How to Set Up Your First Bank Account

Here's everything you need to know.

So, you’re about to get your first casual job while at school, but before you can, you need to get a bank account so your employer has somewhere to send your hard-earned money.

It can be a little confusing (and stressful) when signing up for a bank account, so we have broken the process down for you to make it as easy as possible.

Let's jump straight into it. 

How old do I need to be?

In Australia, you need to be over 12-years-old to get a bank account. However, some banks like Commonwealth Bank will need a parent or guardian to open the account on your behalf if you’re under 14.

Either way, talk to your parents or family to get advice before signing up.

Can I set up an account online?

Yes, you can. Most banks in Australia allow you to set up an account online so you don’t even need to get up from the couch.

If you have all your details ready (and a parent or guardian present if need be), you’re good to go.

A bank may request you come in to confirm your identity, but most banks will have systems in place online to do this.

What documents do I need?

When you sign up for a bank account, they will ask you for documents to prove your identity.

In Australia, you’ll need at least two of the following forms of ID:

• Passport
• Birth Certificate
• Driver’s licence
• Medicare card

Make sure you have one of these handy when you set up the account.

If you're unsure about what forms of ID to bring along, check out this useful page from finder.

Is this going to cost me anything?

Nope. Banks all offer deals which charge $0 on banking fees while you’re a student (usually up until you turn 25).

From there, a bank will only charge you a monthly service fee if you aren’t depositing $2,000 a month.

So, which bank should I choose?

There are plenty of banks to choose from in Australia.

The big banks are ANZ, Commonwealth Bank, NAB and Westpac but there are also online banks to choose from now that are just as competitive.

Up, ING and 86 400 are great online banks that you’ll find are easy to use and offer an awesome service.

We want to help you get financially fit, and step one in everyone’s journey is setting up their own bank account.

As always, we recommend chatting with your parents, trusted family members or a financial expert before setting up a bank account.

If you are looking for more ways to manage your money, check out our Dollars and Sen$e page. It has everything you need from how to budget vids to helpful articles.

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