How long does it take to open a bank account?
The length of time it takes to open a bank account varies, depending on whether you want to open it online or in person.
Most banks and credit unions have simple online applications that usually take no more than 10 minutes to fill out. It can be especially fast if you have your identification documents like your driver’s licence and passport handy. Sometimes you will instantly be approved and the bank account opened. However, depending on the financial institution, it may take a day or so to be processed and your account number issued. Your account information and ATM or debit card will then be mailed to you, which usually takes between five to 10 days.
If you decide to go into a branch or office to open a bank account, it may take about half an hour. Make sure you bring your identification documents with you. Also book an appointment if you can, otherwise you might be forced to wait in line. Sometimes your ATM or debit card will be issued on the spot, otherwise you’ll need to wait for one to arrive by mail, which usually takes between five to 10 days.
How do I open a new bank account?
There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.
It might sound like a simple enough task, but there are literally hundreds of bank accounts to choose from. And each offer their own banking features and benefits.
A comparison site like RateCity can help you work out what bank account product matches your needs.
Once you’ve made up your mind what you want, it’s advisable to have the following information ready for the application process.
- A couple of forms of identification (such as driver’s licence, Medicare card, passport)
- Tax file number
- Residential address, contact phone number and email (though email is not essential)
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.
What do you need to open bank accounts?
Opening a bank account is one of the simplest online tasks you could perform. The hard part is deciding which type of bank account you want to open.
All banking institutions have a website where you hit ‘apply’ on the account of your choice and step through an application in less than 10 minutes.
Here’s a list of information that is generally required for applications.
- Identification (driver’s licence, passport, proof of age card, proof of citizenship and/or birth certificate)
- Tax file number (so you don’t get charged the highest tax rate)
- Address, contact email and phone number
If you decide to open a new account at the branch, make sure you ask beforehand what information you need to take with you, or take all of the above to be safe.
Can you find your bank account number online?
If your bank offers online services, you should be able to find your bank account number online by logging into your account on your bank’s website and checking your details there.
Keep in mind that each type of account you have with a bank comes with a unique account number. This means if you have a bank account as well as a savings account, for example, your bank account number and your savings account number will be different.
If you don’t have access to your bank account online or can’t login, you should be able to find your account number on a mailed bank statement, if you have one.
Alternatively, you can call your bank’s customer service number or visit a branch to retrieve your account number.
Can I open bank accounts for my children?
A common question for new parents is, ‘Can I open a bank account for my child?’
The short answer is yes – as a parent you can open a bank account for your child.
Once you’ve compared your options and found a bank account that suits your needs, the process is relatively simple.
As the bank account is for your child, you’ll need to provide some documentation such as proof of ID, including your tax file number.
You will also need a copy of your child’s birth certificate, and in some cases you may also need to sign a guarantee of indemnity.
Depending on the bank and whether you’re an existing customer, you may be able to open a bank account for your child online. However, you may still need to go into a branch to prove your identity.
How do I open a bank account for a baby?
If you’ve just welcome a new baby into the world, congratulations. Opening a bank account for your child can be a wonderful first gift.
Before you can open your child an account, you’ll need to have a birth certificate or passport for your baby.
As the parent or guardian, you’ll also be listed as a joint holder on the account. This means you’ll need to have proof of your identification and address (a driver’s licence, passport, birth certificate or Medicare Card).
Many banks and credit unions offer baby banks accounts. Usually, you can apply online; otherwise you can head into a local branch or office with your documents.
Today's top bank account products
Everyday Global Account
Gold Award Winner 2021
Over 13,000 ATMs customers can use in Australia with no ATM fees
Cashback$100 Bonus for new HSBC customers and 2% cashback (up to AUD 50/month) on eligible tap and pay. ~ Ends in 3 months