Do I need my parent on the account?

From age 16 in most states you can open an account in your name alone. Under 16 the account is usually a joint account with a parent or guardian.

What happens if I forget to give the bank my TFN?

The bank withholds tax on interest at the top marginal rate (currently 47%). You reclaim the over-withholding in your next tax return. To avoid the hassle, give the bank your TFN as soon as you have one.

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Your first jobUpdated 2025-06-01

Opening your first bank account

Picking a transaction account for your first wage, what fees to avoid, why under-25s usually pay no monthly fees, and the difference between an everyday account and a savings account.

A bank account is where your wage lands and where you pay rent, transport and groceries. Pick one that is free, mobile-friendly and government-guaranteed.

What kind of account you need

Two accounts cover almost everyone in their first job:

Everyday transaction account. Holds your wage and lets you tap-and-go, transfer via PayID or BSB, and use ATMs. Usually pays no interest.
Savings account. Pays interest, often linked to your everyday account. You move money in to save and out to spend.

Most banks let you open both at once. Keep them at different banks if you can; it makes the "out of sight, out of mind" trick work better for savings.

What to look for

ASIC's Moneysmart guidance recommends comparing on these points:

Monthly account fee. Nearly every major Australian bank waives this for under-25s and for adults who deposit at least $2,000 a month. If your account is charging$ 5 a month and you are 18, you are on the wrong product.
ATM and Eftpos fees. Use your own bank's ATMs or any of the big-four ATM network. Avoid pink-and-blue independent ATMs in convenience stores; they often charge $2 to$ 3 per withdrawal.
Overseas card fees. Some banks charge a 3% currency conversion fee plus a flat per-transaction fee. If you plan to travel, look for a card that waives both (e.g. ING, Macquarie, UP, Wise).
Interest rate on the savings account. Compare ongoing rates, not introductory bonus rates. Most online-only banks beat the big-four on rate.
Mobile app. Try the demo before signing up. The app is what you actually use every day.
Government deposit guarantee. Any Authorised Deposit-taking Institution (ADI) in Australia is covered by the Financial Claims Scheme up to $250,000 per person per ADI. Verify the bank is an ADI on the APRA register.

What you need to apply

Most banks accept a 100-point ID check using:

Birth certificate (70 points) or passport (70 points).
Driver licence or learner permit (40 points).
Medicare card (25 points).
A current student ID (25 points).

For online applications you upload photos through the app. For branch applications you bring the documents in person.

You should also have:

Your Tax File Number. The bank will ask once you open an interest-earning account.
Your residential address (a Post Office box does not count).
Your phone number for two-factor authentication.

Habits to set up on day one

Direct your wage to your everyday account.
Schedule a weekly transfer to your savings account, even if it is $20.
Turn on push notifications for every transaction. You will spot fraud the same day.
Turn off "pay anyone" if you do not need it. Reduces the impact of a phishing scam.
Never give your password, PIN or one-time SMS code to anyone, including someone claiming to be from "the bank".

If something goes wrong

If the bank gets a transaction wrong or refuses to refund a scam, escalate inside the bank first. If they will not budge, lodge a free complaint with the Australian Financial Complaints Authority (afca.org.au). AFCA can order the bank to compensate you.

This is general explanatory information, not a recommendation of any particular bank. For advice on your circumstances see a licensed financial adviser.