Popular bank accounts
Everyday Global Account
Over 13,000 ATMs customers can use in Australia with no ATM fees
Cashback$100 Bonus for new HSBC customers and 2% cashback (upto AUD 50/month) on tap and pay (payWave, Apple Pay and Google Pay) for purchases under $100.
Global Currency Account
Over 3,000 Westpac Group ATMs
Free GiftsReceive a free bottle of wine every time you dine at any Citibank Dining Program partner restaurant and pay with your Citibank Debit Card. T&Cs apply.
Popular savings accounts
Popular term deposits
p.a for 3 months
p.a for 3 months
specialWhen your term deposit matures, roll over your full deposit amount (or more) for another term and receive a Loyalty Bonus of 0.10% p.a. on top of the current standard interest rate
Personal Term Deposit
p.a for 3 months
p.a for 6 months
p.a for 12 months
specialLoyalty Bonus - Roll over your principal after it reaches maturity to another Term Deposit and receive an additional 0.10% bonus on top of our standard Term Deposit for the new term
Trending banking news
The savings accounts with higher interest rates than home loans
While home loan interest rates have plunged to as low as 2.09 per cent, some banks have lifted their short-term savings rates to as high as 2.65 per cent for new customers.
Sally is the Research Director for RateCity and a regular commentator on television and radio about personal finance matters. She is passionate about helping everyday Australians get access to affordable finance options, and helping people save money through smart budgeting and easing everyday expenses. Sally is a contributor to news outlets including Fairfax, News Ltd and Money Magazine, among others.
- Bank Accounts
- Savings Accounts
- Term Deposits
Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.
If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.
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).
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.
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.
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.
If you’re under 18 and you want to open an Australian bank account, you will need your passport or birth certificate. (Some lenders might require just a Medicare card or driver’s licence.) You can apply online or at a branch. If you’re 13 or under, you will probably need a parent to accompany you to a branch.
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.
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.
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.
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
Transferring cash from Paypal into your bank account is simple…if you have a Paypal account that is.
Once you’re logged into your Paypal account, the account balance will appear on your home page. Below your balance are two options:
- Add money
- Withdraw money
Choose option two if you want to transfer money from your Paypal account to your personal bank account.
The next screen will prompt you to either enter new bank account details or choose a bank account that’s connected to Paypal. You can always add more bank accounts to your Paypal profile.
Another way to transfer out of Paypal is by jumping to the wallet tab on the top menu, and clicking ‘transfer money’. Both options will give you the same result.
A debt collector can garnish your bank account, but only with a court order. This drastic action is usually taken only if you’ve ignored several notices asking you to pay the debt.
If this happens, there is nothing you can do to stop it other than immediately pay back your what you owe in full or make arrangements to pay it off in installments.
Once a garnishee order is issued, your bank will put a freeze on your account as it processes the order. This usually takes two to three days and you won’t be able to access any of your money during this time.
If you have Centrelink payments, they may be protected, depending on what the court order says.
Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.
Information to have available when you’re ready to apply is:
- Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
- Tax file number
- Residential address, email and a contact number
In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.
There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.
One way to deposit change into your bank account is to visit a branch. Many lenders will also allow you to deposit your change through one of their ATMs.
Yes, you can find your bank account number by logging into your online banking and clicking on the relevant 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)
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.
You can cash a cheque without a bank account if you visit the bank that issued the cheque. For example, if somebody sends you a cheque from Bank X (as written on the cheque) and you visit Bank X, it’s likely that Bank X will let you cash the cheque – provided the person who wrote the cheque has enough money in their account. Bank X would probably charge you a fee for the service.
Transferring money to another bank is often called a bank transfer, and it can be done a few different ways.
Customers generally need three pieces of information to transfer money to another bank account. Customers need the account name, BSB and account number of the account they wish to transfer money to.
One way of transferring money to another bank account is in a branch with the help of a staff member; they will often give you a receipt as well as confirmation of the transfer.
Transfers can be also made via internet banking and phone banking.
Some banks also allow customers to make transfers via partnered ATMs, especially if the account is with the same bank.