open-bank

How to open a new personal bank account online

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

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.


Bank Account Offer

NAB Classic Banking

Bank Account Offer

$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.

  • Account keeping fee: $0.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: 3%
Go to site

Open an account online using the table below

Rates last updated November 20th, 2017
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
NAB Classic Banking
$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
ING Orange Everyday Account
$75 cash bonus & Apple Pay available.
Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.
Visa $0 $1,000 ING charges no ATM withdrawal fees and offers a rebate on any third-party ATM fees and international transaction fees when you deposit $1,000 (and from 1 March 2018 make 5+ card purchases a month). Go to site More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Go to site More
HSBC Day to Day Transaction Account
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
Visa $0 $0 $0 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
Bankwest Easy Transaction Account
No monthly account fees when you deposit at least $2,000 per month (e.g. salary). Plus save on ATM fees at major banks such as ANZ, Westpac, NAB, St.George and Commonwealth Bank.
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $6 monthly fee applies. Unlimited free withdrawals at CommBank, NAB, ANZ, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
ANZ Access Advantage
Apple Pay, Android Pay & ANZ Mobile Pay.
Take advantage of Apple Pay by linking your ANZ Visa Debit card to an eligible iPhone and seamlessly pay for purchases with your phone.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Go to site More
Westpac Choice
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at St.George, Westpac, Bank of Melbourne and BankSA ATMs. Go to site More
St.George Complete Freedom Account
Waived account keeping fees when minimum deposit is met with no minimum balance.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
BankSA Complete Freedom Account
Cardless Cash available. Open one in less than 3 minutes.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs. Go to site More
Bank of Melbourne Complete Freedom
Get Cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at Bank of Melbourne, St.George, Westpac and BankSA ATMs. Go to site More

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.

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.

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.

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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To apply online for a personal bank account or savings account you must:

  • Be an Australian resident with an Australian residential address
  • Be at least 18 years old (for most banks)
  • Be able to provide 100 points of ID to complete the bank's customer identification process or be an existing customer of that bank
  • Use 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 Aborigines 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.

Help! I still have more questions

You can activate your card online or over the phone. The primary account holder must activate their card first before additional cardholders can do the same.

Switch your automatic payments to your new bank account simply by filling out a form. A automatic payment consent form gives your new bank permission to contact your old bank and transfer all of your direct debits so you don’t have to.

Once you’re approved for the account you can register for online banking. You can do this over the phone. Create a password and use your details to log on to internet banking so you can manage your money and make payments to other accounts.

By default paper statements are sent to you in the mail each month after your account is open. You can choose to get electronic statements instead, which can be cheaper (some providers charge a paper statement issue fee) and save on paper. You can request to receive paper bank account statements by calling the provider or by logging on to the online banking facility.

Some bank accounts are available to temporary residents and visitors on special visas, if this is you, refer to the provider’s website once you’ve completed your comparison for further information. You may be able to save time by completing the online application from overseas so you’re good to go once you arrive in Australia.

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She has completed a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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2 Responses

  1. 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

    • Staff
      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.

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