Bank Account in Australia

Like other country banking systems, Australian banks and credit unions offer standard every day bank accounts or sometimes called statement accounts or transaction accounts to their customers for initial basic access to its services.

Every day bank accounts offer liquid access to funds as well as basic services which can include issued bank cards, branch banking, internet banking and telephone banking as well as access to cash withdrawals at ATM networks.

Please note that some banks may charge a service fee periodically as well transaction limit penalties for these account types. Interest on excess funds for this basic bank account is low or sometimes none.

Requirements to open an Australian Bank Account

Requirements may differ depending on the bank or credit union chosen but using the Commonwealth Bank Website for example it may require:

A person to be over the age of 16 years old with a residential address in Australia.

Preferred identification may include some of the following: a valid Passport, Australian Birth Certificate and a valid photo ID driver's license. Other ID can include but not limited to medicare and a marriage certificate.

You can visit the local branch of the institution to open the account although you can open one online for banks that offer it, usually requiring Electronic ID Checks of ID. Please note an opening deposit may be required to open the account, with minimums determined by each bank.

Opening up high interest Australian Bank Accounts

In Australia, for high interest but liquid access to funds - Australian banks offer Savings Accounts

For higher interest then savings accounts but lower liquidity banks offer Term Deposits.

Bank Account in Australia

Requirements to open an Australian Bank Account

Opening up high interest Australian Bank Accounts

Log in

Sign up

Forgot password

Send activation email