Bank accounts offering you cash back in July 2020

Bank accounts offering you cash back in July 2020

Everyone loves getting something for nothing, and there are a range of Aussie banks offering cashback rewards for new customers who join this month, up to $100.

Cashback offers are designed to entice new customers on to a bank’s books. They can be a useful tool as well as a nice perk, particularly if they help cut down costs of refinancing a home loan.

As many banks stare down the barrel of potential revenue losses as Australia battles with its first recession in almost 30 years, it’s no surprise that some are going above and beyond to reward new customers.

Transaction accounts that love you back

There are a range of transaction accounts on the market that are offering cash back for new customers who join this month.

However, to be eligible for these rewards, you’ll need to meet one or more conditions.

Global bank, HSBC, has the highest offer of $100. Customers will need to deposit $2,000 or more each month for 3 consecutive months, within 6 months of opening the account, to qualify for this cashback offer. This may be the equivalent of having your employer deposit your pay into this bank account.

Westpac, one of Australia’s biggest banks, is offering young Aussies aged 30-and-under $50 cash back if they join and meet its conditions.

Transaction accounts offering cash back:

Bank account Cashback offer Duration Conditions
Illawarra Credit Union Everyday Transaction Account $50 18/05/2020 - 31/08/2020 Within 45 days of account opening:

a. Make a minimum of 3 deposits to the total minimum value of $500; and

b. Make a minimum of 5 qualifying transactions.

Westpac Choice $50 01/07/2020 - 06/10/2020 Must be under 30 years old. Must deposit $500 and make 5 eligible card purchases within 30 days of account opening.
Bank SA Complete Freedom Account $50 01/07/2020 - 06/10/2020 Deposit $500 within 30 days of account opening.
HSBC Everyday Global Account $100 01/08/2019 - 31/12/2020 Deposit $2,000 or more each month for 3 consecutive months, within 6 months of opening your account.
St George Complete Freedom Account $50 1/07/2020 - 06/10/2020 Deposit $500 within 30 days.
Bank First Everyday Account $50 Ends 31/12/2020 Spend $300 using your Visa Debit Card within 3 months of opening your account.

Note: Data accurate as at 03/07/2020.

RateCity tips for switching transaction accounts

Before you make the leap to a new transaction account, you may want to consider the following:

  • Keep an eye out for any fees. Some bank accounts charge anything from account keeping fees to currency conversion fees for online or overseas shopping. Many accounts don’t, so ensure you do your research before switching so you can choose the right bank account for your financial needs.
  • If you’ve set up auto payments for any bills, make a list of all your direct debits and ensure you change your bank account details in time for your next payments.
  • Don’t forget to transfer any remaining funds to your new bank account. If you’re expecting any new payments in, you’ll want to notify those involved of your new bank details.
  • Reach out to your old bank account provider, ask them to close the account and confirm with you once this is done.

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Learn more about bank accounts

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 I close a bank account?

Closing a bank account is one of those tasks that’s easy to put in the too-hard basket. There are quite a few steps involved, some which may require you to hang on the phone for a while.  

Here’s a handy checklist of items to tick off, so the job gets done quicker. If you don’t do your banking online, the following steps can also be done at a branch.   

  • Cancel any scheduled or recurring payments
  • Update your direct debit details (such as loan repayments) with creditors
  • Export your payee address book (to keep a record of saved third-party bank account details)
  • Transfer the balance of your account (to the new bank account)
  • Close your account online, or by calling the bank or visiting a branch

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 close my bank account over the phone?

In most cases, you can close a personal or business bank account over the phone. In fact, this is the best way to ensure you’ve closed an account properly.

By speaking to a banking representative, you can capture and close out any pending transactions, or interest owing/payable on the account being closed.

In the instance where the account is a joint account, or you have multiple bank accounts you want to close, your bank may send you a form that you need to fill out and return.

Either way, you would be advised over the phone of the steps you need to take. Calling your bank ahead of closing an account is often a smart course of action.

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)

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.

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.

How do I close my bank account online?

You can usually easily open a bank account online, but you often can’t close it online.

Many banks and credit unions will only let you close an account if you go into a branch or call them on the phone.

However, some banks will let you request to close the account via your internet banking. Check your financial provider’s website for details.

Just remember: If you still have funds in the bank account, transfer them to another account, or withdraw the cash. Also, if you have any payments like direct debits going in or out of the bank account, these will also stop when you close your account.

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

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.

How do you delete your bank account from PayPal?

Deleting your bank account from PayPal is a simple three-step process:

  • Go to your Wallet
  • Choose the account you’d like to delete
  • Click ‘Remove bank account’

Can British expats still open bank accounts?

As a British expat, you can open an Australian bank account, and you can apply for an account the same ways an Aussie would. You can even open an account online from the UK prior to relocating.

If you’re overseas, the bank you choose to open an account with may call you to provide you with our new account details beforehand. You can then have your ID verified within a branch once you’ve arrived.

And if you’re already living down under, the following list outlines the types of information required by most banks when opening an Australian bank account.

  • Australian residential address
  • Tax file number (TFN) or a TFN exemption
  • Identification (this can be your passport)

Do you need a bank account to sell on eBay?

You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.

Opening a bank account for someone under 18