Opening a bank account

Opening an account is pretty straightforward. All you need to do is contact a financial institution. Most allow you to open an account over the telephone or via the Internet, or you can visit a branch.

You'll need to complete an application form and provide identification. The types of different identification that can be used may vary across financial institutions but generally include documents like your driver's licence, passport, birth certificate, student cards and even electricity bills.

If you already have an account with a financial institution and want to open another one at the same place, you won't need to supply your identification again.

To avoid having tax withheld from the interest paid on your account, it is advisable to quote your Tax File Number (TFN).

Obtaining a card

If you have applied to open a debit or credit card account then you will be given or can choose a Personal Identification Number (PIN). Only you should know this number and it must be kept secure. You may receive your PIN in the mail. You should memorise it then destroy the letter.

You'll receive your card in the mail or at a branch and you need to sign it as soon as you get it. You may have to register with your financial institution to activate your card.

Read the conditions of use of the account that you have chosen to find out what you need to do to ensure your account funds are only accessible by you. If your card is stolen and you do not let the financial institution know or you have not kept your PIN secure, you may suffer financial loss.

See which type of account is right for you.