How To Apply For A Bank Account Online

Date May 20, 2021
Blog category Kiwisaver
By Staff Writer

Living in a fast-paced world means convenience is everything. Before, the only option to open a bank account is to set an appointment and go there in person. But not today, as online banking allows customers to do bank transactions wherever they may be.

If you’re new to online banking, then you're in luck, because opening a bank account in NZ is pretty easy!


First step: Know what type of bank account you want to open.

Banks in New Zealand offer different types of accounts to their customers to fit their needs and goals.

Savings Account

A savings account is perfect for customers who want to securely save and grow their money, but are not yet ready to put their money on other forms of investments. Most savings accounts have no required maintaining balance, with some banks offering higher-interest to help you save more. The most common fee you'll probably have to pay would be withdrawal fees, depending on the agreed terms with the bank. There are many types of savings account such as Traditional Savings Account, Internet Savings Account, Incentivised Savings Accounts, and Children's Savings Accounts.

Everyday Accounts

An everyday account usually requires a monthly base fee and transaction fees from their customers.

Student Accounts

This is mainly for tertiary students who want to start a habit of saving money. The good thing about getting a student account is that most banks offer low fees and access to interest-free credit. 

Superannuitant Accounts

Have your NZ Super or pension paid into a superannuitant account if you want to avoid maintaining balance or transaction fees. Do note though that penalty fees and other services may still apply.

Second step: Prepare the necessary requirements.

Make sure you have all the needed documentation that might be asked of you before applying. Some of the requirements include the following:

  • Passport
  • Proof of address such as electricity or internet bill, bank statement, or employment contract
  • Inland Revenue Number (IRD) (This is not a basic requirement but it would be best to have one to get a lower tax for your interest earned.)
  • Minimum balance

Other requirements to qualify:

  • You must be over 13 years old
  • You must be a resident in New Zealand
  • You must be eligible to work or study in New Zealand
  • You must have a New Zealand phone number

Third step: Apply through your preferred bank’s website.

Once you have gathered all the necessary requirements and have decided which type of bank account you would like to have, you’re ready to apply! Just head to your chosen bank’s website to register and fill in an online form. This process usually takes at least 10 minutes.

After that, a bank would usually require you to verify yourself, which is also done online. In most cases, you will be asked to take a photo of yourself and a valid ID as proof. If you fail this process, you will most likely have to go to the bank in person to present your ID and proof of address.

Once verified, you’ll be able to access your new bank account, and make bank transactions such as money transfer, deposit, and more.

Will I be able to get a  physical/EFTPOS card?

Most banks provide a physical card to their customers but make sure to read their website or give them a call to confirm this before signing up.

What are the best banks in New Zealand today?

Here are the top New Zealand banks you might want to consider:

  • ANZ Bank New Zealand
  • ASB Bank
  • Westpac
  • BNZ
  • Kiwibank
  • Co-operative Bank
  • Rabobank New Zealand

Can I open a bank account even if I have bad credit?

Yes, you can still open a bank account regardless of your credit. Your credit standing does not have an impact on your chances of opening a bank account. The only time it will affect you is if you try to get access to credit which have stricter qualifications. 

Start saving as early as today! Try CompareBear’s comparison tool and compare Kiwisaver schemes to find what’s best for you and your needs.