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Commonwealth Bank of Australia Bank Accounts

Commonwealth Bank, CommBank or CBA as it is commonly known as operates internationally with businesses in New Zealand, Asia and the United Kingdom. Commonwealth Bank was founded in 1911 by the Andrew Fisher Labour Government. Unlike any other financial institutions in Australia, it was the first and only bank in Australia to receive a Federal Government guarantee which provided security for the Bank to carry out both savings and general bank trading business. The Bank became a public company in 1991 and underwent three stages of privatisation until 1996. The Commonwealth Bank brand has grown to become one of the best recognised in the financial services industry. Their other award-winning brands include Colonial First State investments and retail broker Commonwealth Securities (CommSec). The Bank has positioned itself for future growth as it continues to provide a full range commercial and of retail banking services including home loans, credit cards, personal loans, term deposits, transaction accounts and car insurance.

Car Loans Disclaimer: Applications are subject to the Bank’s normal credit approval. Apply and fund a new Secured Car Loan by 31 July 2016 to receive a 1% discount on your approved interest rate.

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FAQs

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.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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