How to open a new personal bank account online

Information verified correct on October 25th, 2016

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.

Open an account online using the table below

Rates last updated October 25th, 2016
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
NAB Classic Banking
Tap and Pay with your Android Phone using NAB Pay.
No minimum deposit required.
Visa $0 $0 No monthly account fees, ever. Free use at over 3,400 NAB and RediATMs Australia wide and $0 overdrawn fees. Open 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 monthly fees. No ATM fees at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Open More
ANZ Access Advantage
Apple Pay now available.
Unlimited transactions at ANZ ATMs, EFTPOS, Internet, Mobile and Phone Banking.
Visa $0 $2,000 No monthly account fee when you deposit at least $2,000 per month. Other fee waivers available based on your personal situation. Open More
AMP Access Account
An everyday transaction account with fee-free banking.
Visa $0 $0 Unlimited fee-free transactions at rediATMs, $0 transaction fees using BankNet, mobile banking and BankPhone. Open More
AMP Cash Manager
Ongoing, variable 1.50% p.a. when you link to an AMP Visa debit card and deposit $2,000+ each month. Available on the entire balance.
Visa $0 $2,000 No transaction fees and waived monthly fee when at least $2,000 is deposited. Open More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
Bankwest Easy Transaction Account
Pay no ATM fees at over 10,000 ATMs in Australia (conditions apply).
Mastercard $0 $2,000 Minimum deposit of $2,000 per month needed to waive the monthly account fee otherwise $6 monthly fee applies. No ATM fee applicable at Bankwest, CBA, NAB, ANZ, Westpac, St.George, BoM and BankSA ATMs in Australia. Open 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 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
St.George Complete Freedom Account
10% Cash back for online gaming purchases.
Waived account keeping fees when minimum deposit is met with no minimum balance.
Visa $0 $2,000 No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. No ATM fees when using St.George, Westpac and BankSA ATMs. Open More
BankSA Complete Freedom Account
Open one in less than 5 minutes with Cardless Cash available.
Visa $0 $2,000 No monthly account keeping fees when you deposit at least $2,000 in the account each month. Free access to BankSA, St.George, Westpac and Bank of Melbourne ATMs. Open More
BankSA Express Freedom Account
Get Cardless Cash, free SMS and email alerts.
Visa $0 $1,000 Avoid ATM fees when using BankSA, St.George, Bank of Melbourne and Westpac ATMs. Avoid the monthly fee if you deposit $1000 into this account each month. Open 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 No ATM fees when you use Bank of Melbourne, BankSA, St.George or Westpac ATMs. No monthly fees when you deposit at least $2000 into this account each month. Open More
Bank of Melbourne Express Freedom
Get Cardless Cash and PAYG branch and cheque services.
Visa $0 $1,000 No ATM fees when you use Bank of Melbourne, St.George, Westpac and BankSA ATMs. No monthly fees if you deposit $1000 into your account each month. Open More
BankSA Sense Everyday Account
Save and budget – get two accounts working together and save faster.
Visa $0 $2,000 Use over 3000 BankSA, St.George, Bank Of Melbourne and Westpac ATMs in Australia for free. Open 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 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

How do I activate my account and card?

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.

How do I switch my automatic payments?

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.

How do I setup online banking?

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.

How do I get my bank statement?

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.

Can I open a bank account online from outside Australia?

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's publisher for banking and investments. She is currently studying 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 to How to open a new personal bank account online

  1. Default Gravatar
    alex | May 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
      Shirley | May 5, 2016

      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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