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How to open a new personal bank account online

Open a new personal bank account online in 5 easy steps.

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Shirley Liu
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Who need bank queues? It only takes about 10 minutes to securely open a bank account online. All you need to provide is some basic information about yourself as well as an approved form of ID and your tax file number (TFN). Here's how to find the right bank account for you and open it online in 5 simple steps.

What are the steps to open a bank account online?

Follow these steps to open a bank account online.

Step 1: Compare accounts to find the right one

Shop around to find the best bank account. Find the right account and order products by standout features such as the monthly service fee or ATM fees by clicking the arrows in the table headings. You can compare accounts by the card type, the ATM withdrawal fee and the minimum monthly deposit required for the monthly fee waiver.

These are the main features of a bank account; however, there are additional fees which may apply, you can find this information listed on our bank account review pages. You can also go directly to the bank account provider's website and the secure online application from the comparison table if you're ready to apply.

Promoted
Bank account offer
HSBC Everyday Global Account
Promoted
$0
monthly fee
$0
ATM withdrawal fee
  • Google Pay, Apple Pay
  • Monthly fees: $0
  • No international transaction fees
  • Up to 10 currencies

HSBC Everyday Global Account

Special offer: $100 cash bonus for new HSBC customers. Earn 2% cashback on tap and pay purchases (T&C's apply).
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Go to site More info
Special offer: $100 cash bonus for new HSBC customers. Earn 2% cashback on tap and pay purchases (T&C's apply).

Open an account online using the table below

Data updated regularly
Name Product Contactless Payments Instant Payments ATM Withdrawal Fee Monthly account fee
HSBC Everyday Global Account
Finder Award
HSBC Everyday Global Account
Google Pay, Apple Pay
PayID
$0
$0
Special offer: $100 cash bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases (T&C's apply).
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.

Go to site
More Info
NAB Classic Banking
NAB Classic Banking
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.
Tap and pay with your NAB Visa Debit card or your phone using Apple Pay, Google Pay, Samsung Pay or NAB Pay for Android. Temporarily block your card at the touch of a button if you lose it.
Go to site
More Info
MyState Bank Glide Account
MyState Bank Glide Account
Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
Osko, PayID
$0
$0
Simplify your everyday banking with these sleek digital features.
$0 monthly account fee.
Choose the way you pay with access to Google, Samsung and Apple Pay plus Fitbit Pay and Garmin Pay. Send and receive money in less than 60 seconds with PayID.
Go to site
More Info
Virgin Money Go Account
Virgin Money Go Account
Google Pay, Apple Pay, Samsung Pay
Osko, PayID
$0
$0
Special offer: Welcome bonus of 5,000 Virgin Money Points (T&Cs apply).
$0 monthly account fee.
A transaction account that gives you Virgin Money Points on your everyday spend, access to perks and rewards. Plus, earn a competitive bonus interest rate on your Virgin Money Boost savings account.
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More Info
Great Southern Bank Everyday Snap Account
Great Southern Bank Everyday Snap Account
Osko
$0
$0
Refund of international ATM withdrawal fees and international card transaction fees (conditions apply).
$0 monthly account fee. Unlimited fee-free everyday transactions.
Apple Pay, Google Pay and Samsung Pay available. Savings Top Up tool automatically transfers to linked savings account.
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More Info
Suncorp Everyday Options Account
Suncorp Everyday Options Account
Google Pay, Apple Pay
Osko, PayID
$0
$0
Link up to 9 interest-earning sub accounts.
$0 monthly account keeping fees.
Earn interest on your linked sub accounts to help you save for individual goals, with no account fees to pay. Make contactless payments using Google Pay and Apple Pay.
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More Info
Great Southern Bank Everyday Account
Great Southern Bank Everyday Account
Osko
$0
$0
Enjoy flexible payment options and access to a wide network of ATMs.
$0 monthly account fee.
Access to Google, Samsung and Apple Pay. Enjoy fee-free cash withdrawals from 10,000+ ATMs across Australia.
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More Info
Citi Global Currency Account
Citi Global Currency Account
Apple Pay, Samsung Pay
Osko, PayID
$0
$0
Earn up to 0.6% p.a. interest on your AUD balance.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free.
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More Info
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Compare up to 4 providers

Step 2: Apply for your account online

Click ‘Open’ and a new window will open directing you to the account provider’s website and a secure online application. You’re required to provide some basic information about yourself such as your name, date of birth and residential address, driver’s licence number and tax file number (TFN) if you have it. Make sure you have this information on hand before you start the application as the application can time out and close if you leave your computer unattended for a period of time.

After you complete an online application for a bank account, you’ll get an email from the account provider with information about what happens next. This email should come within a minute or two after you submit the application to the bank. You may need to verify your identity before you’re granted full approval, or else you’ll get a welcome pack in the mail shortly after.

Step 3: Verify your identity

If you're a new customer, you will need to verify your identity before you’re approved for the account. This can be done over the internet depending on the identification documents you can provide. Some banks require that you verify your identity in person. If you’re already a customer of the bank, you won’t need to complete this step.

What do I need to open a bank account online?

You will generally have to choose one of the following options:

  • One form of primary photographic ID: such as a driver's license, passport or proof of age card.
  • Two forms of primary non-photographic ID: such as a birth certificate, citizenship certificate or pension card.
  • One of each: One form of primary non-photographic ID (such as a birth certificate, citizenship certificate or pension card) and one form of secondary ID (such as a government financial benefits notice from the past 12 months, an ATO notice of assessment from the last 12 months, or a rates notice or utility bill issued in the last three months)

Any ID you supply when opening a bank account must be valid (i.e. make sure your passport hasn't expired) and must exactly match the name you provide on your application. Once the verification has been completed you can make deposits to the account but you won’t be able to make withdrawals if you haven't verified your identity.

You'll also need to provide a few personal details, including:

  • Personal details. You will need to supply your gender, full name, date of birth and residential address.
  • Contact details. The bank will require your phone number and email address.
  • Tax File Number (TFN). While it's not mandatory for you to supply your TFN, doing so will ensure that you don't have to pay withholding tax on the interest earned from your savings account.

Step 4: Your debit card arrives

The bank account debit card will arrive in the mail after you’ve been approved, you’ll find out how long it takes when you get the confirmation email once you submit the online application. The debit card and PIN are sent to you separately for security reasons. When you get your card, you need to sign the back and activate it so you can make withdrawals. This is a simple process that can be completed over the phone or online.

Step 5: Starting using it!

  • Switch your direct debits and automatic payments. Transfer all of automatic payments to your new account by filling out a switch of regular payments consent form. This gives your new bank account provider permission to switch your automatic payments to your new account and saves you from manually changing each direct debit agreement.
  • Set up internet banking. The final step should be to set up internet banking. This lets you manage your money and make payments to other accounts from your internet connected device. Download the account provider’s internet banking application and give their customer service team a call to create a password.
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Requirements to open a bank account online:

  • You must be an Australian resident with an Australian residential address
  • You must be at least 18 years old (for most banks)
  • You must be able to provide 100 points of ID to complete the bank's customer identification process or be an existing customer of that bank
  • You must be using the bank account for personal purposes only

Before you apply

The whole process shouldn't take more than 10 minutes online. If you're at least 18 years old, you can apply for most accounts online. You'll be provided with a checklist of things you should have with you before you apply. This will make the process go a lot faster. Having your Tax File Number (TFN) handy is a good idea. If you're an existing customer of the bank, make sure you have your relevant customer ID number.

If you're a new customer to the bank, you'll need to visit a branch after you've opened the account with 100 points of ID. The 100 Points of ID is a legal requirement in Australia.

If you're currently a US citizen or tax resident and intend to open a bank account in Australia, you'll be asked to provide your Tax Identification Number (TIN) or social security number.

Applying for a joint account

Most accounts in Australia allow for joint applications with one other person. If you require more than one persons, a business bank account may be suitable instead. You can also add the third person as a signatory on the personal account, but this means he or she won't be liable for the account.

Why do you need to verify my ID?

The Anti-Money Laundering and Counter Terrorism Financing Act 2006 and Account Tax Compliance Act (FATCA) was introduced by the Australian Government to detect financial crime and tax evasion. As a result, before you become a signatory to a personal or business account, you'll need to have your ID verified.

Private companies and incorporated bodies can nominate a officer who can certify signatories to any accounts opened by company. Although the company must be identified, certified signatories do not require further identification.

Isolated-area Indigenous Australians and Torres Strait Islanders, as well as recent arrivals in Australia, have special provisions. It may be best to visit your nearest branch or phone the bank instead.

What are the benefits to opening an account online?

There’s no need to visit a branch to open a bank account anymore. You can open a bank account, deposit money and set up automatic payments all from the comfort of your home. Once you’ve applied, just wait for the card to be sent you in the mail, activate the account and you’re good to go.

    • You can skip the bank queues. Why wait in line at your local branch when you can apply and open a bank account online in minutes.
    • The application forms are easy to use. Comparison websites like finder.com.au give you all the information you need to make an informed decision and provide step by step instructions on how to apply for a bank account online.
    • It doesn't take long to open. The online application only takes 10 minutes to complete and you should have a response about what happens next within minutes of submitting the application.

Make sure you’ve considered the following when you open a bank account online.

    • There are little to no fees. Is the account a fee free account? Is there a minimum amount you must deposit every month to qualify for a fee waiver. Find out whether there are any fees for accessing your money from an ATM and in-branch.
    • It's easy to switch. Does the financial institutions make it easy to switch your direct debits to your new account.
    • There is internet banking available. Does the bank account provider also offer a first rate internet banking experience. The more online services your bank account provider offers the less chance you need to visit a bank branch.

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2 Responses

    Default Gravatar
    alexMay 4, 2016

    is it the same process if I want to open an account in a company or group name, if it is different what is the correct process

    Reply
      Avatarfinder Customer Care
      ShirleyMay 5, 2016Staff

      Hi Alex,

      Thanks for your question.

      The process is somewhat similar, though the documentation required would be different.

      You’ll need to provide information about yourself and your business, provide your ACN or ABN, company name and business incorporation details.

      Reply
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