Things you should always buy second hand
When it comes to buying things second hand people are often divided into two camps - people who swear by it and those who never do it.
Patricia BabalisSep 5, 2016( 5 min read )
Student Account
No. of branches:8
No. of ATMs:Approximately 600 ATMs
No. of ATMs in the network:Approximately 3,400 CommBank Branded ATMs
Xinja Bank Account
The Xinja bank account is an everyday transaction account with zero ATM fees, zero account fees and no currency conversion fees.
Account Keeping Fees
$0
Monthly
ATM Fee
$0
Online only
Xinja Bank Account
$0 account keeping feeApp banking available
Go to sitePromotedXinja terms and conditions
Account Keeping Fees
$0
Monthly
Maximum Interest rate
0.01%
ATM Fee
$0
Approximately 3,400 CommBank Branded ATMs
Card Type
MasterCard
Account type
Kids / Student
Pros and Cons
Pros
- $0 account keeping fee
- App banking available
- Has 0.01% interest available
Cons
- $5 Overseas ATM Withdrawal Fee
- 2.95% fees apply for overseas transactions
Features
Minimum opening amount $0 | Internet banking Facility |
Minimum balance | App |
Min. deposit for fee free $0 | Branch Access |
Min. age restrictions 11 years old | Overdraft Facility |
Max. age restrictions N/A | Free counter transactions N/A |
Linked Account | Daily ATM withdrawal limit $1,000 |
Joint application available | Interest Calculation Frequency Daily |
Cheque services | Interest payment frequency Quarterly |
ATM access | Min. balance to activate rate $0 |
EFTPOS Facility |
Electronic Wallet Service
Fees
Account Keeping Fees $0 Monthly | Cheque dishonour fee |
Internet transaction fee $0 | Counter deposit fee $0 |
EFTPOS Fee $0 | Counter withdrawal fee $5 |
Cheque fee | Foreign transaction fee 2.95% |
Phone transaction fee $0 | ATM withdrawal fee $0 |
Overseas eftpos fee | Network bank atm fee waiver $0 |
Overseas atm withdrawal fee $5 | Other bank atm withdrawal fee |
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BankWest was first established in 1895 by the Government of Western Australia. Known back then as the Agricultural Bank of Western Australia it was launched to assist in developing the state’s agricultural industry. Throughout the next 50 years the bank underwent a series of name changes. In 1994 it embraced the trading name of BankWest. The bank currently stands as Western Australia’s leading bank and holds a Standard & Poors short-term credit rating of "A-1+" and long term rating of "AA-". Its provision of investment grade security has developed its interstate client base at a phenomenal rate with 48.8% of activity accounting for its total lending at the end of 2006. Some of BankWest’s most popular products include the BankWest Lite Mastercard,Zero Mastercard and TeleNet Saver.
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FAQs
Are bank accounts frozen when someone dies?
Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.
If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.
How do I open a bank account if I’m under 18?
The good news for savvy young folks like you wanting to take charge of your finances is that there are many bank accounts available for under-18s.
For bank accounts that require you to be 18 or older, you’ll have to rope in a parent or guardian to open the account for you.
Otherwise, you can apply by yourself online or at the branch of the bank, credit union or building society that has the account you would like to open.
If applying online, you might be asked for a form of identification. For under-18s, this could be a Medicare card you’re listed on, your birth certificate and/or your current home address.
In most cases, you can verify your identity online (at the time of applying) or at the branch afterwards.
How do you open a bank account in Australia?
Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.
Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.
All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.
Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.
Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.
Which bank is best for business accounts?
Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.
The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.
Can foreigners open bank account in Australia?
If you’re migrating, studying or working in Australia, you’ll be pleased to know that you can open an Australian bank account. For the most part, opening a bank account in Australia is a simple process which starts by comparing the types of bank accounts foreigners can open in Australia.
Once you’ve found a bank account that suits your needs, you can start the application process.
When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.
Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.
What do I need to open bank accounts online?
Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.
Information to have available when you’re ready to apply is:
- Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
- Tax file number
- Residential address, email and a contact number
In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.
There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.
Can you open another account at the same bank?
Yes, you can open another account at the same bank if you already have an account there, but some banks place a limit on how many specific accounts you can open.
Generally, though, it is possible to have more than one everyday account, one personal account and one joint account, or have different types of accounts – such as a transaction account and a savings account.
Keep in mind that some bank accounts come with fees, so you could be charged twice for having two types of the same account at the same bank.
Also, if you have more than one high-interest transaction account at the same bank, only one account will be able to earn the highest rate of interest.
How do you set up a bank account online?
Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.
To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).
If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.
Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.
Do I need to open a business bank account?
Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.
If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.
There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.
Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.
It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.