Opening a new bank account

For the past week, in business studies, we have been learning about the different types of bank accounts, the terms and conditions of these bank accounts and how they work in general. Today we were given an option to either make a crosswords puzzle for the key words given or create a FAQ's page for someone who might be wanting to open a new bank account. 

I had decided on option two and created a FAQ's page for someone new wanting to open a bank account. This is the following information I found and displayed:

Opening a new bank account.

What are the requirements for opening a bank account?

To open a new bank account, you would need to book an appointment with your nearest bank and bring along the following things as proof of your identity:

• Proof of address (Any document that has your address and has been sent to you would do).

• Proof of identification (drivers licence, passport etc)

• IRD number

• Copy of Visa/ residency/ citizenship.

What are the different types of bank accounts?

There are four different accounts that we provide.

Everyday accounts, just like it’s name, are suitable for everyday use with flexible options for personal banking. There is a monthly account fee of $5 and no annual fee on the Visa Debit card. Everyday accounts also do not have any credit interest.

Savings accounts are accounts on which you can earn interest on, if you leave the money in the bank for a selected time. There are two forms of interest you can earn, simple or compound. 

The different accounts we provide are:

Serious Saver: 

0.05% interest and premium interest of 0.40%, a total of 0.45% interest p.a.

Automated and annual fee: $5 per month. 

Rapid Save:

0.10% base interest and 0.30% bonus, a total of 0.40% credit interest p.a.

$3 withdrawal fee and no annual fee.

School/tertiary accounts are suitable for students moving into university and or tertiary studies. The account we provide for this have no annual fee, interest free overdraft and no transaction fees.

Term deposit accounts are accounts which are basically used to invest money by keeping the money in the bank account for a certain amount of days or years.

The rates we provide are:

0.60% p.a 120 days

1.00% p.a 180 days

1.00% p.a 240 days

1.00% p.a 1 year

What happens if I break the term deposit early?

If you unexpectedly need your money after investing in a term deposit, you can request an early withdrawal. You'll need to let us know if you're suffering from financial hardship or give us 31 days' notice of the withdrawal. If we agree to let you make an early withdrawal, we’ll reduce your rate by 3% per annum on the amount you withdraw (your return will not go below 0%).

What's the difference between EFTPOS, Debit and Credit cards?

EFTPOS stands for Electronic Funds Transfer at Point of Service, it is very similar to a debit card as both are the basic equivalent of cash, without having to carry the paper money. The money comes from a current bank account, such as a freedom account.

A credit card offers credit that can be used to make purchases, balance transfers, internet banking and cash advances that one would have to pay back the loan amount in the future.

How much is the maximum overdraft limit?

There is no maximum limit and you can borrow up to your agreed overdraft limit whenever you need it, and repay some or all of it at any time. The overdraft is linked to your everyday account, so you can access it easily.

This task was not very hard finish, thought it did take time to type up the information. The hardest part of this was finding the right words to use for different audience to be able to understand and rely on the information. The easiest part of the whole process was finding the information as many different Banks, such as ANZ, have their own website which have information for the different accounts and rates.

A question for the audience:

Was the information straight forward and understandable?

Source of information: ANZ Website