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Westpac Bank Accounts

Westpac was first established in 1817 as the Bank of New South Wales. After a rich history of mergers and acquisitions Westpac is now the third largest bank in Australia after nab and The Commonwealth Bank. Westpac’s businesses are divided into six key business areas: Consumer Financial Services, Business Financial Services, BT Financial Group Australia, Westpac Institutional Banking (WIB), New Zealand Banking and Pacific Banking. Its Consumer Financial Services unit is responsible for the sales, services and development of consumer products throughout Australia. This includes deposit accounts, transaction accounts, credit cards, mortgages personal loans and car loans. Westpac holds a large market share in home lending and is listed in the top 10 of publically listed companies on the Australian Securities Exchange Limited (ASX).

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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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