Compare bank accounts and choose the one that suits you
Generally, two types of bank accounts in Australia are transaction accounts and savings accounts. A transaction account is designed to give you readily available access to your money. Savings accounts are designed to help you reach your savings goals, where access might be limited so you can earn interest on your money.
Opening a transaction account online
Also known as an everyday bank account, transaction accounts are used to receive your pay and other funds, withdraw cash from ATMs, make payments or pay bills – including by debit card, online and mobile banking, and automatic debits.
You can choose an everyday account that matches your age or circumstances:
Opening a savings account
Savings accounts put your surplus funds to work by paying interest on the money you set aside for savings goals or unexpected expenses. Some savings accounts waive monthly account fees or offer bonus interest if you meet a minimum balance or deposit criteria.
An alternative place to save money and watch it grow is a term deposit, which pays a fixed rate of interest on funds locked securely away for a chosen period.
Check that you can open the account online or in the app
Most Westpac accounts can be opened online, so there’s no need to visit a branch. Even your identity verification can be done in an online application.
If you live overseas and are thinking about moving to Australia, you can apply online once you arrive in Australia, but you may need to verify your identity in one of our branches.
To save you time, if you want a transaction account for your everyday banking, plus a bank account for your savings, you can open both accounts online in one application.
When you open a savings account or term deposit online, you’ll also need to open a transaction account to transfer funds in and out of it, if you don’t already have one.
If you’re an existing customer, you can open an account in just a few taps on the Westpac App. Open the app, tap Products then Bank accounts. Choose the type of account you want, check the details and Open now.
What you need to open a bank account online
To apply for a bank account online, you’ll need to be at least 12 years old with an Australian residential address. You’ll also need:
- Your mobile phone
- Personal identification documents, which may include your passport, Medicare card or Australian driver’s licence.
For a full list of ID documents, check our identification checklist for individual customers (PDF 657KB).
- Your tax file number (TFN) is not compulsory, but can be helpful
If you’re liable to pay tax in another country, you’ll also need your foreign tax details handy.
If your details are entered incorrectly or we’re unable to verify your identification documents, your application will need to be completed in a Westpac local branch.
Automatic registration for online banking
When you open a bank account with Westpac, you’ll automatically be registered for online banking. You’ll get an email confirming your new account details, including a temporary password for online banking.
Will I receive a linked debit card?
If you open a Westpac Choice everyday account online, you’ll receive a linked Debit Mastercard®. You can use this card for shopping online or in-store, you can add it to your digital wallet, and can use it to make cash withdrawals at ATMs wherever Mastercard® is accepted in Australia and around the world.
How do I activate my debit card?
Activate your card in seconds in online banking or on the Westpac App. In online banking, go to Service>Services>Card Services and Activate Card. You’ll need to enter the card number and expiry date and select activate.
In the App, search Activate Card, enter the card number, and tap Activate.
What about a digital debit card?
Once you open a Westpac Choice everyday account, you can access your money immediately with your digital debit card, so you can use your money while you’re waiting for your physical card to arrive.
You can use your digital card to make online or in-app purchases, set up recurring payments, and add it to your digital wallet or wearable device to shop in-store.
Other helpful features in the Westpac App
Once you’ve opened your bank account, the Westpac App has plenty of budgeting tools to help you manage your new account. View your balance, track your spending, allocate spending categories, and compare your spending across those categories, all on one handy App dashboard.
To sum up
Whether you’re a seasoned customer or new to banking, opening a bank account online may save you time and give you convenience and flexibility when it comes to managing your finances. Thanks to the efficient and straightforward online process, you may be able to open your new bank account sooner than you think.
