How to open a bank account

When you have a bank account you can manage your money more easily, for example you can pay accounts or transfer money from one account to another.  You can also receive money from other people in the form of deposits into your account, for example from family and friends.

The good news is that almost anyone can have a bank account – and you do not need a lot of money to open one! In fact, all you need to open a bank account is:

  • As little as R20
  • Proof of residence (where you live), and
  • A valid ID book.

Before you open a bank account, shop around! Visit different banks and find out about the types of accounts they offer, what their charges are and how much interest you will earn on your savings.  This will help you decide which account is right for you!