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Based on your details, you can compare and save on the following bank accounts
Quick bank account review
For Everyday Transact
These are the benefits of this bank account.
- App banking available
- Apple Pay, Google Pay, Samsung Pay available
- 0.01% interest applies
- Send and receive funds with New Payments Platform, eg. PayID
These are the drawbacks of this bank account.
- $3 Overseas ATM Withdrawal Fee
Minimum opening amount
Min. age restrictions
Max. age restrictions
Interest Calculation Frequency
Interest payment frequency
Joint application available
Free International Account Transfer
Methods of Access
Account Keeping Fees
Min. deposit for fee free
ATM & EFTPOS Fees
ATM withdrawal fee
Other bank atm withdrawal fee
Daily ATM withdrawal limit
Overseas atm withdrawal fee
Overseas eftpos fee
Foreign transaction fee
Other transaction fees
Phone transaction fee
Internet transaction fee
Counter withdrawal fee
Free counter transactions
Counter deposit fee
Cheque dishonour fee
Electronic Wallet Service
Target Market Determination
Visit WAW Credit Union to view Target Market Determination.
Compare and review bank accounts with similar features
Military Rewards Account
Over 3,000 rediATMs
*Fees waived when deposit $2,000 Monthly
Receive 1% cash back (capped at $25 per month) on all Visa payWave purchases under $100 (such as groceries, petrol, clothing, entertainment and transport) when you deposit $2,000 or more per month from an external source, into your Military Rewards Account.
Linked Visa debit card
App banking available
Apple Pay available
Bank Accounts News
Credit union vs bank – what’s the difference?
If you’re looking for a new bank, there’s plenty of competition to choose from, including big banks and smaller local banks. But what about credit unions? What are the main differences between a credit union and a bank, and what are their advantages and disadvantages?
Do you need a bank account to get a credit card?
To get a credit card, you need to show proof of income, which will almost certainly require you to have a bank account.
Can I link a bank account to Paypal?
Paypal is a safe and convenient way to pay online without the need to share your financial details. You can send and receive money or accept credit and debit cards as a seller using Paypal.
It’s easy to link your bank account to a Paypal account and start making transactions within minutes.
To start, you first need a Paypal account (it’s free to join). When setting up your Paypal account, you will be prompted to link a credit card or bank account (or both if you wish).
PayPal works without a balance; you can use Paypal to shop or send money when your balance is zero.
When your Paypal balance is zero, Paypal will ask you to choose your preferred payment method at the checkout.
This could be either your linked bank account or credit card. Your bank details can be updated if you change banks or credit cards.
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.
Can you deposit money into somebody else's bank account?
One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.
The basic information you need to deposit money into a third-party bank account is:
- Payee’s name
- Bank, building society or credit union (though this isn’t necessary)
- BSB (or bank code, which is the branch identifier)
- Account number
Including the name of the financial institution isn’t necessary – particularly with online banking – because the BSB will identify this for you.
A handy tip is to record yourself (or add a personal message) in the transaction description or reference. This will show up on the recipients account, letting them know who’s paid them the money.
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 can I wire money to a bank account?
You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.
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 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 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 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.
How do you change your account name on NAB banking?
Changing the name on your NAB bank account is straightforward, as long as you have the right documents.
If you’ve just got married, divorced or legally changed your name, here’s what you need:
- Married – a marriage certificate
- Divorced –your ‘decree nisi’
- Legal name change –your legal name change certificate
You can take either the original document, or a certified copy, into a NAB branch, where it needs to be sighted by a bank employee and a copy taken.
Your NAB bank account name will be updated immediately. New debit, ATM and credit cards with your updated name will also need to be issued. These usually take between five to 10 working days to be posted out to you. Your existing cards will keep working until you activate your new ones.
If you haven’t legally changed your name, but just want to change your account nicknames, you can log onto NAB and do it through the Settings/Mailbox menu.
How do I open a bank account for a child?
There are few better ways for a child to learn about money management than through savings. And there’s a plethora of bank accounts designed specifically for young people and children.
A bank account for a child can be opened online, over the phone or in a branch in a few easy steps. The minimum age a child can open a bank account for themselves usually ranges between 12 and 14.
If the child is too young to open the account, you can do it for them as their legal parent or guardian.
To do this, you would need to be over 18, have an Australian residential address and currently reside in Australia (or have proof of residency).
You would also need to provide:
- Identification for yourself and the child
- Your tax file number (TFN) or TFN exemption
Depending on the bank account, you might be able to choose what level of access the child has to their bank account (online and via the phone).
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.
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 the government take your money from your bank account?
There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.
Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice.
A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.
To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.
Can you get a payday loan without a bank account?
Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.
Can I set up a bank account online?
Most Australia-based lenders will allow you to set up a bank account online. Requirements vary from lender to lender, but you will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary ID.
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 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.
Can foreigners open bank accounts in Australia?
Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.