What do I need to open a bank account?

Opening a bank account is a simple and quick process. You’ll only be required to provide some personal information and some sort of identification.

Regardless of the type of account, bank accounts are easy and quick to open up. Normally, you’ll need to provide personal information such as your address and official identification. Additionally, you might also be required to deposit a minimum amount of funds, depending on the type of account you plan to open. Nowadays, you may also open an account online, without having to visit a branch. 

Money to deposit

When opening an account, you will most likely be required to deposit some cash into the account. Additionally, some accounts may require you to maintain a minimum balance, otherwise, you might face fees. Therefore, it’s best to explore the different accounts before deciding on one. 

Read more on the difference between Checking and Savings accounts. 

If you sign up for direct debit, you might be able to waive the minimum deposit requirement. 

Information needed for opening a bank account

As mentioned before, you will be required to provide some information and documents when opening a bank account. Information you’ll need to provide could include:

• Driver’s License or other photo ID
• Proof of residential address
• Email address and phone number 
• Occupation 

However, if you plan on opening a joint account, the account co-owner will also need to provide the same information. 

To make banking easier, you should consider registering an online bank account. You can easily do that on your bank’s website by creating a username, password and some security questions. 

Documents and ID

You have to provide certain documents to prove your identification and certain information. Photo identification that you could provide include:

• Drivers license 
• Signed school/ university identification card
• Passport 

Read more about how bank accounts work with Moneysmart.