There are several ways to give someone else access to your banking, depending on the level of support you need, how long you need it for, and whether the arrangement should continue if you’re unable to make decisions in the future.
Each option offers a different level of access and protection, so it’s important to choose the one that feels right for your situation. Below is closer look at each option to help you understand how they work, when they’re typically used, and what to consider before setting them up.
Feeling unsure?
If you ever feel pressured to share access or something doesn’t feel right, get in touch with us for support.
Call us on 13 25 77Authority to Operate
What is it?
An Authority to Operate lets you give another person access to one or more of your bank accounts to help manage everyday banking tasks. They can withdraw money, make payments, or transfer funds on your behalf. This authority applies only to your accounts held with us.
They can't open or close accounts, add other authorities, or apply for lending products.
When it's commonly used
This option may be suitable if you still have full capacity to make decisions and want someone you trust to help with day-to-day banking. This might include situations where:
- a partner or family member helps pay bills or manage regular expenses
- an accountant or financial adviser assists with transactions
- you’re travelling or living overseas
- you’re temporarily unwell or in hospital and can’t easily access your banking
What are the benefits?
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Can make day-to-day banking and bill payments easier to manage.
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Allows someone you trust to help with accessing account information and managing transactions.
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Provides peace of mind knowing your banking is being looked after when you need support.
Things to consider
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You’re responsible for all transactions made under the authority.
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The authority ends if you lose capacity or pass away – so it may not be suitable if you rely on it to access a shared account.
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There are fewer formal safeguards compared to legal arrangements, so regular review is important.
Enduring Power of Attorney
What is it?
An Enduring Power of Attorney (EPOA) is a legal document registered with the bank that allows you to appoint someone you trust to act on your behalf. This authority continues even if you lose the capacity to make decisions, and remains in place until you pass away.
When it's commonly used
This option may be suitable if you’re planning ahead and want long-term arrangements in place, particularly if:
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you’re wanting to plan ahead and safeguard your finances as you age
- you have a family member showing signs of needing extra care
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want formal arrangements in place if you become seriously ill
What are the benefits?
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Can provide peace of mind your financial interests are protected if you become very ill or lose capacity to make decisions.
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Gives someone you trust clear legal authority to manage your financial affairs.
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Can make longer-term changes – such as moving into care – easier to manage, and can reduce the need for guardianship arrangements.
Things to consider
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Appointing someone to manage your finances is a big decision and requires a high level of trust.
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There is a risk an attorney may not always act in your best interests, and may misuse their power for personal gain.
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Legal advice is strongly recommended due to the complexity of these arrangements.
Joint accounts
What are they?
A joint account allows two or more people to share access to the same account. Joint ownership is established when the account is opened, and you can choose how transactions are authorised – for example, whether all people can transact freely, or whether multiple approvals are required.
When they're commonly used
Joint accounts are commonly used by:
- partners or spouses
- family members
- housemates managing shared expenses
As all account holders are equally responsible, it’s important that everyone is on the same page when setting up the account. For example, what the account will be used for, how much each person will deposit and how regularly, and when and how transactions will be authorised.
What are the benefits?
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Allows shared visibility of spending and account activity, so everyone can see how money is being used.
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Can make managing bills, expenses, and shared savings easier by keeping everything in one place.
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Provides continued access to funds if one account holder passes away, helping avoid interruptions to everyday banking.
Things to consider
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All account holders are equally responsible for the account.
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Transactions made by one account holder affect everyone on the account, including transactions you may not be aware of.
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Having multiple account holders can increase financial risk, so it’s important to regularly review your account activity and contact the bank if you have concerns or if a relationship changes.
Additional cardholder
What is it?
An additional cardholder is an authorised person who can access your credit card account using a card issued in their own name.
This option applies to credit cards only. For savings, transaction, or deposit accounts, access must be set up through a joint account or third-party authority.
When it's commonly used
An additional cardholder on your credit card account may suit you if you want:
- a trusted person to help manage shared or agreed expenses
- someone to access funds while you’re travelling together
- support for urgent or temporary spending needs
What are the benefits?
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Can be a convenient way to manage shared or agreed spending from one account.
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Allows someone you trust to make purchases when needed, such as for household or caregiving expenses.
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Having more transactions in one place can make it easier to track spending and review account activity.
Things to consider
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The primary account holder is responsible for all transactions made by the additional cardholder.
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There’s a risk of misuse or spending beyond the credit limit, potentially risking your financial stability and credit rating.
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Regularly reviewing statements and setting limits can help reduce risk.
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