Questions to ask when opening an everyday bank account

Navigating the landscape of everyday bank accounts in Australia can be overwhelming, but knowing what to look for and some of the added benefits may help you make an informed choice.
 

What is an everyday bank account? 

An everyday or transaction account is the account you use to manage your day-to-day banking. An everyday account is designed to give you easy access to your money. (Savings accounts on the other hand, are designed to help you reach your savings goals, where access might be limited so that you can earn interest on your money.)

 

The Westpac Choice everyday account is designed to give you access to your money and is full of features to help you bank in a way that suits you. 

 

Can you open an everyday bank account online?

An everyday banking account should help to make your life easier, so opening the account should be seamless, too! There’s generally no need to head into a branch, as you can often open a bank account online. Even your identity verification can be done in an online application.

 

With Westpac, you can open a Westpac Choice everyday account online. If you’re new to Australia, once you arrive, you can open a Westpac Choice account online or in a local branch in just a few minutes. If you open online, you may still be required to visit a branch to verify your ID.

 

For a list of documents that we accept, refer to Identification Checklist (PDF 657KB).
 

What do you need when opening a bank account online? 

To open a Westpac Choice everyday account, you’ll need your personal details and your mobile number. You can complete an identity check when you open an account online. Examples of ID include:

• Australian passport
  
  
• Australian driver’s licence
  
  
• Medicare card

 

For a list of documents that we accept, refer to Identification Checklist (PDF 657KB).

 

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 photo identification, your application will need to be completed in a Westpac branch. 
 

Does the account come with a debit card? 

Yes. Your Westpac Choice account comes with a linked Debit Mastercard®. You can use this card for shopping online or in-store, and for making cash withdrawals at ATMs. 

 

One of the perks of being a Debit Mastercard holder is access to the Mastercard® Priceless® Cities program, which offers members unique dining, shopping and sporting perks and experiences across the globe. 

 

Does the account come with a digital card?

Yes. Once you open a Westpac Choice everyday bank account, you can access your money immediately with your digital card. This is especially handy 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.

 

Digital cards can be added to Apple Pay™, Google Pay™, Fitbit Pay™, Samsung Pay™ and Garmin Pay™ to make fast, contactless payments on the go. 

 

What are the fees?

Most Australian bank accounts charge monthly account fees. In some cases, account keeping fees may be waived if you meet certain conditions, such as making a minimum deposit into your account each month. This might include having your salary paid directly into your account.

 

 If you’ve arrived in Australia within the last 12 months, and choose to open a Choice account, you’ll pay no account-keeping monthly fees for your first year (usually $5 a month).

 

The monthly fee may continue to be waived if you deposit at least $2000 each month, or if you’re a full-time tertiary student in Australia, or under 30 years old. Other fees and charges may apply, so be sure to check out the terms and conditions. 
 

What about ATM fees? 

With Westpac, we won’t charge you ATM fees to withdraw cash at Westpac, St.George, BankSA, Bank of Melbourne and select Westpac Group Partner ATMs. You’ll also pay no ATM withdrawal fee overseas when using one of the Global ATM Alliance or partner ATMs. ATM providers may charge a fee for withdrawals.

 

Other Australian banks will have different rules and fees, so it’s worth checking. It may be wise to look for an everyday account with a financial institution that’s linked to a large ATM network if you intend to withdraw cash often.
 

How can I use the bank account? 

There are a few ways to use your Westpac Choice everyday bank account, so you can choose to manage your account in a way that works for you.

 

As of August 2024, the Westpac Mobile Banking App has been voted Australia’s number one banking app. Mobile banking isn’t just about checking your balance in a hurry and transferring between accounts (although, of course both are possible). You can also:

• View the available balance of up to three eligible accounts and recent transactions without needing to sign in
  
  
• Transfer money internationally or make international payments
  
  
• Report a card lost or stolen or lock your card temporarily until you find it
  
  
• Transfer funds to someone else and pay bills. 

 

Then, there’s Online Banking, where you can access your bank account online using the web browser on your laptop or desktop. You’ll be able to make transfers and payments, update your contact details, and download your bank statement and account balance. Plus, you can manage your banking from the comfort of your home, saving you a trip to a branch.

 

What other services can I find in the app?

The Westpac App has plenty of budgeting tools to help you manage your new account on the go. You can track your spending, allocate spending categories, and compare your spending across those categories, all on the App dashboard.

 

There’s also a Savings Finder tool that looks at your annual spend on bills and subscriptions so you can determine how much you could save by cancelling or cutting back. And you can set up the Bills Calendar to send you reminders about upcoming bills to help you stay on top of expenses.

 

How can I withdraw cash?

We won’t charge you ATM fees to withdraw cash at eligible Westpac Group and partner ATMs located across Australia. ATM providers may charge a fee for withdrawals. The Global ATM Alliance and partner ATMs allow you to withdraw cash without fees worldwide, however foreign transaction fees will apply.
 

What about security?

If you lose your card, you can temporarily lock your card in seconds using the Card on Hold feature in Online Banking or the Westpac App. Your digital card, mobile wallets and wearables will also be locked. Don’t worry, you can unlock your card 24/7.

 

Plus, a dynamic CVC refreshes your digital card’s 3-digit security number every 24 hours, which reduces the risk of fraudulent card activity.

 

Finally, there’s the Westpac Fraud Money Back Guarantee, where you’ll be reimbursed any unauthorised transaction claims as long as you’re not liable for the loss and you contact us promptly to let us know.

 

To sum up

When you’re opening a new bank account, it’s important to consider the complete experience, from the ease of opening the account to the convenience of accessing your money, and different ways to manage your finances. Remember, security matters, too, so you can bank with confidence no matter how you access and manage your money.