If you want to open a savings account, you’ll need certain documents to prove your identity.
Different banks have different requirements, but you’ll probably have to provide 100 points of identification.
You could get 70 of the 100 points by providing one of these four things:
- Australian birth certificate
- Australian citizenship certificate
- Australian passport (current or expired within the past two years)
- Foreign passport (current)
You could get then get another 40 points by providing one of these six things:
- Australian driver’s licence or learner’s permit (current)
- Australian photo firearms licence
- State or federal government employee identity
- Centerlink or social security card (current)
- Department of Veterans’ Affairs card
- Tertiary education institution photo identity
So you would be able to pass the 100-point check by providing, say, an Australian birth certificate and university photo card, or a current foreign passport and Australian driver’s licence.
That said, some institutions have less stringent rules. One lender will allow you to open a savings account if you can provide an Australian driver’s licence and a Medicare card. Another lender requires nothing more than a passport or Australian driver’s licence.
Other requirements to open a savings account
If you want to open a savings account, you’ll also have to provide some basic biographical information:
- Phone number
- Email address
You’ll also be asked for your tax file number. It’s not compulsory for you to provide your TFN – but if you don’t, the bank might withhold tax at a higher rate.