number or both). You don’t have to be an Australian citizen, but you do legally have to be at least 12 years of age to open a youth bank account (accompanied by a parent or guardian) or 14 years old (with no parent required).
You don’t have to be a permanent Australian resident either. If you’re on a temporary or working visa you can still open a bank account as long as you can supply an address in Australia and sufficient ID. Overseas students can open an account whilst they are still living abroad, and then provide their Australian address once they arrive and sort out their accommodation.