Bank accounts

It is important to select the bank and account that best suits your needs, because each bank has different account options, fees and charges. Most banks have ‘fee-free’ students accounts. Check out all banks and credit unions for your best option.

Automatic teller machines (ATMs) are usually the most convenient and cheapest way of getting money out of the bank. However, try to avoid using an ATM that does not belong to your bank, as a transaction will usually cost you between $1.50 and $2.00.

Withdrawing money ‘over the counter’ (inside the bank) can also cost up to $3.00.

Most banks offer internet banking. Discuss this option with your bank.

Safety

Your account or credit card is just like cash, and should be kept just as securely as your account PIN and password.

Do not write down or tell anyone your PIN or password.

Stolen card

If your card is lost or stolen, you must ring your bank immediately or you may be charged for any money withdrawn from your account.

Most card issuers have a 24 hour 7 day a week emergency contact number in the case of a lost or stolen card – you can find this number in the phone book or on the website of your chosen bank.

Email scams

Don’t open any suspicious emails – some of the emails you don’t recognise may contain viruses or email scams.

The bank will never ask for your net banking password in an email – so never follow a link in an email asking you to enter your password, it is a scam!

For more information on different bank accounts that are available click on the following link:

http://www.infochoice.com.au/banking.aspx

How to open a bank account

Banks all vary in relation to the age at which you can open a bank account.

Generally, if you are 12 years or over you will be able to open an account in your own name. You need to be able to sign a consistent satisfactory signature and provide details, such as your full name and date of birth. You will need to provide proof of identity like:

•    Your birth certificate;

•    A current passport;

•    Australian citizenship certificate;

•    A letter from the your school on letterhead signed by the Principal or Deputy Principal verifying your name, date of birth and school attendance; or

•    A current signed student photo identification card.