Congratulations on your first job! To receive your pay from your new employer, you will need to open a bank account (if you don’t already have one.)
If you’d like to have access to your money and have a debit card a Transaction Account will allow you to do that. At Gateway we issue our very own Eco Visa Debit Card*. If you have a savings goal, a savings account can help separate your everyday money and savings. You can set up a regular payment each time you get paid to go to your savings account.
How to open a bank account
You will need to fill out a form with your personal information:
- Name
- Date of birth
- Address
- Phone number
- Tax File Number (TFN)
You will need to check with your chosen bank to see if you can apply online, over the phone or in a branch. Your chosen bank may also require you to be an Australian resident. They may also have a minimum age requirement to open an account. If you do not have a TFN, visit the Australian Taxation Office website to find out how you can apply for one.
Information to give to your employer
Your new employer will likely have a form for you to complete and they will need to know the details of the account they are depositing your pay to:
- Account name – usually the name of the account with your name e.g. John Smith
- BSB – this stands for ‘Bank State Branch’ and identifies your bank
- Account number – the unique number tied into your bank account
What happens after I open my account?
You will receive a letter or email confirming your account has been opened. If you open a transaction account or an account that is linked to a debit card, you will receive the card in the mail. You will need to follow the instructions on your card to activate it and set a pin.
*Minimum age of 16 applies.
